The dappGambl resource, in a recently published study, identifies a number of significant factors on the basis of which one can choose “crypto-friendly” cities. The example locations listed are “best habitat for crypto whales.”
Let’s take a closer look at cities that partially or fully meet the criteria for most favored nation treatment for cryptocurrencies, as well as those where Russians can go without significant interference and administrative barriers.
Experts from dappGambl suggest the following criteria:
Laws governing cryptocurrency: legal status, taxation, AML/CFT, consumer protection and licensing;
Number of crypto ATMs;
Number of known whales living in the area;
Number of “crypto-events”;
Number of searches for cryptocurrencies associated with the location.
A dappGambl study showed that the top cities are from the USA, UK and Canada. At the same time, the ranking by country turned out to be different – Malaysia is in the lead here due to its zero tax on cryptocurrency. If we compare the research criteria with an adjustment for the accessibility of cities to visit by Russian citizens, we can identify the following crypto-friendly cities.
According to Golden.com, there are 697 crypto companies registered in Singapore.. Cryptocurrencies are regulated by law in Singapore, but have generally been given the green light. The jurisdiction strives to attract successful crypto projects and become a leader in this area, so the climate for crypto business here is not bad.
It is also important to note that there is no capital gains tax. Individual taxpayers generally do not need to pay income tax on their crypto assets unless they are professional traders, large-scale miners, or receive cryptocurrency as payment for goods and services.
Russians will need either a work visa, which can be applied for with a recent certificate of income exceeding $2,000, or to register a company (for this you need a co-founder with a Singaporean passport).
The capital of El Salvador has been on the radar of the crypto community for some time due to the legalization of Bitcoin in 2021. In general, cryptocurrency is provided with more than favorable treatment there: there is no capital gains tax, and Bitcoin is recognized as an official means of payment.
The authorities of El Salvador are so imbued with digital currency that they are planning to build Bitcoin City near the capital – an entire city that functions thanks to the first cryptocurrency.
Russians do not need a visa to visit El Salvador – the visa-free period lasts 90 days. If we are talking about working or moving to El Salvador, then in principle this is more than possible: obtaining a work visa and even a residence permit does not involve insurmountable difficulties.
Argentina, the hero of the latest news about libertarian successes in connection with the victory in the presidential elections of the supporter of the Austrian economic school Miley Javier, takes a completely free position regarding crypto assets. You can pay with cryptocurrency there. There are many points in the capital – according to some estimates, about 150 – where Bitcoin and altcoins are accepted for payment.
Among other advantages, it is relatively easy to obtain a residence permit there, and after two years of legal residence in Argentina you can apply for citizenship. Moreover, Argentina even has a special residence permit for “digital nomads” – Nomadas Digitales. You can go there from Russia without a visa.
Dubai has established itself as a cryptocurrency-friendly jurisdiction thanks to its crypto-friendly laws and relative ease of doing business.. This is attracting more and more cryptocurrency companies such as Boundless Pay, Metafluence and Singular One.
Russians will be allowed there without a visa. To obtain a residence permit, you can, for example, register a business – there it is not very difficult and expensive compared to some other countries.
Another “crypto-friendly” city, which even has a huge BTC-City shopping center with more than 450 stores.
On the downside, Slovenia is a member of the European Union, which means that strict regulation of cryptocurrencies by Brussels may become an obstacle to the implementation of crypto projects. This also means that visas for Russians are more difficult – no visa-free travel.
At the same time, the procedure for obtaining a residence permit in Slovenia is one of the simplest in the EU. You can get it, for example, by opening a business and employing a Slovenian there, investing 50,000 euros in your company, or having a turnover of 10,000 euros per month for six months.
USA and Switzerland
These are more complex options. Some jurisdictions that have proven themselves in the world of cryptocurrency are less welcoming to visitors. Thus, the USA and Switzerland – countries with an excellent business climate and many successful crypto-businesses – do not allow everyone not only to settle down, but often even to enter.
If we talk about a residence permit, in the USA you can, of course, play the lottery and win a green card, but for many, paying $870,000 for an investment visa is more realistic. In Switzerland, for an investment residence permit you need to pay at least half a million dollars annually (accord tax).
There are different states and cities in the US where cryptocurrency is thriving. First of all, this is San Francisco in California. Silicon Valley has long been a center of gravity for IT. The blockchain industry follows this trend: for example, Coinbase and Kraken are based in San Francisco. Hundreds of merchants accept Bitcoin, from restaurants and bars to hostels and shops. There are 408 crypto ATMs available in the Bay Area, including 55 in San Francisco itself.. And this is with a population of 808,000 people.
Another “place of power” for the crypto community is Texas, the capital of mining.. Cryptocurrencies have taken a strong foothold there: for example, mining saved the town of Rockdale after the closure of the city-forming plant. After a mining center opened there, the city returned to prosperity. You can choose any of the major cities in Texas: Austin, Dallas, Houston – the crypto industry is well represented everywhere. However, we have listed Texas cities in descending order of their ranking, although the differences between them are not that great.
Also worthy of mention are New York, Miami, Atlanta and Boston – they are also among the leaders. In general, from the abundance of American cities where the crypto community is well represented, it follows that in the USA everything is in order with cryptocurrency and a specialist or enthusiast in this field will definitely find a lot of interesting things there.
In the country of the most reliable banks with cryptocurrencies, everything is also very good. Let’s take, for example, the city of Lugano, where the spread of cryptocurrencies is particularly active.. Lugano, together with Tether, is implementing the “Plan B” initiative (where “B”, of course, refers to Bitcoin). The goal is to accelerate the adoption of Bitcoin technology as the basis for the city's updated financial infrastructure.
The Swiss know a lot about financial infrastructure, so there is little doubt that they can do it beautifully. The city hall is already issuing its own stablecoin and is actively using blockchain in the MyLugano application.. You can get many services in Lugano with Bitcoins and USDT, and soon even taxes can be paid in cryptocurrency.
However, as we wrote above, the accessibility of this jurisdiction leaves much to be desired and it is not easy for anyone to get there.
There are many places in the world where cryptocurrencies are welcome, so crypto enthusiasts have somewhere to go. In general, cryptocurrency life is almost everywhere today: London, Paris, Toronto, Berlin – the list goes on and on.. On the other hand, there are more “advanced” cities and regions, especially in Latin America, the USA and certain European countries. It is noteworthy that many of them do not even require a visa – a foreign passport is enough to travel there.
This material and the information contained herein do not constitute individual or other investment advice.. The opinion of the editors may not coincide with the opinions of the author, analytical portals and experts.