As we see more and more mega projects releasing now and then, 2021 brought many jurisdictions for adopting cryptocurrencies. What adds more hype to this is BTC hitting its all-time high crossing $68,000.
Later in 2021, we saw many countries passing policies to widely accept crypto trading. We have picked some of the most remarkable and surprising instances of crypto-friendly jurisdictions.
1. Canada and its Winning the Global Bitcoin ETF race
Starting with Canada, the country was on top in 2021 for being crypto-friendly. Canada’s security regulator cleared the implementation of the world’s first Bitcoin ETF.
Launched by the firm named Purpose Investments, the Bitcoin ETF exploded with $564 million in assets in just five days after starting its trading tenure. Moreover, Fidelity Canada launched its Fidelity Advantage Bitcoin ETF and the eponymous mutual Bitcoin ETF fund as well.
2. El Salvador as the First Country to Adopt Bitcoin as Legal Tender
In 2021, we saw The Republic of El Salvador adopt Bitcoin as its legal tender and became the first country to do so. The adoption took a long time to happen and a “ Bitcoin Law” was even introduced earlier to the adoption.
This law was to help regulate bitcoin’s usage as an official payment method alongside the United States dollar. The country is known as the “Land of Volcanoes,” and is moving to deploy its volcanic initiatives to wield new Bitcoin.
The country is even utilizing volcanic geothermal energy to replace the energy required for mining Bitcoin and aiming to reduce the carbon footprint. The officials are even announcing their will to build the first-ever Bitcoin city, funded by BTC bonds in El Salvador.
3. The United Arab Emirates facilitated CZ in Getting New Home
The Dubai Financial Services Authority (DFSA) announced establishing a crypto regulatory framework. The institution is also working on regulations for investment initiatives like security and derivative tokens.
UAE regulators are finding multiple arrangements to officially allow and support crypto trading in Dubai. NFT adoption is also in the pipeline as to officially supported by the country.
The Dubai World Trade Centre Authority is aiming to become a regulator of cryptocurrencies, products, operators, and exchanges. On top of this, Binance CEO Changpeng Zhao bought his first home in Dubai because of its crypto accepting policies.
4. Singapore’s Crypto Investment for a Prospective Future Plans
Singapore is also participating in the crypto race by opening two new institutional-grade Bitcoin funds launched by Fintonia Group in the country. Fintonia Group is a child initiative of MAS.
Currently, MAS’s project DBS Bank is Singapore’s largest retail and commercial bank, and the project scored tenfold crypto volume growth in Q1 2021 after opening its crypto trading platform.
Singapore also made headlines by being the world’s top nation in terms of retail crypto adoption because 43% of Singaporeans own crypto and have no issues with its regulation.
5. Gibraltar, A new Hub of Huobi Exchange
Gibraltar is another country to show its support for the crypto world. The country welcomed Bullish, a cryptocurrency exchange launched by the EOS.IO protocol developer, Block. one.
The company also has a distributed ledger technology license from the Gibraltar Financial Services Commission (GFSC). GFSC further approved operations of Zubr Exchange Limited, a local crypto exchange business by FTX.
The government of Gibraltar is extremely supportive when it comes to crypto and has been introducing initiatives to strengthen its ties with global blockchain actors. Recently, Gibraltar’s minister for digital and financial services, Albert Isola, show his approval of crypto by becoming the ambassador for the Global Blockchain Business Council.
On top of this, one of the world’s biggest crypto exchanges was launched in Gibraltar in the previous year after observing the growing support from regulators and the government.