Author: Annebeth Wijtenburg, United Kingdom
The top 10 countries in Europe to start your blockchain business in
Switzerland is the best country to start a blockchain company according to a recent study done by BlockShow Europe 2018.
A positive regulatory climate and progressive mindset towards government guidelines on setting up blockchain businesses means Switzerland tops the top 10 list created by BlockShow.
The study looked at the top 10 countries in Europe to start up your crypto business analysing the regulation and promotion of the blockchain and cryptocurrency sector in 48 countries in the continent. The official ratings for the research specifically looked at regulations around Initial Coin Offering (ICO), using cryptocurrency as a payment method, and taxation.
Gibraltar and Malta both made the top three at second and third place respectively. Both countries are judged to have a start-up climate and commitment from the government towards the crypto market similar to Switzerland.
The rest of the top 10 list is as followed:
- United Kingdom
Some known and not-so-known examples of blockchain companies in these countries
There was no doubt that ICO regulations played an important role in the list creation with Swizterland topping the table, as an article by Coin Telegraph stated earlier this year that Switzerland-based ICO’s made up about 14% of the world’s ICO market, raising $550 million.
Probably one of the most well-known European blockchain companies, Swiss-based Tezoswent through one of the biggest ICO offerings at their launch in July 2017 with $232 million. The company, which is focused on blockchain governance through open-source software, faced a lot of criticism and legal backlash afterwards but has used the favourable Swiss climate to bounce back and set up a second legal entity called T2 Foundation, and is preparing for a new mega ICO soon, according to sources.
In the UK, Gamestatix is one of the latest blockchain start-ups chosen to set up in the country where government backed initiatives to fund fintech companies are g
Gamestatix is according to their website: “Gamestatix is a social platform for the co-creation of PC games, that recognises, encourages and rewards user contribution, whilst giving game developers access to global pool of talent to efficiently generate, curate and promote their content.” The company is looking to launch an ICO in not too long, so keep an eye on them.
That the cryptocurrency market is becoming increasingly popular and part of the everyday society in The Netherlands was made clear when Dutch high school students were being quizzed on bitcoin mathin this year’s exam rounds for the VWO students (the highest level of high school to attend).
Dutch blockchain start-up Azelo is one of the new players that is thriving in the Dutch crypto climate. Azelo’s innovative solution is using blockchain technology to verify and limit digital art ownership. Azelo looks ‘to change the landscape of online art, empowering artists through digital provenances while connecting collectors and artists from around the world to participate in decentralized auctions’.
Taxation a game changer
Taxation played a big role in the top 10 selection, not being taxed on cryptocurrency earnings can make a huge difference when setting up a business.
Of the ten countries, special notes were made on Denmark where there is a 0% tax on cryptocurrencies, Portugal where income from cryptocurrency earnings is not taxed. Finland where there is no VAT on virtual currencies and Belarus where cryptocurrencies are exempt from tax till 2023.
SO – if you are looking to start up a crypto or blockchain business in Europe, these might be the ten countries to consider basing yourself in.