The same way nations competed with each other to dominate during the internet boom, now countries are competing with the crypto and blockchain industry. The following countries have already made a prominent headstart in the race!
Japan is one of the top crypto hubs in the world. Anonymous creator of the revolutionary Bitcoin goes by the name Satoshi Nakamoto. The name, although could reflect falsely, is of Japanese origin. Furthermore the first ever Bitcoin exchange Mt. Gox was based in the country’s capital, Tokyo.
Japan is an economic hub as it is the world’s 3rd largest economy. Just behind the US and China. Moreover, it has always dominated in the technology sector. It is a top player with its multinational tech companies and constant flow of innovation. There is no surprise that it was an early entrant into the crypto and blockchain industry. It has been the forefront runner in the race.
There has been a large influx of investors from Japan. The government has been instrumental in making the industry very well regulated and has built more trust for investors.
United States of America
We all know that the US has been the first mover and innovator when it came to the internet and IT industry. They jumped on the crypto and blockchain bandwagon with the very same energy. The US has the largest market share in the blockchain market.
Even major banks like JP Morgan, Bank of America have started to embrace crypto by offering investing and trading services for clients. In October, US celebrated a landmark moment as the first ever Bitcoin ETF got listed on the New York Stock Exchange.
Miami Mayor announced that he is working to develop the city as a crypto hub. The city has become so attractive, startups and investors have fled to Miami for its supportive ecosystem. It recently launched MiamiCoin, the first CityCoin to market. It’s built to support the Magic City while rewarding its holders through the Stacks Protocol.
Switzerland has been known as a safe haven for storing assets. The country offers regulatory and tax treatments for blockchain startups. The nation has created Zug, which is a crypto valley. It has a whopping 960 companies with a market valuation of $254.9bn. The reason Zug is thriving is due to its extensive business network, efficient bureaucracy, and low corruption.
The Swiss parliament went so far as to propose Bitcoin as a foreign currency. The country intends to integrate blockchain technology into different sectors like finance, energy, healthcare and so on.
There is a very smooth adoption of blockchain and crypto already. As the Swiss Financial Market Supervisory Authority (FINMA) granted banking and securities licenses to crypto banks, SEBA and Sygnum. This was a milestone moment as it was the first such licenses granted anywhere globally.
India’s road to becoming a crypto hub
We believe that India is on the rise to becoming a crypto hub. Data has revealed that along with metro cities, crypto adoption has gained pace even in India’s Tier-2 and Tier-3 cities. This demonstrates a positive and wider acceptability for these digital assets. The industry is continuing to grow despite not receiving any regularity clarity from the government. This shows the real demand and popularity of cryptocurrencies.
In fact, India is ahead in the race. It has the largest number of crypto investors than any other country in the world! India stands at 100 million+ investors (7% of the population), while second in line is none other than the United States standing at just 27 million.