Blockchain’s impact can be heard from one shore to another. It has received mixed reactions from governments, considering its decentralized nature. However, every country and government knows how important it is to utilize blockchain technology to improve their systems. The technological part is what makes blockchain irresistible, despite cryptocurrencies banned in different countries.
Regulations also play a crucial role in determining if a state or zone is best suited to run blockchain companies or services. Asia recently tightened their grip on the virtual currency which is enabling new places the opportunity to embrace blockchain technology.
Mediterranean countries such as Gibraltar, Malta, and others are quick to capitalize on the opportunities. The main game changers include the following countries. They have given a very fancy name, i.e., Mediterranean Seven. It is the name given to the seven EU nations that are present in Southern Europe. They signed the pact to embrace blockchain as a groundbreaking technology for transforming key sectors. Let’s discuss the important countries and their role in the expansion of blockchain technology below.
The Mediterranean Countries That Are Embracing Blockchain
Malta is the frontrunner when it comes to embracing blockchain. They are doing so by providing flexible law that breeds innovation and encourages blockchain start-ups and companies to move to their island. Even Binance, the biggest cryptocurrency exchange, has released their plans to move to Malta after tough regulations hit Asia.
Malta’s prime minister has also shown interest in approving players. The biggest benefit for companies is the low tax rate. They have tax rates as low as 5 percent. In short, they are trying to become the friendliest government when it comes to crypto industry.
Gibraltar is also not far behind blockchain technology adoption. Gibraltar has its own jurisdiction, and that means that they have their regulation at work. They are independent and only depend on the UK for defence purposes. This has given them the ability to pull their blockchain regulations. Their approach was simple. They went for a three-way engagement and drafted a distributed ledger technology legislative framework.
Their framework not only takes cares of the blockchain but also include any financial and legal issues with it. This means that both private and public companies can participate. It is already termed as the global hub for blockchain. They are also the first government to introduce the World’s First ICO regulations. It is also the most ICO-friendly jurisdictions in the world along with Malta and Switzerland.
France support for blockchain was also a surprise for many out there. They quickly realized that blockchain is the future and their finance minister Bruno Le Maire was one of the first few leaders who knew that the blockchain revolution is on the way.
France finance minister also added, “A revolution is underway, of which Bitcoin was only the precursor. The blockchain will offer unprecedented opportunities for our start-ups.”
They are also the home to Chain Accelerator, the biggest blockchain accelerator in Europe and they are working to improve the blockchain scene in France along with the government support. Request Network Foundation and PWC are working to integrate blockchain with key sectors, BitPesa is one to transform foreign remittance.
Greece is suffering from debt. Cryptocurrency and blockchain support can finally give them a chance to improve their situation. Their inclusion in the Mediterranean Seven is a significant step forward. Blockchain provides them with the ability to work without any intermediaries and can be used to perform any type of transaction. If Greece can change all government systems to blockchain, they can save tons of money. Moreover, they will also be able to trace taxes and ensure law and enforcement.
Italy is also not in a very strong economic condition, but they are quick to use blockchain to solve their problem. Italy accepted blockchain by mid-2018 which gave them quite some time to implement it. They aim to use it in different systems including finance, personal identification, and auditing. Their prime minister Giuseppe Conte wants to strengthen the economic condition of the country using blockchain.
Italy also announced that they are adding 30 experts to their National Blockchain Strategy. There are other use-cases that Italy is exploring, including protecting their “Made in Italy” brand. They are slowing showing improvement in their blockchain adoption and it is being shown through research as well.
Portugal is also keen on embracing blockchain. The main institute that is leading their quest for better adoption is the Open Access Government. It is collaborating with multiple start-ups and companies to bring more changes to the blockchain adoption. Software development firms such as Etherify are collaborating with the government. The government is also using blockchain in administrative tasks.
They are also not shying away from using blockchain for doing simple tasks such as picking up a winner for GovTech contest which aims to pick the best projects that are changing the world around us and helping solve major humanity problems. They have also embraced bitcoin. However, things are less than perfect there as they still need reforms to make their country more friendly to crypto-related products and services.
Blockchain adoption has increased in Spain in the past year or so. They are focusing more on blockchain projects and prioritizing; thus actively contributing to blockchain the revolution. Even their banks believe that blockchain is the future and are ready to adapt so that the financial system can be revolutionized. The fact that a blockchain company bought a Spanish soccer club shows how crypto is being promoted right now in Spain. Spain’s government, on the other hand, is working towards proper legislation so that they can lure ICOs. They are doing it by providing tax incentives and a healthy ecosystem for growth.
The Mediterranean countries are slowly embracing the blockchain. It is being used in different sectors, activities and other schemes of things. The fact that governments are keen to create a proper framework to lure start-ups and talent to their land speaks volume about how amazing blockchain is. After all, it holds the key to the evolution of systems and is sure to create a wealth of exciting and new solutions, services and business.
So, what do you think about Mediterranean countries embracing blockchain? Comment below and let us know.