Europe finds a sweet spot in Blockchain Ecosystem
The blockchain ecosystem is soaring new heights with brilliant advancements in technology. Numerous industries are planning to dip their toes and test the new water. Well, there is good news for them. While many nations are still battling over the legalization and regulations of cryptocurrency, the European nations are doing their best to provide a safe haven to this technology.
Switzerland has established a virtual currency hub called “Crypto valley” in Zug. It is a tax-free haven for the crypto investor and is now the best place to start a blockchain industry in Europe. On the list of top ten European nations that are suitable for starting a new Blockchain Industry, Switzerland is ranked number one. The study was released by the Blockchain conference, blockchain shows Europe 2018, and had examined 48 European countries for ranking by Initial Coin Offering (ICO) regulations, crypto regulations and regulation on crypto as a payment service and taxation framework for the same. Ethereum, which is second largest cryptocurrency by market capitalization, is coordinated through Ethereum foundation which has its home in Switzerland. The country is also the host to Tezos, Bancor, Dfinity and Shapeshift.
Switzerland is followed by Gibraltar, a small country bridging between UK and Spain, was ranked second as it is emerging as a “Blockchain Nation”, or so it is believed. While larger, stronger countries are still fighting and figuring out their way up, a Distributed Technology Legislation (DTL) has already been enacted which will be providing GLOBAL JUDISTRICTION to Crypto industries, “Global” is the key word here. The plan is to create an ecosystem where users’ safety will be most valued, promoting legitimacy and inspiring stakeholder confidence. This will be led by Gibraltar Blockchain Exchange (GBX) which is an auxiliary of Gibraltar Stock Exchange. Gibraltar plans to lead on in what is known as Regtech, a regulatory technology created to address “regulatory” challenges in financial sector using innovative tech.
Malta which has been ranked third on the same list is planning to become one of the friendliest jurisdictions for blockchain and cryptocurrency sector by turning it into a Blockchain Island. When in 2017, the first draft of a national strategy was approved to promote Blockchain, the nation opened up about its vision for Malta to pioneer at EU level. Malta has always provided a favorable platform for the growth and development of crypto and has attracted giant cryptocurrency exchange platforms, having brought in giants like Binance and OKEx who have announced their plans of creating their bases in the country. The country is doing everything to create a suitable environment for crypto industries and is planning to establish ‘Malta Digital Innovative Authority’, which will be responsible for regulating the crypto market and also creating an enabling environment for attracting other crypto platforms. This will be a three-step process and is believed to turn Malta into a crypto powerhouse. The first step is setting up of the Authority, followed by the second step which is development and approval of appropriate pieces of the legislature which will allow creating a structure for certification companies. A memorandum of understanding has been signed with Learning Machine Group (LMG) by Ministry of Education and Employment (MEDE). The Malta gaming Authority has planned to introduce plan related to cryptocurrencies. A Blockchain committee has been created by Malta Stock Exchange. The committee will assist in the formulation of strategies relating to this emerging technology.
It won’t be wrong to say that the popularity revolving Blockchain technology might be equivalent that of the internet in its early days.