Around the globe progression the use and awareness of the Blockchain and crypto advance currencies steadily. However, the adaptation is not anywhere in the same pace. Some countries have recognized the possibilities of the new technology earlier and jumped on the Kryptozug, while others stay back and the other in the opposite direction drove, and try to limit the spread of crypto adaptation.
Today we want to look first at the countries that are in the Adoption of Blockchain applications. We take into account both the state of regulation of crypto currencies and the underlying Ecosystem as well as initiatives to use the Blockchain and other Distributed Ledger technologies. Here are the Top 10 crypto-friendly countries in the world to come.
When you think of countries that are often associated with crypto-currencies in connection, would be they came late to the Arab Emirate of Dubai. As it is technology is in this list but equally to the acceptance of crypto currency and the application of the Blockchain-that has earned the Emirate a placement in the Top 10. For more than two years in Dubai working with the help of the Blockchain for Smart City to ascend.
In this way, the desert state has done in the meantime, some of the steps. By 2020, for example, all government documents on the Blockchain managed. A the beginning of the land registry was already with the land registry, which has been running for almost a year completely on the Blockchain. For its initiatives in the Blockchain-the area of the Emirate was awarded with a prize.
Bermuda is known as a tax haven, the law relaxed regulations for businesses. While this reputation seems in many cases shady, trying to the island state to counteract, and especially in relation to the Blockchain-industry direction. In a position paper on crypto-regulation you want to Blockchain-companies make the offer, to operate according to clear rules on Bermuda.
In addition, managed Bermuda with Binance, to draw the world’s largest crypto exchange in the country. In a jointly signed agreement, plans to invest the Binance Charity Foundation, a total of 15 million US dollars in crypto educational programs and Blockchain startups. Thus, the island represents a growth market in the Blockchain-the area of – let’s see what develops.
The city-state of Singapore shows, both against crypto-currencies as well as against the Blockchain and its multiple application possibilities open. So the government is pursuing together with the Central Bank a clear Blockchain strategy, which aims to connect Central banks in the world by means of Distributed Ledger technology. Also in the port logistics, the state wants to make in the South China sea, the Blockchain usable.
In terms of crypto regulation, it was decided a long time a policy of the free Hand for crypto-company, what attracted in addition to many good projects and dubious business models. By the Central Bank halted this year, however, a Scam-ICO and the stock exchanges are called for to adhere to the rules, it set an important sign of law and order.
While in other countries the acceptance of Bitcoin is wrestled, was erected to him in Slovenia, already a monument. In the city of Kranj, you can avoid a huge Bitcoin coin in a roundabout. So everyone should be by travellers aware of the fact that it is the small Balkan state, says his goal is to become one of the European Blockchain Hubs, seriously.
Already now the country is on a good way. Supported by the government, is home to Slovenia, a whole series of innovative, Blockchain-Start-ups. Also, for Initial Coin Offerings in the country, thanks to a friendly legislation in a popular location. In addition, the crypto-adaptation: In Slovenian shopping malls you can pay for his coffee already in Bitcoin.
6. Hong Kong
Hong Kong is not its own state, but has only the Status of a special administrative zone within the people’s Republic of China. Since Hong Kong is allowed to make his fortunes in the financial and economic policy in its own right, we have the city here yet. In your role as a special administrative zone, special economic freedoms, they fulfilled an important function in the Chinese crypto-Ecosystem.
So Hong Kong was claimed by the state of forced voluntary closure of the crypto exchanges in the country a safe haven for crypto-trade. The largest Chinese crypto exchanges moved to Hong Kong. From there they were able to allow, thanks to the spatial and cultural proximity can easily continue trading with crypto-currencies.
For Gibraltar, the situation is quite similar to that of Hong Kong. The strip of Land in the South of Spain is officially part of the United Kingdom, however, economic policy is largely a free Hand. These liberties would like to take advantage of the small state, like to the Blockchain-Hot-Spot in the Mediterranean to rise.
Is intended to help first and foremost a crypto-friendly regulation. On the one Gibraltar has already begun in the last year, a license for FinTech companies, to Blockchain-Start-attracting-ups. This year you went one better and even brought in a regulation of ICOs on the way. So that said Blockchain should be encouraged-companies to start Gibraltar from the output of your Token. At the same time be protected by a legal framework, investors and customers.
Malta is the jurisdiction of the dispute with Gibraltar to the crown in the Mediterranean and is currently ahead by a nose. Similar to Gibraltar, Malta provides you with a Blockchain-friendly legislation, a framework for crypto-companies. The island state has another ACE up his Sleeve.
The formerly Chinese crypto exchange Binance drew, the world’s largest trading platform for crypto currencies this year, after Malta. Together with the Exchange and with some other investors, opened the first decentralized Bank with a location in Malta. The Founders Bank offers in the future, a Token System, with the investors in the company.
The Japanese crypto-Community is one of the largest in the world – from the crypto-hostile attitude of the Chinese government, they also benefited disproportionately much. According to need to make a clear regulation of the crypto market is here. In contrast to smaller, deregulated locations, such as Malta and Gibraltar, Japan – the fourth largest economy in the world, opted for an approach according to the Motto “tough but fair”.
So, a law in force, which includes increased control of all the crypto-market companies, above all crypto exchanges occurred already in the past year. The financial market regulation the FSA, it is possible, in a targeted Anti-money laundering policies (AML) and Know-Your-Customer principles (KYC). In the framework of this law, also Bitcoin has been declared a legal means of payment.
After a thorough examination, a total of eleven crypto exchanges received by October 2017, an official license from the financial supervision. Thus were created both for the trading venues themselves as well as for the many crypto-enthusiasts in Japan, the situation is clear and uncertainty is eliminated. After the Hack the crypto exchange Coincheck you responded, and pulled out the black sheep among the Exchanges out of the race. So the Japanese government creates confidence in the private crypto-Ecosystem, and lays a Basis for sustainable development of crypto-currencies in the country.
Representative for the whole of Switzerland could be at this point plain and simple, the “crypto Valley” Zug. The Mix of innovation-enhancing legislation, and the slowly-developing adaptation of crypto currencies makes the Swiss Canton of the popular starting point for many crypto projects. Between 50 and 100 rumored companies and Start-ups, to have a seat.
Mayor Dolfi Müller wants to make the train to the “global village”, which is well known in the global FinTech industry. In addition to an ICO Code of Conduct to direct the output Token in the regulated Railways, launched a test trial with options on the Blockchain.
But also at the Federal level, Switzerland is at the front. So she founded at the beginning of the year, a Blockchain-task force, possible areas of action to explore currencies in the area of Blockchain and Crypto. Shortly thereafter, was brought forth generous guidelines for ICO-regulation. Only on their own national crypto-currency is still waiting – it was only taken once.
Estonia climbs to the Top Spot of our list of what may seem to many in the first Moment surprising. In fact, however, the Baltic country for some time to European avant-garde when it comes to the topic of digitization. Of course, the Blockchain technology of the Estonian government remains as it is not undetected.
In the last year traveled BTC-ECHO to Tallinn, in order to assess the developments in Estonia in person. The program eResidency, which gives every citizen a digital citizenship, we were interested in. With the help of this, the whole administration of the country will be digitized. In addition, we guard time, one of the largest Blockchain-companies in the world met. Guard time is focused on IT security and works closely with the Estonian state.
As one of the first countries of Estonia considered in addition to the issuance of a own crypto-currency. As a complement to the already existing program of the eResidency you wanted to establish a Estcoin for payment processing. Would have pushed the European Central Bank, the aspirations of no bars (justification: In the Eurozone, there must be no other legal tender than the Euro) – who knows, maybe the Petro would be left to us as the “first national crypto-currency” saves.