Jai Sahu
Pakistan has secured a position in the top 10 most crypto-friendly nations, ranking 10th, while India is close behind at 11th place by just one point.
Despite its rapidly advancing tech industry and a tech-savvy populace, India falls just short of its neighbor Pakistan in the roster of the most crypto-friendly nations. Pakistan has claimed a spot among the top 10 most accommodating countries for cryptocurrency, ranking 10th, with India trailing slightly at the 11th rank.
The popularity of cryptocurrency has surged significantly in recent years. According to Crypto.com, crypto ownership increased from 432 million to 580 million users in 2023 alone.
While some countries have attempted to regulate and curb technological advancements, others have embraced and facilitated the growth of these new industries. Argentina leads as the world’s most crypto-friendly nation, offering favorable conditions for miners and traders.
The United States ranks second in terms of crypto adoption, boasting a large demographic of cryptocurrency holders. However, the high cost of mining a single bitcoin, which stands at $87,885, presents a significant challenge for U.S. miners. Despite these costs and other regulatory challenges, the U.S. continues to be a center for crypto enthusiasts, with a significant portion of traffic on popular crypto platforms originating from the country.
Here are the top 10 most crypto-friendly nations:
- Argentina
- United States
- Colombia
- Ukraine
- UAE
- Vietnam
- Turkey
- Canada
- Singapore
- Pakistan
In India, cryptocurrencies exist in a regulatory gray area with no central authority regulating their use as a medium of payment. Meanwhile, Pakistan’s crypto market remains largely unregulated. In its 2022 central budget, India introduced a tax regime for cryptocurrencies, imposing a 30% tax on gains and a 1% tax deducted at the source on transactions.
The global increase in crypto ownership, as reported by Crypto.com, highlights the rising popularity of cryptocurrencies worldwide. As some countries promote and support this technological progress, others enforce regulatory measures due to security concerns associated with cryptocurrencies.