Crypto News | Businesses Choose Countries Due to Crypto Regulations

In case it wasn’t clear before, now we have data to back it up: When deciding which country to register in, one of the main factors that cryptocurrency exchanges take into consideration is the favorableness of the country’s crypto regulations. A group of Morgan Stanley researchers came to the conclusion after conducting a study where they compared the distribution of trading volume and the number of crypto exchanges across all countries. When it comes to crypto trade volume, the top five countries are Malta, Belize, Seychelles, the US and South Korea. On the other hand, the UK, Hong Kong, the US, Singapore and Turkey are home to the biggest number of exchanges. The researchers said that, while low taxes are definitely a benefit, most crypto exchanges are looking for regulatory certainty. This doesn’t necessarily mean favorable crypto regulations – it only means that these businesses want to know what they can expect.

One country that we don’t talk about very often is definitely Croatia. Crypto regulations are still nonexistent in the country, while the Croatian National Bank (HNB) has publicly adopted a conservative stance, saying that cryptocurrencies are not legally a means of payment and that they should not be seen as electronic money. In spite of that, there is a passionate and growing crypto community in the country, with Bitcoin ATMs in most major cities, including Zagreb, Rijeka, Split, and Pula. The most recent development, and a big victory for the country’s crypto community, is the opening of a “Bitcoin Store” in Split, the second-largest city in Croatia and a popular tourist destination in the Adriatic. The store offers Bitcoin and a number of other digital assets in exchange for cash. On top of the average prices on CoinMarketCap, the store charges a 5% premium. The customers are even issued a receipt, as all businesses in Croatia are expected to for tax reporting purposes. This over the counter solution is definitely a first in the Balkans region, and it comes after the local crypto community established a crypto organization called The Association for Blockchain and Cryptocurrencies (Udruga za Blockchain i Kriptovalute – UBIK) earlier this year.

In other news, several major banking giants and conglomerates from all over the world have started adopting blockchain technology.

ING, a bank based in the Netherlands, has started coming up with solutions to some of the most pervasive problems that have been plaguing blockchain technology over the years. Last November, the bank modified zero-knowledge points, an area of cryptography which allows someone to prove that they have knowledge of a secret without having to reveal what the secret itself is. Now, building on its past success, the bank developed a new type of proof called “zero-knowledge set membership.” This allows provers to demonstrate that a secret is a part of a set – including information such as addresses, names, and locations. This could have wide-ranging benefits, especially now, when data protection and privacy are among the most contentious issues of our time.


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Author: Max Rothstein

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