Dubai, Switzerland, South Korea Crowned Top Crypto Business Locations in 2024
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Dubai, Switzerland and South Korea have been identified as prime destinations for crypto business in 2024.
According to a Social Capital Markets report, these countries rank high in providing legal clarity. They also impose favorable capital gains and corporate tax rates. Further, these countries host a significant number of registered crypto firms. They also have widespread acceptance of cryptocurrency payments.
Each factor received a score out of 20, totaling 100 points, leading to the ranking of the top 10 crypto-friendly countries.
Dubai secured the highest spot with a score of 79, excelling in regulatory clarity, absence of capital gains tax, a favorable 9% corporate tax and affordable licensing fees.
Dubai has established itself as a leading hub for cryptocurrency and blockchain ventures by adopting a forward-thinking regulatory framework and favorable tax policies. Creating the Virtual Asset Regulatory Authority (VARA) and the Dubai Financial Services Authority (DFSA) ensures a clear legal environment, encouraging innovation in the crypto space.
Further, the DMCC Crypto Centre plays a key role in supporting the growth of crypto and blockchain firms. It provides specialized infrastructure for these companies. Dubai has no capital gains tax on crypto transactions. The corporate tax threshold is set at AED 375,000. This tax strategy enhances Dubai’s global appeal to crypto businesses.
Image Source: Social Capital Markets
Switzerland holds the second spot with a score of 74.5, boasting 900 registered crypto companies and offering nil capital gains tax for long-term investors.
FINMA,
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