The Blockchain technology has been fashioned into many industries. The technology has outgrown its first intended use case, cryptocurrency and is now being employed in diverse industries. While some countries are regulating the technology, some other countries are interested in big data and recording and management costs that the blockchain reduces. Well, we will be looking at some countries with really small economies that are adopting and utilizing the blockchain technology and cryptocurrency in different sectors.
Malta offers a friendly jurisdiction for cryptocurrencies. The country is currently regulation free and is home to Binance Headquarters. The cryptocurrency exchange had earlier in the year announced it was moving its headquarters to Malta from Hong Kong due to strict regulations. The island country is located in the Mediterranean Sea near Italy. Unlike other countries, Malta has established itself as the number 1 spot for crypto trading. Malta is writing laws that would be relevant in a future economy. The country now legally recognizes smart contracts and DAOs. The Island proposed the creation of the Malta Digital Innovation Authority (MDIA) earlier this year.
The MDIA would help to advance the utilisation of digital ledger technology and its design and uses in the country.
Georgia is the world’s third largest miner of cryptocurrencies. The small country located on the eastern side of Turkey is home to one of the largest mining companies in the world. About 5% of households in the country are involved in cryptocurrency mining or investments. With a total population of about four million, the country of Georgia has minimal regulations over cryptocurrency. Asides that, the country has affordable electricity with hydropower. This has attracted many miners although majority of the cryptocurrency mining in Georgia comes from the US-based tech company Bitfury. The company has a data center near the edge of the country’s capital Tbilisi.
Cyprus is also an island country located in the Mediterranean Sea, south of Turkey. The small country is the home to The University of Nicosia, this was one of the first schools to offer courses in blockchain and cryptocurrencies. With programmes such as a Masters of Science in Digital Currency.
Liechtenstein, a small country sitting between Switzerland and Austria is also involved in the blockchain technology. The country is making it easy for cryptocurrency businesses to flourish. Starting a cryptocurrency business in Liechtenstein is easy, you do not need a bank account. Rather than using fiat, the registration process can be done using Bitcoin (BTC) or
Ethereum (ETH). The founder of Aeternity blockchain, Yanislav Malahov claims that he founded the company with 50,000 Swiss francs worth of ETH.
Thailand is gradually integrating the blockchain into its industries. From the country’s postal service which announced last year that it will be using the blockchain to track packages to its electrical sector. The country’s Electronic Transaction Act 2001 was amended to include the support and use of blockchain-powered smart contracts. The financial sector was not left out as Kasikornbank launched a “completely paperless” Letter of Guarantee network in conjunction with IBM Blockchain last year. By March this year, 14 Thai banks have joined forces to create the Thailand Blockchain Community Initiative, which will be built on the LINUX Hyperledger platform.
Estonia is a blockchain hub famous for its e-Residency program. A large number of ICO’s and blockchain related companies choose Estonia to launch their projects due to the regulatory environment and technologically advanced infrastructure. Although it seems the country is planning on launching a national cryptocurrency.
What do you think about these countries? Share your opinion with us in the comment section below.
Image credit: pixabay,
The Information provided on the website is designed to provide helpful information regarding cryptocurrency subjects. The content is not meant to be used, nor should it be used as a basis, foundational knowledge or prerequisite for decision making regards trading. Always do your own research and due diligence before placing a trade. We are not liable for any outcome based on any content found on the site.
Twitter Lanches Bitcoin Tip Service, Available on iOS Devices
Dubai regulators have flung open the door for crypto businesses
Giveaway Scam Resolve; Bitcoin.org is back online: Will the perp be found?
VanEck to Give Clients Access to Crypto by Offering a Solana ETF
Solana based DEX, Orca Closes $18M Series A Round
We don’t expect all businesses to adopt e-Naira –CBN
We chose Bitt Inc for the e-Naira because of Capacity & Experience – CBN
KB24 Launches NFTs Collection in Memory of Kobe Bryant, Proceeds to be Given to Charity
President of Turkey Says the Country is at War with Cryptocurrencies
Watch the Latest Edition of Inside Blockchain – 29th Nov. 2020
Crypto Roast is LIVE – 27th Nov. 2020
AMA Series with Beam CTO & Tech Lead, Alex Romanov
Keep it Locked on to Cryptotvplus
Inside Blockchain | 16.11.2020
Inside Blockchain: WHY YOU SHOULD BECOME A BLOCKCHAIN DEVELOPER
How Blockchain Technology Can Transform Governance In Africa
E-naira Project Award to BITT Raises Regulatory Questions
The Central Bank of Nigeria’s e-naira Project has generated a number of questions lately. The most recent is the contention...
Ecosystem Growth Fund: The newest ways to market and promote blockchain platforms
Fantom, Harmony, Algorand & OKEx has in less than a month announced a billion dollars fund to boost development on...
TOKEN2049 Returns for In-Person Event this October in London
Highly anticipated conference at the forefront of the digital assets space marks the return of one of the first major...
OKEx Launches Super Affiliate Program
Are you a KOL or content creator in the crypto space? Do you want to boost your earning by introducing...
Influencers Are the Drive behind NFTs Popularization – Karla Obarkpolor
The founder of NFT marketplace Qlipit and Crypto Asset Management Company, Crypto Smart has stated that influencers have played big...