Analyzing regulatory and market maturity for crypto assets in 29 European countries
The EU Blockchain Observatory and Forum (EUBOF) has just published a detailed report on the current state of the European blockchain ecosystem. The report analyzes the current status on both the adoption and the regulatory treatment of blockchain and crypto assets in the 27 EU member states, plus United Kingdom (UK) and Switzerland.
The report finds four countries at the highest maturity level on both dimensions:
- Cyprus is one of Europe’s blockchain hotspots, with a national strategy to support and promote blockchain in the country and an ongoing effort to develop legislation specific to crypto assets. Moreover, the country boasts the first ever academic course and full degree on the subject, offered by the University of Nicosia since 2014.
- Estonia has been one of the first countries in Europe to work on crypto assets regulation, providing a ‘cryptocurrency license’ to exchanges and custodial crypto-asset wallet providers. It has attracted a large number of companies that have raised enough capital to place the country in the top spot in the EU in terms of blockchain funding per capita.
- Malta is one of the first countries in the world to establish a comprehensive regulatory regime for crypto assets, since 2018. As a result, the country is one of Europe’s most successful countries in attracting investment capital in the field.
- Switzerland is home to a large number of successful blockchain companies and initiatives, has a very active venture capital and startup support ecosystem, including two regulated digital currency banking entities.
The EU Blockchain Observatory and Forum is a European Commission initiative to accelerate blockchain innovation and the development of the blockchain ecosystem within the EU and so help cement Europe’s position as a global leader in this transformative new technology.