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Cross-border BTC transactions amounting to USD 36 billion are carried out in small tax havens

June 12, 2020

The Seychelles-based exchanges were world leaders in cross-border Bitcoin transactions (BTC) in 2019. What Switzerland is for the world of watchmaking, the Seychelles is for the world of cryptocurrency exchange.

This little island nationpresented with a total population of less than 100,000 inhabitants A perfect playing field for companies looking for a place where they can optimize their tax obligationsbecause it has controls that work with a light touch.

The United States ranks second

The Crystal Blockchain report examined Bitcoin flows between exchanges around the world. The exchange in the Seychelles related to the means sent and received.

Cross-border BTC transactions amounting to USD 36 billion are carried out in small tax havens
Cross-border BTC transactions amounting to USD 36 billion are carried out in small tax havens

International bitcoin flow

Bitcoin’s international flow. Source: crystal

It should be noted that Binance (BNB) is considered a Seychelles exchange in the report. In 2019, 12 local exchanges received $ 15.83 billion in BTC from foreign exchanges and $ 20.83 billion in BTC. The $ 25 billion US $ 18 billion total cross-border sales were generated.

The EU Seychelles are leaders

The most active international trade routes are the Seychelles; EU Seychelles, USA Seychelles; South Korea, each of which produces a volume of more than $ 2 billion.

Given the efforts of regulators around the world to tighten control over digital assets, it will be interesting to see the impact on the world of cryptocurrency exchanges.. If more exchanges migrate to jurisdictions that provide better investor protection, the opposite will happen as a protest against government overreach.

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