The very first article about CryptoSlate, Published in 2017, the most crypto-friendly countries in the world investigated. Today we visit that list again and look at which countries remain crypto ports and which are completely deposed from the list.
Spoiler Alert: The top country of 2025 did not make the list eight years ago and the winner of 2017 is now outside the top 10.
Most crypto -friendly countries in 2025
The new order revolves around clear licenses, predictable taxes and space for institutional flows, while several early leaders from 2017 fade away when enforcement tightens or shifting priorities.
The United Arab Emirates is in first place in 2025 and marks a rearrangement of eight years in the jurisdictions that attract digital asset activities.
The rise of the VAE is built on specially built regulators in Dubai and Abu Dhabi and Onshore zones with which companies can obtain a single, comprehensible rules network. Individuals are confronted with no personal income tax and business structures can be organized in free zones that publish crypto licenses and compliance guides, allowing companies to work on a scale.
The land channels too Largest transaction volumes Through its financial centers, a dynamic that appears in regional power data and in the growing footprint of global fairs that are looking for permission there.
2025 rank | Jurisdiction | Status 2017 |
---|---|---|
1 | United Arab Emirates | New |
2 | Switzerland | Improved |
3 | Singapore | Improved |
4 | Hong Kong | New |
5 | Canada | New |
6 | United States | New |
7 | Cayman Islands | New |
8 | Bermuda | New |
9 | Australia | Rejected |
10 | Panama | New |
Winners
Switzerland remains near the top on the back of the long -term “crypto -valley” infrastructure, stable bank interfaces for token expenditure and custody companies, and a well -known attitude of the Swiss financial market supervisory authority.
Retail investors benefit favorable Capital gain treatment In some cantons, who still attract treasure chest and trading activities. Singapore goes up as his payment services law grew in a license framework with which exchanges, brokers and managers can operate under one supervisor.
The lack of a capital state of a capital gain for persons further reduces friction for personnel options and liquidity events.
Hong Kong comes back into the Upper Tier after its Securities and Futures Commission has rolled out a full license regime for trading platforms for Virtual-Asset and investment products. The city links that loosebook Without capital profit tax on personal crypto income, it positions as a distribution hub for Tokenized funds and structured banknotes.
The status of Canada reflects a track record of the approval of crypto-exchange-related products and supervisors for platforms among provincial supervisors.
The United States, during struggling with federal control fragmentation, can now channels large institutional flows after the location Bitcoin ETFs opened back on the agenda in 2025 in early 2024, as mapped by the Atlantic Council that of the Atlantic Council Crypto Regulation Tracker.
Policy competition is now running through the tax code. Jurisdictions that remove capital homes or offer simple rules for long -term possession, attract both staff and business treasury. Germany is exempt that Crypto is held for more than 12 months of income tax, a rule that strengthens domestic self-herb and expansion strategies.
El Salvador maintains zero power gain and income tax on Bitcoin transactions in addition to the status of the legal tender, creating clear accounting treatment for incoming miners and service providers, per Roy.
Singapore and Hong Kong do not raise a capital profit on taxes on private individuals, and the personal tax regime of the VAE remains a draw for founders and market market teams.
Losers
The other side of the ledger shows how early momentum can eB as frameworks tighten whether the market structure changes.
Estonia, first in 2017, lands outside The top layer after withdrawing thousands of licenses and moving the Financial Intelligence Unit to the Estonian Financial Supervision Authority to adapt to the markets of the European Union in the Crypto-Assets regime.
Companies navigate now stricter Substance, audit and capital requirements, and the country is aimed at EU harmonization instead of publishing large quantities of independent licenses.
Japan, fifth in 2017, remains until refine Token classifications under the Financial Instruments and Exchange Act, and policy makers have drawn up a shift to a flat 20 percent capital gain tax from 2026, movements aimed at integrating token markets with existing securities rules.
South Korea’s 2024 Virtual Asset User Protection Act brought broader supervision, market abuse rules and incident reporting thresholds.
Financial authorities also recognized crypto companies as venture companies in 2025 to open credit channels and to support capital formation. The hinge Created a compliance-heavy environment that promotes larger platforms with controlled custody and risk systems.
The Netherlands fall back As the national programs are completed and the policy work shifted to the implementation of EU Mica, with activity that was now aimed at industrial associations and pilots-led pilots instead of broad national initiatives.
Russia leaves the friendliest jurisdiction lists as rules that came into force in force in the early 2025, limits domestic use and reserve crypto activities for narrow investor classesCoordinate for central bank communication to payment restrictions and the Digital Robble program.
What separates the leaders from 2025 is the depth of institutional sanitary.
De nieuwste index van de ketenalyse voegt gewicht toe aan grote transacties van een miljoen dollar en hoger om de post-ETF-omgeving weer te geven, een wijziging die markten verhoogt met bankhulpkraam, vloeibare uitwisselingsrails en regels die pensioenfondsen en vermogensbeheerders blootstellen aan de grootte, volgens de grootte, volgens de grootte, volgens de grootte, volgens de grootte, Chain salysis.
These flows place the United States at the top of general acceptance, even if retail -oriented statistics are in favor of India, which leads to the use of the basis.
Asia-Pacific is good for more than a third of the worldwide market share and remains the fastest-expanding region through activity in the data sets of Chainalysis, powered by Exchange Hubs in Singapore and Hong Kong and Volume from India and Vietnam.
The eight -year comparison makes the walk -through line clear. Jurisdictions that produce a single door for permits, publishing tax treatments that can model financial teams and can model and integrate banks, preservators and market monitoring in the Rulebook.
De Vae, Switzerland, Singapore, Hong Kong, Canada and the United States are now anchored that cohort. Countries that withdrew or reoriented themselves to broader financial crime checks have been handed over, with Estonia, Japan, South Korea, the Netherlands and Russia reformed by those choices.
The result is a map that rewards regulatory adulthood and institutional access instead of experiments at an early stage.
Most crypto-friendly countries change from 2017 to 2025
Land | 2017 rank | 2025 rank | Change | Status 2017 | 2025 Status |
---|---|---|---|---|---|
VAE | Unstaled | 1 | New | Not in the 2017 ranking | Global Crypto Hub, VARA Regulation, $ 30b+ transactions, zero taxes |
Switzerland | 3 | 2 | +1 | Crypto Valley Zug, head office for large projects | Still Crypto Valley leader, Clear Finma Framework, favorable taxes |
Singapore | 10 | 3 | +7 | SGD -Digitalization test, TenX Development | MAS regulation, no power gain tax, strong fintech sector |
Hong Kong | Unstaled | 4 | New | Not in the 2017 ranking | SFC Licensions, no power gain tax, Institutional Focus |
Canada | Unstaled | 5 | New | Not in the 2017 ranking | Early Bitcoin ETF adoption, clear CSA guidelines |
United States | Unstaled | 6 | New | Not in the 2017 ranking | Major Regulatory Reforms 2025, Trump Administration Support |
Cayman Islands | Unstaled | 7 | New | Not in the 2017 ranking | Vasp Framework, no direct taxes, financial hub |
Bermuda | Unstaled | 8 | New | Not in the 2017 ranking | Daba Framework, BMA guidance, tax benefits |
Australia | 7 | 9 | -2 | Removed double taxation, parliamentary group of friends | ASIC Regulation, Extensive Framework, Sandbox programs |
Panama | Unstaled | 10 | New | Not in the 2017 ranking | No power gain tax, the development of digital asset laws |
El Salvador | Unstaled | 11 | New | Not in the 2017 ranking | Bitcoin Legal Tender, Zero Crypto Taxes, Bitcoin City |
Germany | Unstaled | 12 | New | Not in the 2017 ranking | Tax -free after 1 year owns, Bafin Supervision |
Estonia | 1 | 13 | -12 | First e-residentency, blockchain Healthcare system | Transition to EU Mica Framework, FSA supervision from 2025 |
Japan | 5 | 14 | -9 | Bitcoin recognition, government adoption | FSA Ordinance, Relocities under FIEA, planned tax reform |
South Korea | 8 | 15 | -7 | Large trade volumes, fintech roadmaps | Vaupa implementation, FSC supervision, recognition of venture company |
Mauritius | 6 | 16 | -10 | Consensys Partnership for “Ethereum Island” | Basic framework but less competitive worldwide |
The Netherlands | 9 | 17 | -8 | Government blockchain research since 2013, Bitcoin City Arnhem | DBC program ended 2024, EU Mica Compliance |
Gibraltar | 4 | 18 | -14 | First regulatory framework for blockchain | Blockchain -windowwork maintain only a lower prominent one |
Russia | 2 | Forbidden/limited | – | Masterchain Ledger, Putin Support for Ethereum | Domestic crypto prohibited, only limited to rich investors |