First Mover Asia: Germany recently took top spot away from Singapore as the world’s most crypto-friendly jurisdiction, according to ranking by CoinCub. But is it really? Bitcoin continued its recovery. thesamreynolds, Liqquidity report.
to the usual capital gains tax too. Germany’s crypto friendliness quickly slips away if you look at it under this rubric.Crypto has naturally gravitated to hubs like Singapore. Singapore is an island city with no natural resources, so in order to jumpstart its development as a hub it created a tax-friendly regime to encourage trade.
With no capital gains tax there’s no need to worry about the length of holding when experimenting with new protocols. You’re just able to trade. Granted, Singapore has made some moves that would be considered"anti-crypto" but this still doesn’t mean the country should be considered crypto unfriendly.crypto trading by the general public because it knows that if enough people get rekt after leveraging their retirement savings, they will complain to politicians who will ask for more oversight and control — this oversight and control just isn’t in the DNA of a financial hub like Singapore's.
But despite this discouragement, the lack of capital gains tax still exists and anyone that wants to trade can go right ahead. Singapore also discourages other behavior like drinking alcohol and smoking tobacco, and accompanies both with hefty vice taxes. No such vice tax exists for crypto.
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