With Binance’s move to Malta in the news, what does the geography of cryptocurrencies tell us about the industry?
This week Bitfinex has hinted at a move to Switzerland to join others such as Etherise and Ethereum foundation and management.
Companies are moving to more crypto-friendly countries and governments are looking for ways to attract the new multi billion dollar industry. Amongst them, Lichtenstein is introducing major legislation to regulate blockchain business.
The British treasury has set up a task force to support crypto technologies, playing catch up to Australia. Australians can purchase crypto at newsstands.
Any government can see the dollars rolling in crypto, and many want a slice of the cake.
But not all countries are trusting of crypto technologies. Two exchanges have closed this week in Japan following un favourable legislation. HDFC is joining a number of banks in India are banning the purchase of bitcoin on bank cards. Vietnam banned bitcoin payments last year. And USA and China are famously frosty to crypto.
Acorn Collective has a base in Gibraltar, Hong Kong and UK. It seems a multinational approach is the best way forward. https://www.aco.ai/
Do you think the geography of crypto effects coins? How has government legislation affected you?
I wrote this on Twitter not long ago,
I think there are 3 types of government reaction to blockchains,
What is yours?
Take my vote, sir. That's completely accurate and I happen to live in a country with the third type of government reaction to blockchains: Venezuela.
Currently, they are trying to implement a cryptocoin named 'Petro' (claiming its value is supported by our huge petroleum and minerals reserves) but it has had some fails in the pre-sale that is almost impossible to feel confident buying it. For example, one can easily fool the KYC system. So, I'm not trusting that cryptoscam.
Thank you for shareing! It's really great to hear everyone's experiences!
It's my pleasure to share it!
Ha, great summary! Thanks!
First, they ban and then they set and form up the borders and rules, so the industry could develop safely in a right way.
Interesting perspective!
I think it does, and it clearly does affect it. It will not be the same for a blockchain company to be located in a country known for its bad economical decisions and not friendly at all with technologies that favor the anonymity online.
In my case, the government seems to be friendly with anonymity (till a certain point) but I think that's just because it is so corrupted it is better for them that way. The negative point here (besides the social crisis we are going through) is that the government has only taken very bad decisions regarding the economic aspect ever since they rose up to the power and they are proving to be doing the same with the cryptocoin they want to implement considering the security fails it already has.
" It will not be the same for a blockchain company to be located in a country known for its bad economical decisions and not friendly at all with technologies that favor the anonymity online." Really good point that adds value to this post, thank you. A coin gains respect by banksing in a well respected economy.