More countries are joining the race for the title of the world capital of cryptocurrency technologies. Bermuda, Gibraltar, Liechtenstein, Malta and Switzerland, all striving to attract cryptocurrency companies, a new competitor - France.
States with low taxes and favorable conditions for business development are offering various strategies for attracting cryptocurrency companies and entrepreneurs, adopting new laws or changing existing ones. So, on July 4, the government of Malta adopted three laws, according to which companies can issue new cryptocurrencies and trade existing ones.
Bermuda legislators approved a bill allowing start-ups to conduct initial placement of tokens (ICO) after the approval of the Ministry of Finance. Also, in Bermuda, programs promoting the development of the fintech industry are moving forward. The law recently adopted by the Legislative Assembly of the country, Digital Asset Business Act 2018, aims at creating a legal framework "for the regulation of persons engaged in activities with digital assets, as well as to protect the interests of existing and potential customers from persons who carry out such activities."
The state of Liechtenstein is a few steps ahead. Local banks can carry out cryptocurrency transactions on behalf of their clients and provide recommendations for ICO. The founder of the project Aeternity, Janislav Malakhov, who is called the "godfather of the Etherium," described how easy it is to register a cryptocurrency company in Liechtenstein:
"You can open a company without a bank account, simply using Bitcoin or the Etherium."
In January 2018, the authorities of Gibraltar adopted a law that promotes the innovation of the fintech industry. The regulatory framework of the Distributed Ledger Technology Regulatory Framework is aimed at protecting clients of cryptocurrency companies in the overseas territories of the United Kingdom. As a result, regional recruiting agencies actively participated in the cryptocurrency sector. Most recently, the football team Gibraltar United announced that it will be the first team in the world to pay its players a salary in the cryptocurrency.
Influential European states also participate in the race:
The desire to become the leader of a cryptocurrency race is present not only among small overseas states. Cryptocurrency companies have long flocked to Switzerland, thanks to low taxes and soft regulation. For example, in the Swiss city of Zug, which is also called "cryptovalley," Ethereum is registered, and Bitcoins are accepted as payment for some services.
Now France is also participating in the struggle for the title of the center of the cryptocurrency industry. French Finance Minister Bruno Le Maire, who previously had a negative attitude to the digital currencies, admitted a mistake and announced plans to make the country a center for blockchain and digital currency technologies.
Cryptocurrency enthusiasts are happy to hear news that many countries are beginning to understand the amazing opportunities that offer cryptocurrency for their economy. Many States support the views expressed by the Prime Minister of Malta:
"Our goal is to become a global innovator in the field of regulation of blockchain-companies."