FINTECH: Central African Republic (CAR) Ranked Top Tax Haven for Crypto Investors, according to new report.

As published on bitcoinke.io, Monday 19 September, 2022.

Central African Republic (CAR) is one of the best countries for cryptocurrency investors, a new report has found.

The report by CoinCub compared countries based on the prevailing attitude to cryptocurrencies which usually informs its overall policies toward the use, regulation, and taxation of cryptocurrency.

According to CoinCub, the countries were ranked based on a host of data and information. These span from the numbers of blockchain courses, nodes, and trading volumes to government policy, regulation, fraud, and tax.

Based on its research, the Central African Republic was ranked 5th as one of the best tax havens for crypto investors worldwide.

The top 5 countries include:

The Bahamas
United Arab Emirates (UAE)
Central African Republic (CAR)

The Central African Republic, which is implementing a project that intends to make it a cryptocurrency hub, received top marks (5 points) on capital gains, income tax, and commercial tax.

Based on CoinCub’s methodology, investors can expect not to be charged any tax from their crypto transactions as it relates to those 3 forms of taxation.

"In our tax ranking, we award positive scores of 5 points for any aspect of crypto income that is free from tax – such as zero tax on crypto income gains, or zero tax on crypto capital gains. We also award 5 points for income tax allowance or a capital gains tax allowance." – CoinCub

Coincub also produced a ranking of countries based on ‘crypto-friendliness’ leading to the map below where blue represents the most friendly areas.

In Africa:

South Africa
Central African Republic

have been determined to be the most crypto-friendly countries. The 3 countries are given a rank amongst the rest of the countries.

Here is how they rank globally based on the latest Q2 2022 analysis:

South Africa: (28th)
Nigeria (39th)
Central African Republic (56th)

United States is ranked first as the most crypto-friendly country globally.

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