With the blockchain tech industry and the cryptocurrency market such hot property right now, many countries like the ubiquitous Puerto Rico, but also Malta, and the Philippines are vying for business. The question is, which country will fare best in the great crypto-hub race?
Puerto Rico has suffered economic volatility over the years but a new wave of crypto business — due to welcoming tax rates and close ties to the US — has been warmly received as the country aims to get its status back on track. Brock Pierce is at the helm of a growing group of ‘bitcoin millionaires’ setting up shop in this tropical paradise with the aim of making it their new home. His goal is to create a cryptopia while giving back to those struggling to climb out of poverty in the region.
Further Reading: Puertopia: The new crypto-utopia for billionaires
The population including the Junior Finance Minister of Malta — Silvio Schembri — are excited about the potential for foreign investment that crypto businesses are bringing to their island. Binance, Tron, and OKEX Tech have already made Malta a base for their companies. And, ‘the little country that could’ aims to encourage even more of the same. With English as an official language, low tax rates, and clear crypto regulations, it’s no surprise that Malta has established itself as a first choice destination for crypto projects.
Further Reading: How Malta Became a Hub of the Cryptocurrency World
The geography of the Philippines is as diverse as its interest in crypto and the Filipino government, along with the central bank, have both recognized the potential of this tech. Seeing the potential to propel their emerging economy forward they have adapted their official policies to encourage this growth. As it happens, 5 million of the 100 million population already own crypto wallets. MergeCommit, Bloom Solutions, and Satoshi Citadel have also spotted the potential opportunity by moving their business to paradise.
Further Reading: The Watchlist: Three Potential Cryptocurrency Hubs Around The World
Costa Rica is a truly inviting crypto zone. To show the value they place in the industry employers can now partially pay their workers in cryptocurrency. Challenged by the country’s high unemployment rate and national debt, Costa Rica is ready to embrace the crypto market and blockchain tech to change its fortune. Costa Rica has welcomed Green Earth Zero and BlockchainCR, amongst several other blockchain companies.
Further Reading: Costa Rican Workers Can Be Legally Paid in Cryptocurrency
Georgia is a rising star of blockchain tech and crypto in Eastern Europe. Strategically placed in between Europe and Russia, Georgia also boasts very low tax rates. These factors, along with the low cost of electricity, make Georgia an ideal place for bitcoin mining — in fact, it is ranked second in the world for ‘drilling’ crypto (China being number one). Blockchain businesses include Cyber Infrastructure Inc, Patientory, and 10Clouds Dedicated Developers.
Further Reading: How The Tiny Nation Of Georgia Became A Bitcoin Behemoth
Don’t be fooled by its size, Gibraltar is ready to rock the blockchain world. Boasting a strong economy, and low import duty, with a dedicated subsidiary of the stock exchange, Gibraltar is fast becoming home to crypto business in Europe. The Gibraltar Blockchain Exchange, dedicated to trade in blockchain tech is attracting interest from across the continent. Lendo has relocated to ‘the rock’ and it’s likely that other big names will soon follow suit.
Further Reading: Top Crypto Friendly (and Hostile) Countries
Liechtenstein is on the map when it comes to being a player in the world of blockchain tech. It benefits from being a member of the EEA, allowing it to skirt some of the most onerous EU regulations, while still trading across the continent. The country is home to Ethereum, Chainium, and Vimana, and the government has plans to make Liechtenstein the most blockchain-friendly country in Europe, with new regulations like the Blockchain Act being introduced all the time.
Make way for Denmark: one of the new epicenters of the blockchain world. This highly developed economy has wooed big blockchain hitters to establish themselves in its country, and, being so keen to attract blockchain business, they have established the most crypto industry-friendly environment possible with a low tax rate and crypto regulation exemptions. It’s easy to see why blockchain companies are so attracted to Denmark’s market.
Further Reading: 5 Most Crypto-Friendly Countries in Europe
Famed for their liberal attitude, the Netherlands has embraced this new tech at a rapid rate with Dutchchain and FoodInsights both establishing themselves here. The government also backs a bold approach, seeing crypto as ‘low risk’ in relation to financial stability. Not only that, but Amsterdam hosts the ‘Bitcoin Embassy’ and boasts the highest density of bitcoin ATMs in the world, as the government experiments with their very own: De Nederlandsche Bank BNBcoin.
Further Reading: The Top 5 Crypto-Friendly Nations
The interest in innovative fintech in Singapore is plain for all to see. Mainly concentrated in the capital, blockchain business flourishes alongside a considerably low tax rate. LINE is just one of the major blockchain players that have launched into the Singapore market. In a country where English, Malay, and Mandarin meet, tech business is booming, the potential for innovation in blockchain tech and the cryptocurrency market on Singapore’s shores is undeniable.
Further Reading: 5 Unexpected Countries That May Become Cryptocurrency Meccas
An interesting fact is how many of these hubs are showing up in areas of economic volatility, where reigning financial systems have previously failed. Coincidence? Perhaps, perhaps not.
Which of these nations will be crowned the ‘king of crypto’? What will be the deciding factor? Is there another competitor that we haven’t spotted yet? Let us know in the comments below!