More countries are joining the race for the title of the world capital of cryptocurrency technologies. Bermudas, Gibraltar, Liechtenstein, Malta and Switzerland, striving to attract cryptocurrency companies, have a new competitor - France.
States with low taxes and favorable conditions for business development are developing various strategies for attracting cryptocurrency companies and entrepreneurs, adopting new laws or changing existing ones. So, on July 4, the government of Malta adopted three laws, according to which companies can issue new cryptocurrencies and trade existing ones.
Legislators of Bermudas have approved a bill allowing start-ups to conduct initial placement of tokens (ICO) after the approval of the Ministry of Finance. Also, in Bermudas, programs promoting the development of the fintech industry are moving forward. The Digital Asset Business Act 2018, recently adopted by the Legislative Assembly of the country, aims at creating a legal framework “for the regulation of persons engaged in activities with digital assets, as well as to protect the interests of existing and potential customers from persons who carry out such activities”.
The state of Liechtenstein is a few steps ahead. Local banks can carry out cryptocurrency transactions on behalf of their clients and provide recommendations for ICO. The founder of the Aeternity project, Janislav Malakhov, who is called the “godfather of Etherium”, described how easy it is to register a cryptocurrency company in Liechtenstein:
“You can open a company without a bank account, simply using Bitcoin or Etherium”.
In January 2018, the authorities of Gibraltar adopted a law that promotes the innovation of the fintech industry. In particular, the regulatory framework of the Distributed Ledger Technology Regulatory Framework is aimed at protecting clients of cryptocurrency companies in the overseas territories of the United Kingdom. As a result, regional recruiting agencies began to actively participate in the cryptocurrency sector. Most recently, the football team Gibraltar United announced that it would be the first team in the world to pay its players a salary in cryptocurrency.
Influential European states also participate in the race.
The desire to become the leader of a cryptocurrency race is present not only among small overseas states. Cryptocurrency companies have flocked to Switzerland, thanks to low taxes and soft regulation. For example, in the Swiss city of Zug, which is also called “crypto valley”, Ethereum is registered, and bitcoins are accepted as payment for some services.
Now, France is also participating in the struggle for the title of the center of the cryptocurrency industry. French Finance Minister Bruno Le Maire, who previously had a negative attitude to the digital currencies, admitted a mistake and announced plans to make the country a center of blockchain and digital currency technologies.
Cryptocurrency enthusiasts are happy to hear news that many countries are beginning to understand the amazing opportunities that offer cryptocurrency for their economy. Many states support the views expressed by the Prime Minister of Malta:
“Our goal is to become a global innovator in the field of the blockchain companies regulation”.
Now, let's move to the technical analysis of Bitcoin (BTC):
Bitcoin rebounded to a resistance level of $7,700, after which it continued to fall, which indicates the lack of buyers. In general, everything is developing according to our yesterday's forecast. We are waiting for its further downward movement. The nearest support levels are at around $7,000, $6,750.
Technical analysis of Ethereum (ETH):
The number of those wishing to buy ethereum was much less than those wishing to buy bitcoin. As a result, ethereum immediately began to go down, reaching the support level of $400, after which it began to consolidate. We expect its further decline, the nearest support level is $350.
Technical analysis of Ripple (XRP):
Ripple jumps up, reaching $0.43. But, judging by the chart, we are pessimistic about its further growth. The nearest support level is at $0.41.