Innovative technology giant countries such as Malta, Italy, Switzerland, Denmark, and Estonia, are in the top 5 European nations which are friendly to blockchain, Bitcoin and other cryptocurrencies. Nevertheless, forming, registering and operating a cryptocurrency firm, how much good the ground is levelled, the crypto businesses in the continent still experience serious problems.
Italy Attracting Cryptocurrency Businesses
Recently, the tax authorities in Italy came out to revise some important articles concerning tax obligations as well as AML, within the crypto regulatory framework, and provided some promising signs to the industry. The authorities want to level the ground such that they can attract more and more crypto businesses in the country.
Denmark is Gaining Traction in Crypto & Blockchain Industry
In a study conducted by BlockShow Europe 2018, a blockchain conference, Denmark was among the top 10 cryptocurrency-friendly EU countries and the country has the best environment for beginning a blockchain-related business.
Malta: A Crypto and Blockchain Hub
The financial watchdogs in Malta, a blockchain island, finished approving 14 entities which will be the first Virtual Financial Asset (VFA) agents in the entire nation – to work as intermediaries between digital currencies firms and the Malta Financial Services Authority (MFSA) which drafted the approvals.
Estonia & Switzerland Continue to Embrace Bitcoin
Estonia also provides the best climate for cryptocurrency trading platforms such as Binance, Coinbase, Localbitcoins and others. It charges low initial capital, and its licensing process is very quick, and the taxation policy is favorable.
Also, many companies, financial institutions and organisations in Switzerland have been seen adopting and using Bitcoin. For instance, in 2017, the Swiss giant in online banking Swissquote declared the rollout of a Bitcoin trading service. The online banking service provider bull partnered with Bitstamp crypto exchange to provide Bitcoin trading with fiat currencies especially USD and EUR.