More and more countries aim to become crypto-friendly destinations. Now, the fight is taking between Bermuda, Gibraltar, Malta and France. Which of these will become the capital of cryptocurrency technology?
Hi Traders,
Friendly nations in terms of taxes, including Bermuda, Gibraltar, Liechtenstein, and Malta, certainly have a well-established strategic plan to attract crypto enthusiasts. These consider the simplification of the regulatory framework to make their offerings more attractive to crypto-based companies.
The New York Times reported:
“In Malta, the government passed three laws on July 4 so companies can easily issue new cryptocurrencies and trade existing ones. In Bermuda this year, the legislature passed a law that lets start-ups doing initial coin offerings apply to the minister of finance for speedy approval.”
Welcome to #Malta ?? @binance. We aim to be the global trailblazers in the regulation of blockchain-based businesses and the jurisdiction of quality and choice for world class fintech companies -JM @SilvioSchembri https://t.co/3qtAQjOpuQ
— Joseph Muscat (@JosephMuscat_JM) March 23, 2018
Bermuda is also interesting in promoting itself as a tech-powered location. The House of Assembly recently approved Bermuda’s Digital Asset Business Act 2018, which aims “to regulate persons carrying on digital asset business and for the protection of the interests of clients or potential clients of persons carrying on the business of digital asset business.”
Liechtenstein is not left behind by competitors. The country’s financial institutions have the right to operate with the crypto transactions on behalf of their clients and provide consulting services on Initial Coin Offering projects.
“You can open a company without a bank account, just by using Bitcoin or Ethereum,” claimed to Forbes Yanislav Malahov, also known as “The Godfather of Ethereum”.
Back in January 2018, Gibraltar adopted a new law on fintech-powered innovations. In other words, a Distributed Ledger Technology Regulatory Framework was launched to protect customers investing in cryptocurrency in the British overseas territory.
If you think these territories are the most innovative when it comes to advanced technology, you are wrong. Among the main competitors of the small countries are France and Switzerland. The latter is already known to be one of the largest tech hubs in Europe, thanks to the city of Zug, also known as “Crypto Valley”.
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