Bigger countries have always been on the forefront of the blockchain game – some going out of their way to embrace it, and others going the other extreme of putting a ban on it all together. On one end of the spectrum are countries like Switzerland working to establish itself as a haven for blockchain companies, and on the other end is China doing the complete opposite.
Somewhere in between the two extremities lie countries that are working on laws to regulate blockchain technology and companies that are developing it, and countries that are striving to adopt blockchain into their already existing body of legislation. The latter group includes budding nations such as Bermuda, Estonia, and Liechtenstein. Malta can be said to spearhead this initiative by recently declaring itself a blockchain island, whereby all their government regulations have now become blockchain based.
Bermuda has recently devised plans to implement amendments to their Banking Act which would lay the groundwork for a new class of banks dedicated to offering services to local blockchain organizations and FinTech.
In its bid to make blockchain feel welcome, the Estonian government digitized its services by using blockchain technology. This move to embrace the potential of the game-changing technology has resulted in easing the process of start ups to build their own innovative projects, where it takes about a week to complete the process of company registration.
California based software development company, HashCash, specializing in creating blockchain powered banking services and products, is collaborating with entrepreneurs to set up their businesses in these countries. Their expertise in cryptocurrency trade and exchange, cross-border remittances, white label products, among others, has made them a go-to name for enterprises seeking top-of-the-line solutions suited to their industry. HashCash has gained renown for its successful collaborations with regulators and prominent corporates in USA, UAE, India, Philippines, Luxembourg, and Malta, among others, to aid in effectively managing and evolving the new market.
The lack of a global standard for cryptocurrency and blockchain regulations makes it difficult for companies to freely select a geographic location to set up shop in. Market watchers speculate that a united force for regulations could culminate from the G20 2018.
SOURCE : https://markets.businessinsider.com/news/stocks/hashcash-plans-to-aid-with-the-adoption-of-blockchain-in-smaller-nations-1027472393