blockchain-friendly-countries

Blockchain Paradises and Everything you Need to Know About Them

THE BLOCKCHAIN BULLETIN 1.0

Here are some Blockchain Paradises and Everything you need to know about them

Switzerland

The world has seen the Swiss government take a stand out stands in their financial matters and how they wish to regulate the commercial products including the in trend crypto currencies. Switzerland has shown some clear intentions of promptly adopting blockchains and crypto currencies.

‘Crypto-Valley’
According to crypto watchers, Switzerland is looking to warmly welcome blockchains and cryptocurrencies. The efforts made by this country are in total compliance with their efforts. The geographical area sandwiched between Zürich and Zug has started to be popularly known as the Crypto Valley. The ‘soft’ opnion of the Swiss government is apparent at Zug, where numerous companies are situated. It is famous for being the breeding ground for the Ethereum foundation. This makes it clear why Ethereum foundation is respectfully regarded as the wealthiest blockchain company in the world.

Actions above words
It is pretty evident that the Swiss government has been by far convinced by the concept of block chains and related businesses. The aim of Switzerland of offering total legal recognition existence to block chains and the related start-ups sure to bring in big opportunities for other companies in the business sector.

The persistent efforts of this dynamic country have led to induction of commercial growth of its own kind. They have successfully nursed blockchain start-ups to being companies as large as Ethereum foundation. The objective of forming a government recognized institution for blockchains and related matters is to achieve projected growth which they keep on the cards.

Gibraltar

Quite unexpected but, Gibraltar has been in news for becoming one of the leading countries of the world in attracting blockchains and related businesses. According to the authorities and political heads in Gibraltar, this is expected to be a great welcome step for quality companies to work and trade in this country.

Efforts in Existence
Gibraltar government has made executable plans which will help them to initiate and practice a licensing scheme for DLT service providers or the fin tech companies. These licenses will ensure that the services, tokens and the ICU rolled out by this cryptocurrency entities completely protect their investors from any kind of fraud or potential case of cybercrime. One big parameter for getting this license is to maintain a top-notch degree of cybersecurity within your blockchain system.

This licensing scheme indirectly causes financial benefits to the British territory as the licenses are supposed to be distributed based on an auction which lets companies and service providers bid for the same.

Effects on Ground
Gibraltar administration thinks that this licensing scheme will help them protect the investors and also provide the favourable conditions for block chain and cryptocurrencies to attain some sustainable growth. The efforts and initiatives by administration have been responded by the enthusiasm of companies who wish to make the most out of this wonderful opportunity to operate in crypto currency is under an endorsement by the government.

If you look at the result of the stance formed by the British overseas territory on blockchain regulations, it has set an example for the world of a new way to be liberal at policy making for the business sector. Apart from the business sector, they have also given the common man of Gibraltar a chance to adopt the cryptocurrencies and blockchains which a ‘speculated’ to be an efficient alternative to payments and transactions of valuables.

LITHUANIA

Lithuania is one development conscious country which is giving some peaking importance to the in trend blockchain and cryptocurrency business sector. They believe that liberal regulations and guidelines on a certain technology can help fintech companies make it reach the consumers in a way that primarily fosters economic growth.

What are they up to?
The central bank of Lithuania has rolled out a platform service for blockchains. This platform is a secure business environment which can help companies take the opportunity of developing services and blockchain solutions. The sandbox model approach applied here is expected to empower the government institutions to safely test the digital financial products before complete regulation. This service platform is announced to be called LBChain. The celebrated service platform as probable to be subjected to a remain under the watch of the Lithuanian bank. It is notable that this sandbox model is projected to enable government institutions to test the digital financial products in a secure business environment before regulating them to perfection.

Works on Ground
The sensitive aspect of blockchain regulation by the Lithuanian government was well addressed with a publication of policy and guidance on virtual currencies and initial coin offerings, back in 2017. Lithuanian government is leaving no stone unturned for obtaining handsome funding from the European Union for their economic development and growth. But the respective administration had shown no clear signs of what fraction of this funding will be allocated for blockchain adoption, development, and implementation on a large scale.

Cruising in the ‘Right’ Direction
Lithuanian government should be applauded for their progress of neutral approach towards blockchain and cryptocurrency products. The country is doing the right thing by indulging in blockchain and its allies with a conscious mind and no desperation as such. While the government has always looked to welcome this new piece of technology promising enormous potential, at the same time, the government has made very clear intentions of nullified possibility of compromise on the security of investors and the common man in the use of any of the solutions based on blockchains and virtual currency products hosted by DLTs.

Stuti Dhruv

About The Author

My name is Stuti Dhruv & I am senior consultant at Aalpha, primarily working on pre sales, consulting with clients on latest technology trends.