Best Countries for Cryptocurrency Withdrawals in 2023
As the popularity of cryptocurrencies continues to grow, more and more countries are embracing the opportunities that come with accepting digital currencies. In this article, we will review the best countries for cryptocurrency withdrawals in 2023.
Why should you choose a country to withdraw crypto from?
Before we dive into the list of the most popular countries for cryptocurrency withdrawals, let’s think about why you should consider a particular country for your transactions. Here are some key factors to consider:
- Regulatory Environment: A country with a well-established regulatory framework can help protect you and your sender’s interests.
- Taxation: Knowing how tax obligations apply in a given country can help you manage your finances more easily.
- Banking Options: It can be convenient to have access to a local bank or ATM that supports cryptocurrency withdrawals.
Our Top 10 Cryptocurrency Withdrawal Countries
After examining various countries, we have compiled a list of the top 10 countries with favorable conditions for crypto transactions. Our rankings are based on factors such as regulatory frameworks, tax policies, banking options, and ease of use.
- Singapore
- Regulatory Framework: Singapore has a well-established cryptocurrency industry, with the Monetary Authority of Singapore (MAS) overseeing the market.
- Taxation: There is no capital gains tax or withholding tax on cryptocurrencies.
- Banking Options: Bank of Singapore, DBS Vickers, and OCBC are among the best banks in Singapore that support cryptocurrency withdrawals.
- Australia
- Regulatory Framework: Australia has a favorable regulatory environment, as the Australian Securities Exchange (ASX) allows the trading of cryptocurrencies.
- Taxation: Australia does not impose capital gains tax on cryptocurrencies.
- Banking Options: Commonwealth Bank, Westpac, and ANZ are among the top banks in Australia that support cryptocurrency withdrawals.
- South Africa
- Regulatory Framework: South Africa has a relatively open regulatory environment, and the Financial Conduct Oversight Council (FCOOC) oversees cryptocurrency-related activities.
- Taxation: South Africa does not impose capital gains tax on cryptocurrencies.
- Banking Options: Old Mutual, Absa Bank, and Standard Bank are among the most prominent South African banks that support cryptocurrency withdrawals.
- Switzerland
- Regulatory Framework: Switzerland is known as a safe haven for cryptocurrency transactions with the Swiss Financial Market Association (SFMA) overseeing the market.
- Taxation: Switzerland does not impose capital gains tax or withholding tax on cryptocurrencies.
- Banking Options: Credit Suisse, UBS, and Julius Baer are among the top banks in Switzerland that support cryptocurrency withdrawals.
- Canada
- Regulatory Framework: Canada has a well-established regulatory environment, and the Investment Funds Institute of Canada (IFIC) oversees cryptocurrency activities.
- Taxation: Canada does not impose capital gains tax on cryptocurrencies.
- Banking Options: RBC, TD Bank, and BMO are among the top banks in Canada that support cryptocurrency withdrawals.
- United Arab Emirates
- Regulatory Framework: The UAE has a relatively open regulatory environment with the Dubai Financial Market (DFM) allowing the trading of cryptocurrencies.
- Taxation: There is no capital gains tax on cryptocurrencies in the UAE.
- Banking Options: Etisalat, Etihad Bank, and Emirates Islamic are among the top banks in the UAE that support cryptocurrency withdrawals.
- Chile
- Regulatory Framework: Chile has a relatively open regulatory environment, with the Central Bank of the Republic of Chile (BCR) overseeing cryptocurrency activities.
- Taxation: Chile does not impose a capital gains tax on cryptocurrencies.