The first ever Crypto Wealth Report from Henley & Partners has awarded Monaco a solid nine marks out of 10 for tax friendly parameters.
With 88,200 crypto millionaires globally, 425 million cryptocurrency-owning individuals and a total market value of just under €1.1 billiond, this market has gone way beyond trend level and is now a bona-fide player on the world money stage.
A brand-new report, which was published by international wealth and investment migration specialists Henley & Partners on 5th September, has indicated a definite Monegasque presence in the crypto world; one that is particularly respected for its taxation of crypto-related activities.
WHERE DOES MONACO STAND
The Principality figures in the new report in several key areas.
Where Monaco shone brightest was in tax friendliness for investors. Each country included in the report was assessed for its approach to taxing crypto-related activities and the Principality got near top marks, with nine out of 10 alongside Hong Kong and Mauritius. Singapore and the UAE were the only nations to score a perfect 10 out 10.
Monaco also scored well – 7.5/10 – when it came to infrastructure adoption and economic factors. Where it was weakest was public adoption, scoring just 0.3/10, the lowest on the table of the 26 nations listed.
As global investment expert, Jeff D. Opdyke, states in the report, “Crypto is the most inevitable trade and technology of the last 30 years, and now is a fantastic opportunity to buy as we’re unlikely to ever see these prices again.”
The Principality’s overall score, which was devised using 750 data points, saw it rank 17th worldwide on the report’s Crypto Adoption Index.
Singapore took the top spot, closely followed by Switzerland, the UAE, Hong Kong and the US.
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Photo source: Kanchanara, Unsplash
