As of June 2025, several countries offer favorable tax regimes for cryptocurrency investors and businesses. These include long-standing tax exemptions and newer, incentive-driven policies. Below is a curated list of countries where crypto gains are either tax-free or subject to minimal taxation.
Belarus
Status: Tax-free for individuals and businesses
Details: Exempts all crypto-related activities (e.g., mining, trading) from income and capital gains tax.
Update: Policy extended to January 1, 2025 under Presidential Decree No. 8. Further extension unconfirmed.
Germany
Status: Partially tax-free
Details: No capital gains tax for crypto held longer than one year. Gains under €600 from short-term trades are also exempt.
Note: Mature and investor-friendly tax regime.
Singapore
Status: Effectively tax-free for individuals
Details: No capital gains tax. Business-related income (e.g., mining, exchanges) is taxable.
Note: Favors both retail and institutional investors.
El Salvador
Status: Policy in transition
Previous Policy: Exempted income, capital gains, and property tax for crypto activities.
Update (Jan 2025): On Jan 29, 2025 Bitcoin lost legal tender protections; mandatory acceptance ended, and Chivo wallet operations ceased due to IMF agreement.
Malaysia
Status: Generally tax-free for individuals
Details: Occasional trading and long-term holdings are exempt. Frequent or business activity may incur tax.
Note: No capital gains tax.
United Arab Emirates (UAE)
Status: Tax-free
Details: No income or capital gains tax. 5% VAT applies to goods/services, including those involving crypto.
Note: DMCC and other free zones popular for crypto startups.
Cayman Islands
Status: Tax-free
Details: No income, capital gains, or corporate tax.
Note: High import duties (22% to 26%) may affect cost of living.
Bermuda
Status: Tax-free
Details: No income or capital gains tax. Some taxes payable in USDC.
Update: Crypto-friendly framework stable since 2019.
Malta
Status: Generally tax-free for individuals
Details: Long-term capital gains are not taxed. Frequent trading or business income is taxable.
Note: Regulated under the VFA (Virtual Financial Assets) regime.
Switzerland
Status: Partially tax-free
Details: Capital gains from private investments are exempt. Income from mining and staking is taxable depending on the canton.
Note: Crypto is subject to wealth tax.
Slovenia
Status: Tax-free for individuals
Details: Non-business crypto gains are exempt. Mining and day trading are treated as taxable income.
Note: Distinction between personal and business activity is key.
Hong Kong
Status: Effectively tax-free for long-term investors
Details: No capital gains tax. Business-related trading subject to profit tax.
Note: Active hub for blockchain enterprises.
Puerto Rico (U.S. Territory)
Status: Preferential tax regime under Act 60
Details: Residents may qualify for 0% capital gains tax on crypto acquired post-residency. Staking and mining income are also exempt under certain conditions.
Note: Must meet bona fide residency rules.
These countries do not levy personal income tax, which generally extends to crypto gains:
While these countries provide tax advantages for crypto, regulations continue to evolve. Investors are strongly encouraged to verify current laws and consult a tax advisor to ensure compliance. OGAudit presents this research paper for informational purposes only.
https://president.gov.by/ru/documents/dekret-8-ot-21-dekabrja-2017-g-17716
https://www.iras.gov.sg/media/docs/default-source/e-tax/e-tax-guide_gst_digital-payment-tokens.pdf
https://www.elibrary.imf.org/view/journals/002/2025/068/article-A001-en.pdf
https://tax.gov.ae/en/taxes/vat/guides.references.aspx
https://tokentax.co/blog/crypto-tax-free-countries
https://www.lincolnglobalpartners.com/
https://digitalnomadtax.eu/crypto-tax-free-countries/
https://coinledger.io/blog/crypto-tax-free-countries
https://en.wikipedia.org/wiki/Bitcoin_in_El_Salvador
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