Countries with positive regulation of cryptocurrencies — this category can conditionally include all countries in which state authorities have already begun active work to determine the legal status of cryptocurrencies, or have already successfully completed such work.
The Swiss Financial Market Oversight Office (FINMA) is at the forefront when it comes to clarity related to crypto regulation and ICO support. Mark Bernegger, a finance expert in Switzerland, as well as a cryptocurrency entrepreneur and adviser to Swiss RealCoin, claims that the country has traditionally been a haven for funds.
This is partly due to more open laws in the finance industry and a sustainable culture that guarantees confidentiality to customers of Swiss banks. Bernegger notes that Switzerland has “thought” about cryptocurrencies as part of overall money management and is “preparing for a changing economy.”
The area around the city of Zug in north-central Switzerland has become known as the “Crypto Valley” since the Ethereum ICO was organized there in 2014. The region has one of the most active ecosystems for cryptocurrency entrepreneurs, developers and investors.
Swiss Minister of Economics announced his desire to turn Switzerland into Kryptonation, and an already active ecosystem is now growing beyond its borders, while several companies and government agencies across the country are working on conceptual ones, and an economic zone for blockchain has recently opened in Zurich projects.
Discussions are ongoing in Israel regarding digital currencies as lawmakers seek ways to protect investors. Although the Israeli banking system does not particularly contribute to the development of a bitcoin-oriented business. A local miner sued Igud Bank, the country’s sixth largest bank, after it suspended the transfer of funds from exchanges. Leumi Bank, the country’s second largest lender, tried to stop the activities of local exchanges, but the district courts, as well as the country’s Supreme Court, intervened. This is certainly a major victory for the local cryptocurrency industry.
In addition, recent reports indicate that the country’s central bank, the Bank of Israel, has been considering introducing a digital state currency for several months. According to the Jerusalem Post, “a digital shekel will record every transaction on a mobile phone and make tax evasion more difficult. The digital shekel, if it is destined to appear, will be identical in value to the physical currency.
On the technological front, startup culture in Israel is ahead of the general market. Roy Meir, co-founder and vice president of business development at WeMark, notes that blockchain technology is in demand by many of the approximately 300 multinational research centers operating in Israel.
He claims that a small Middle Eastern country, often referred to as a “startup country,” is quickly becoming the center of development for blockchain technology.
“Scientists and engineers, many of whom are former employees of the country’s elite intelligence units, support the demand for technology, complemented by an ever-growing number of startups and a favorable ecosystem.”
The capital of Germany, Berlin, is perhaps one of the most cryptocurrency-friendly cities in the European Union. It was named the capital of bitcoin in 2013 by the British Guardian and continues to occupy this position. Currently, using Bitcoin, you can buy an apartment in the city, book a vacation, eat and drink in various trendy local restaurants.
Thomas Schouten, a leading marketing specialist for the Lisk blockchain platform, notes that the company works with contractors in Berlin with headquarters in Switzerland. According to him, Berlin offers a good environment for startups with wide opportunities for attracting employees and a vibrant culture. In addition, the Germans, like their government, are without prejudice to the blockchain.
This is underlined by the fact that Germany became the first country to accept bitcoin as a currency in 2014. Similarly, board members of the central bank of Germany called for the efficient and proper regulation of cryptocurrency markets. Joachim Warmiling noted the need for international cooperation on this issue.
Thus, effective regulation of virtual currencies will be achieved only thanks to the maximum possible international cooperation, since the regulatory power of individual states is clearly limited.
To this end, various officials of the central bank of Germany participated in the discussion of development opportunities for the sector throughout the region, including through the creation of a European partnership in the field of blockchain technologies.
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