The 5 most Bitcoin friendly countries

Many financially developed countries are friendly to bitcoin, the digital peer-to-peer (P2P) currency that was developed following the 2008 financial crisis. The elimination of banks and other financial institutions as intermediaries is an important point for users Because it has the potential to drastically reduce transaction costs by allowing virtually instant payments. Objections from countries that do not allow bitcoin, or that sharply restrict its use, focus on the anonymity of transactions. The fact that bitcoin has been associated both with drug trafficking and the financing of terrorism has led many countries, and especially the European Union, to consider a strong restriction of regulations.
Bitcoin, like other so-called crypto-currencies, operates outside the scope of central banks, seeking to drive savings by increasing or decreasing the amount of currency in circulation and raising or lowering interest rates. It will be interesting to see the impact, if any, bitcoin has on the reactions of the central banks when the next financial crisis happens.

The USA

The United States is arguably the most bitcoin friendly country in the world, with the currency accepted by both big companies like Dish Network and a growing number of small businesses. The first regulations were issued by the Financial Crimes Enforcement Network (FinCEN) in March 2013, placing digital currency exchangers and processors under the Banking Secrecy Act, defining them as money service companies. This means that companies must comply with a number of registration and record keeping requirements compatible with other financial institutions.
The Securities and Exchange Commission has issued investment notices that warn of the risky nature of investing in bitcoin. The Internal Revenue Service (IRS) treats as property rather than currency for tax purposes.

Canada

Bitcoin is lightly regulated in Canada, and the Canadian Senate has recommended that it remain so. However, with the inauguration of the new liberal government, it remains to be seen whether this can change. The currency's popularity in the country has been uneven. The first ATM bitcoin was installed in Vancouver in October 2013, allowing people to switch between Canadian dollars and bitcoin. But by 2015, two major exchanges were out of business. It followed the announcement that one of the largest pension funds in the country, the Ontario Municipal Employees Retirement System, was considering making investments in related bitcoin and startup businesses.

Australia

Australia has been very friendly to bitcoin and does not have any significant restrictions on its use. But in September 2015, local banks closed the accounts of 13 of the 17 exchanges operating in the country, due to concerns about links to illegal activities; This measure was not required by the Australian anti-money laundering agency, but was initiated by the banks themselves. Locks make it much harder to move money between the Australian dollar and bitcoin. This has caused its popularity among dominant companies, especially retailers, to decline sharply.

European Union

Bitcoin has been relatively free from regulation in the European Union and received a major boost from a court decision October 2015 which exempts operations with the digital currency from value added tax (VAT). This puts Bitcoin in line with transactions in other currencies. However, following the terrorist attacks on November 13, 2015 in Paris, there were widespread calls for a crackdown on anonymous forms of payment. This includes Bitcoin, other digital currencies and prepaid debit cards.

Japan

Japan has been very hospitable to bitcoin and has been subject to minimal regulation. However, in February 2014 the Mt. Company Gox (bitcoin trading company) suspended trading, closed its website and exchange service, and filed for a form of protection against bankruptcy of creditors. This led Japan to approve a move to classify currency as commodity rather than currency.
In 2016 a bill was created that defines virtual currencies as bitcoin to have asset values, legally allowed to be used in making payments and an asset that can be transferred digitally.
The bill is essentially a legislative review for the fund-settlement law which originally does not recognize bitcoin and digital coins as equivalent to the conventional currencies.