Cryptanalysis platform Glassnode analysts published a post on Twitter about which countries will be most favourable to cryptocurrencies in 2023. They analysed which states will offer the best tax benefits. In first place was the United Arab Emirates (UAE). This is not surprising, as the government in Dubai and other regions has recently been insisting on further developments in this area.
Over the past twelve months, Dubai has taken significant measures to attract cryptocurrency companies and other market participants. Experts noted that it was the city that proclaimed itself the cryptocurrency hub of the world. In a relatively short period of time, it has developed special commissions to oversee digital currencies, individual taxation rules for the digital asset sector and various additional innovations.
Industry researchers note the potential for problems with US financial regulators, which forced a number of companies to relocate to the United Arab Emirates. This became apparent when the US Commodity Futures Trading Commission (CFTC) filed a case against cryptocurrency exchange Binance and its director Changpeng Zhao.
Malta and Belarus took second and third place on Glassnode's list, while Monaco, Panama, Malaysia and Germany (7th place) were also mentioned. Singapore, Switzerland and El Salvador follow respectively.
The heated debate on how to regulate cryptocurrencies, as well as taxation in the sector, has caused a lot of discussion among members of the crypto community. Experts call for a unified approach to regulation and clear tax rules for this industry.
