Cyprus Is Taking Blockchain Technology very Serious

There are many countries racing to attract blockchain startups, but Cyprus certainly appears to be a frontrunner, as it has the infrastructure and location to truly become a force in the cryptocurrency industry according to February 1, 2019, reports.

While there are certain countries that are cracking down on cryptocurrency, and eager to shut down cryptocurrency exchanges or outlaw initial coin offerings (ICOs), there are other countries that are convinced that blockchain technology can benefit them tremendously. As a result, there is a group of countries that are attempting to become global hubs with respect to the decade-old innovation. One of them is Cyprus, a Mediterranean island that is well-known as a tourist destination.

It’s not surprising that Cyprus is known internationally, thanks to its picturesque beaches and rich history. The first human activity recorded on the island goes back as far as the tenth millennium B.C., and the island is home to some of the oldest water wells in the United States.

Recent Developments

Cyprus has garnered attention in the blockchain world thanks to some recent developments that indicate that the country is willing to embrace cryptocurrency companies of all kinds. Specifically, Cyprus signed an agreement along with other EU states agreeing to promote blockchain technology. Of course, one could argue that the move was more symbolic than any kind of substantial progress.

However, the country certainly appears to be morphing into a global hub for blockchain. One example of this is the fact that the University of Nicosia offers intensive courses on both blockchain and cryptocurrency. Another example is the fact that the country has launched an innovation hub focusing on cryptocurrency, that was actually launched by none other than the Cyprus securities regulator, Cyprus Security and Exchange Commission (CySEC).

Stiff Competition

There is another country that just might give Cyprus a run for its money, and the obvious answer is Malta, which has already earned the nickname of “Blockchain Island.” Many might consider Malta as the frontrunner in the race for global blockchain leader, considering that the Prime Minister himself has spoken about the potential of cryptocurrency in an address to the United Nations’ General Assembly. Binance, the world’s largest cryptocurrency exchange by volume, has already established a presence in the country too.

Another country that shouldn’t be counted out is Switzerland, home to Zug, a town many have been calling the “Silicon Valley” of blockchain startups. The city already offers an incredible corporate tax rate, which has attracted various pharmaceutical companies. As if that wasn’t enough, the city has been ahead of the curve with regards to cryptocurrency and blockchain technology. For example, they were the first city in the world to accept bitcoin as a form of tax payment in 2016.