Switzerland has come out on top in a BlockShow Europe study which ranks the most crypto-friendly European countries. Scored on their regulatory frameworks and blockchain related projects among other attributes, Gibraltar and Malta also ranked favorably.
Broad observations
In total, 48 European countries were examined for their existing regulations of initial coin offerings (ICOs) regulations, cryptocurrencies as a payment service and crypto taxation policies. Furthermore, the study took into consideration recent news stories and developments; this is due to ongoing advances in countries that do not yet regulate cryptocurrencies but have plans to do so.
With Gibraltar in second place and Malta third, Switzerland topped the charts ahead of the rest of the pack.
Home of the ‘Crypto Valley’
Switzerland is a crypto-friendly country thanks to leading cryptocurrency and blockchain projects such as the Ethereum Foundation and Shapeshift.
Backing this is the Crypto Valley Association, a government-supported and independent association that has pushed for favorable regulatory frameworks, which has attracted cryptocurrency-related projects from around the world. Blockchain startups and projects in Switzerland can benefit from low taxes, business-friendly regulations, and political stability.
Bitcoin News has recently reported a number of stories on Switzerland that contribute to the Swiss dominating the European charts. A national digital currency, aspirations to become a blockchain nation and heightened blockchain related business inquiries all display the incredible levels of blockchain innovation that can emerge from a crypto-positive country.
In second place, Gibraltar
Gibraltar has been showing great promise and is becoming another crypto-haven for blockchain projects. Innovative regulations and highly attractive business tax are critical factors as to why the British Overseas Territory ranked second in the study.
In late 2017, the Gibraltar Financial Services Commission (GFSC) made proposals for crypto-friendly regulations. Nicky Gomez, GFSC’s head of Risk and innovation told Reuters: “This is the first instance of a purpose-built legislative framework for businesses that use blockchain or distributed ledger technology.”
Additionally, Gibraltar reportedly had received “up to 200 applications” for ICOs ahead of the launch of its Gibraltar Blockchain Exchange (GBX); Bitcoin News has also previously reported that the GBX is moving boldly toward regulatory firsts.
Regarding taxation, Gibraltar is extraordinarily unrestrictive; there are no taxes on capital gains and entrepreneurs only have to pay income tax. It is little wonder that European and local blockchain startups are flocking to the country.
Third Place, Malta
The Mediterranean island of Malta is an interesting occupant of the third place position; proposals for new rules regarding cryptocurrency investment were made in late 2017 and in March of 2018, the Cabinet of Malta approved three bills that revolve around cryptocurrency and blockchain technologies. Furthermore, in April, Bitcoin News reported that the Prime Minister intended to have a “state-regulated cryptocurrency industry“.
It is also the new home to major exchange Binance, which will make Malta the territory with the most substantial cryptocurrency trading volume in the world. Binance announced the move to Malta in late March, likely in part due to Malta’s stance on taxation which allows international companies based on the island to pay as little as 5%.
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