The state of crypto in Western Europe: Swiss powerhouse and French unicorns
Despite the turbulence that broke out in the crypto market this summer, there is an important long-term marker that should be considered in any complex assessment — the combination of adoption and regulation. The latest report by EUBlockchain Observatory, named “EU Blockchain Ecosystem Developments,” tries to measure this combination within the European Union, combining the data on each and every member country from Portugal to Slovakia.
As the original report counts more than 200 pages, Cointelegraph prepared a summary with the intent to capture the most vital information about the state of crypto and blockchain in Europe. We started from a group of countries that are usually labeled as “Western European.”
Numbers: 50 blockchain solution providers, $48.72 million (50 million euros) in total funds raised
Regulation and legislation: A registry for Virtual Asset Service Providers (VASPs) was established by the Financial Market Authority a year later, in 2020. Regulators have adopted an “overall non-restrictive approach” toward crypto and blockchain and crypto mining remains largely unregulated.
Taxes: As is the case in most European countries, digital currency exchange is VAT-exempt. Capital gains from the sale of crypto are subject to a progressive income tax that amounts to up to 55% for individuals and 25% for corporations, but digital taxation policies may apply if the digital currency generates interest income and thus qualifies as an investment asset.
Notable initiatives: In November 2019, the Austrian Blockchain Centre (ABC) was created to explore blockchain applications in the fields of finance, energy, logistics, public administration and the Internet of Things. ABC, currently involving more than 21 institutions and
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