Following Trump's Bitcoin plans and recent comments about the “crypto capital of the United States,” it seems likely that we will have a crypto Trump president, but which country will he be crowned?
In the latest update, US President-elect Donald Trump boldly promised to turn the US into the “crypto capital of the world.”
President Trump's pledge comes at a time when cryptocurrencies are gaining momentum around the world, with several countries positioning themselves as leaders in cryptocurrencies.
Just in:
Donald Trump's inauguration will feature technology leaders and a Crypto Ball to honor him as the “first crypto president.”
— Watcher.Guru (@WatcherGuru) January 13, 2025
President Donald Trump's administration plans to relax cryptocurrency accounting rules. These policy changes could attract more cryptocurrency companies to the US market, especially if supported by the creation of the US Treasury Bitcoin Reserve.
The cryptocurrency agenda has the potential to change the economy, but requires careful regulatory oversight and investor protection.
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Prices range from $90,000 to $100,000, sparking optimism for Web3. Especially with the United States. President Trump's plan includes rescinding crypto accounting rules that treat digital assets as bank liabilities.
Trump's vision includes the possibility of creating a welcoming environment for cryptocurrency mining and encouraging domestic business. Legislative efforts could clarify the legal status of cryptocurrencies, distinguishing them from securities and commodities.
Related: Cryptocurrency ball revealed at President Trump's inauguration
El Salvador – the world’s first Bitcoin nation
El Salvador made Bitcoin its legal tender in 2021 to promote financial inclusion. El Salvador's President Nayib Boucle has been actively promoting Bitcoin globally in order to influence the cryptocurrency policies of other countries.
In May 2022, Bukele announced that 44 countries, including 32 central banks and 12 financial authorities, would meet in El Salvador to discuss Bitcoin's role in financial inclusion.
However, while the Chivo Wallet initiative shows ambition, results have been mixed. El Salvador could still occupy a prominent place in the crypto world if it overcomes the trust barrier.
In addition to this, USDT issuer Tether this week announced plans to relocate its operations and headquarters to the emerging digital nation.
Canada's crypto industry could rise rapidly after Trudeau
Canada, on the other hand, has a balanced approach to cryptocurrencies. We provide clear guidelines regarding Bitcoin, highlighting risks, taxes, and investor protection. This strategy could attract crypto companies looking for stability.
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Cryptocurrency ATMs and exchanges are becoming increasingly popular in Canada. Land of Maple Syrup has been at the forefront of several crypto innovations, including approving the first Bitcoin ETF (Exchange Traded Fund). This paved the way for further integration of cryptocurrencies into the financial system.
And now, with Justin Trudeau stepping down from the spotlight for the first time since 2015, Canada's crypto policy could be set for significant deregulation, perhaps under the next prime minister, Pierre Poièvre. It seems like there is.
The ASEAN region has the potential to become an industrial hub
The adoption of cryptocurrencies varies in the ASEAN region. Singapore is leading the way with a supportive regulatory framework for blockchain and fintech.
Other ASEAN countries are at different stages. Cryptocurrency regulation in Indonesia has been transferred from the Commodity Futures Trading Regulatory Authority (Bappebti) to the Financial Services Authority (OJK). Cryptocurrency is recognized as a traded commodity.
Additionally, the Bank of Thailand is considering a CBDC (Central Bank Digital Currency) and has introduced regulations for ICOs (New Coin Offerings) and digital asset exchanges, in parallel with today's call for a cryptocurrency hub from the former Prime Minister.
The region's young population and strategic location could make it a crypto powerhouse if policies align.
Swiss crypto hub isn't going anywhere anytime soon
On the other side of the world, Switzerland offers one of the most cryptocurrency-friendly environments in the world. It passed extensive blockchain legislation and has become a leader in cryptocurrency governance.
Switzerland boasts one of the most advanced regulatory environments when it comes to cryptocurrencies. The Financial Market Authority (FINMA) provides clear guidelines regarding ICOs (Initial Coin Offerings), token classification (payment, utility, and asset tokens), and anti-money laundering compliance.
Zug, Switzerland (also known as Crypto Valley) is home to around 1,050 crypto companies, employing around 5,000 people in total, each earning around $100,000 a year. Think about how that affects the economy.
India could surpass these numbers in a year if regulations allow.
— Ajeet Khurana REFLEXICAL (@AjeetK) December 13, 2021
In 2021, the Swiss Senate passed an important blockchain bill, solidifying its position by providing legal clarity for digital assets. The area around Zug, known as “Crypto Valley”, is a hub for blockchain and cryptocurrency companies.
It is home to many startups and established companies like .cwp-coin-chart svg path { stroke: ; Stroke width: ; }
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which hosts events such as the Crypto Finance Conference and fosters a community of blockchain innovation.
Looking forward to it: Can Trump build the world's best crypto nation?
Trump’s pledge adds intrigue to the global race for crypto supremacy. Each country has its own unique strengths: the United States with its market size, El Salvador with its pioneering spirit, Canada with its balanced approach, ASEAN with its collective potential, and Switzerland with its regulatory innovation.
This race is for sustainability and a secure blockchain ecosystem. Evolving regulations, public adoption, and integration with traditional finance will define cryptocurrencies in the United States.
Trump's vision could prompt other countries to strengthen their crypto strategies or leave them behind the current digital revolution.
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