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The mainstream adoption of cryptocurrencies has directed the amendment in the taxes of several nations; over a dozen countries are closely competing to establish themselves as a crypto hub.&nbsp;
A recentstudy by Social Capital Market notes positioned Dubai, Switzerland, and South Korea as leading crypto hubs in 2024. Dubai tops the list with a score of 79, as it has favorable regulations, favorable taxes, and other requirements to register or establish a group of businesses in the region.&nbsp; Source: Social Capital Market 
Dubai rules the list with regulatory clarity, no capital gain tax, fewer licensing fees, and a favorable corporate tax of 9% for income over AED 375,000. The total number of registered companies in the region has crossed the number 550, including firms like Binance, Chainalysis, and others.&nbsp;
This is followed by Singapore, which secured a 74.5 score out of 100, and the number of registrations of crypto-based companies is above 900.&nbsp;
The report states, “ Switzerland has made significant strides in the crypto space. Its city of Zug is recognized as a global crypto hub. In 2018, the economy minister, Johann Schneider-Ammann, announced his vision to make Switzerland a crypto nation.”&nbsp;
&nbsp;Further, South Korea secured a 73.5% score, becoming one of the fastest-evolving crypto hubs globally. The capital gain taxes and corporate taxes in SA are postponed till 2025.&nbsp; Establishing Crypto Hubs Worldwide 
The report placed Brazil at the bottom of the list with a 66.5 score out of 100, arguing that the region is working hard to establish its presence among leading hubs. The nation’s government developed a law in 2022 for crypto sectors and announced that the central bank would be the overseeing body.
With a score of 66.5 out of 100, Germany stands just above Brazil and is also termed one of the nations that use blockchain technology.&nbsp;
The nation has no long-term capital gains tax on crypto income for individuals or corporations, though a short-term capital gains tax ranges from 0% to 45%, depending on gains.&nbsp;&nbsp;
Most recently, Russia has made significant amendments and has joined the race of crypto hubs; in the Social Capital Market study, the nation secured 67 scores out of 100 with 70+ registered crypto-based companies headquarters.&nbsp; Which Nation is Leading the Crypto Adoption List?&nbsp; 
A report byChainalysis published on September 11, 2024, notes that India has topped the adoption list globally, followed by Nigeria, Indonesia, and the United States.&nbsp; 
Events such as the approval and launch of Bitcoin spot ETFs are primarily regarded as one of the primary reasons behind the surged adoption of cryptocurrencies worldwide.&nbsp;
Other stated reasons include the entry of traditional players, the injection of huge funds regulatory approval, and green signals from some leading global regulators.&nbsp;
BlackRock is one of the biggest names that debuted in the crypto market with the launch of <a href="https://news.todayq.com/peter-schiff-suggests-mstr-to-acquire-4-6b-silk-road-bitcoins/" target="_blank" rel="noopener noreferrer nofollow">Bitcoin </a>spot ETF trading with a ticker IBIT. The iShares Bitcoin Trust holds 369.59k Bitcoin, followed by GBTC at 220.35k and FBTC at 178.33k.
Similar <a href="https://news.todayq.com/bitcoin-creator-revealed-peter-todd-identified-in-hbo-documentary/" target="_blank" rel="noopener noreferrer nofollow">Ethereum </a>ETFs have gained severe traction as of writing; the net total inflow was -$8.19M with a cumulative net inflow of -$561.85M.&nbsp;

Dubai, Switzerland, South Korea Top Crypto Hubs 2024: SCM Report

Todayq News

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