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Which Countries Are Best to Start Blockchain Projects? Posted on Aug 09 - 2018

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Bitcoin’s boom has spawned more than just a digital currency revolution. Companies across the globe have explored the potential of blockchain technology in a range of different spheres, including cars, phones, and a multitude of disruptive alternatives in banking, government and as well as shipping.

Also, it is not only the small startups that are trying to push blockchain innovation, but rather conglomerates as big as Amazon, Alibaba and Microsoft. However, these companies are still trying to negotiate an ever-expanding regulatory framework that is growing at different rates across different states.

Many different companies began springing up within the cryptocurrency ecosystem, usually attached to a capital raising ICO, which left many regulators wondering how to control this decentralized, crowd-funded form of capital raising.

From the SEC to the Chinese government's hard clampdown on ICOs to Malta and Switzerland competing to be the premier destination for fintech and blockchain, different nations have taken widely different views on how to regulate, quash or support blockchain startups.

Thus, because of the global nature of blockchain products, it is unnecessary to worry about a regional customer, but rather it is important for blockchain projects to examine the legislation, the atmosphere and approach from the community, fees, and a myriad of other factors in different countries to see which will aid them in realizing their outcomes.

Cryptocurrency havens

The different approaches by governments and regulators have created what has sometimes been referred to as ‘cryptocurrency havens’, as nations look to try to attract fintech and blockchain projects to their shores in the hope of using a potential financial revolution to boost their own agendas.

A lot of these havens are being created in smaller nations. Places like Switzerland, Malta and Bermuda are actively adjusting and creating legislation to welcome blockchain projects.

On the flipside, there are countries that are trying to discourage and scare away of as many blockchain projects as they can, and it has been successful in many cases. One of the most notable examples is China, where the ban of ICOs and access to exchanges has forced these startups and digital currency exchanges to go elsewhere.

For example, one of the globe’s biggest exchanges, Huobi, which was forced to leave China in September last year because of legislative changes. Since then, the exchange has looked to open offices in a number of other different locations, such as Australia, the United States, Singapore, South Korea, the United Kingdom and others.

While not all of these countries are actively supportive of cryptocurrencies, they are at least tolerant and are looking to set their rules to make it easy for companies to follow the legislation. View More


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