The COVID 19 period for Europe was beneficial for the Cryptocurrency. In this time, Europe gets exposed to the multiuse of Cryptocurrencies. People in Europe get used to the usage of the cryptocurrencies.
The regulation of the Cryptocurrency became smoother in the pandemic period giving rise to the cfds-trader.com. This platform was heavily used amid the lockdown period.
Recently, seven big countries of Europe have come together to form Mediterranean seven to smooth up Cryptocurrency and blockchain technology usage.
How will this alliance affect Cryptocurrencies?
Malta is the hope of the Binance, world's largest cryptocurrency exchange platform. This platform was among the first ones who have open-mindedly accepted digital assets and Cryptocurrency.
The best thing about this platform is that it is flexible and has a regulatory framework that helps the traders and the investors form their business around the cryptocurrencies.
The formation of the Mediterranean seven has called for the G20, a forum that involves the world's top 20 powerful countries. This community of the top 20 powerful nations comes together to monitor and regulate the cryptocurrencies.
Europe's Struggle
Despite the efforts made by the big nations of Europe, they have struggled to compete against Japan and the USA's likes in terms of the regulation of the Cryptocurrency.
Most of the cryptocurrency regulation happens in the USA, Japan, and South Korea. Even most of the Cryptocurrency businesses have relocated themselves to Japan and Singapore.
Even after putting so much effort, Europe still lacks behind in giving the best regulatory gateway to the Cryptocurrency. The Mediterranean seven is their new try to compete with the other big nation with Cryptocurrency's charge.
Let's have a look at the European countries that love Cryptocurrencies.
Top European Countries that love cryptocurrencies
The concept of cryptocurrencies is now being understood by the European countries as well. The wave of the cryptocurrency trade market has reached to the European lands as well. Here I will enumerate some of the top European countries that have taken their likings to the cryptocurrencies.
1. Isle of Man
We all know that the Isle of Man is like a paradise on earth. But today, it is also known as Bitcoin Island. It is because if you are buying anything on the island, there is a high chance that you can buy that with the Cryptocurrency. The government has also accepted the use of the Cryptocurrency. They have also asked the traders to registry first and then use Cryptocurrency in their businesses.
2. Slovenia
Slovenia has accepted the use of the Cryptocurrency. The Cryptocurrency regulation is so smooth that you will find more retrial locations accepting Cryptocurrency than any other nation. Slovenia has only 2 million population, but the regulation is smooth enough to have more retail locations than all retail locations combined in the USA.
3. Finland
In Finland's case, the government of Finland has accepted the use of Cryptocurrency and has even approved a law to regulate the cryptocurrencies. This law helps the service provider to facilitate the following services.
● Crypto exchanges.
● Custodian wallets.
● Issues related to the Cryptocurrency and blockchain.
4. Ireland
Ireland is also one of the nations in Europe that regulate Cryptocurrency. There are no specific regulation systems in Ireland, and there are not even any restrictions over the use of the Cryptocurrency. In Ireland, CBI deals with every financial service, and they are even responsible for looking over the transactions made with Cryptocurrency.
5. Netherland
The Netherlands is a part of western Europe and is home to more than 17 million people. The Netherlands' economy depends on the oil refinery, natural gas, machinery, chemical, and metallurgy. These are sectors where Cryptocurrency can be regulated easily. The Netherlands currently does not charge their people with the Cryptocurrency trades and do not plan to make this illegal. This practice of the Netherland government has made a favourable condition for the people to use Cryptocurrency.
Conclusion
Cryptocurrency is changing the world. Europe is not any different. You may find that Europe is among the last athletes in the cryptocurrency trade race. They are trying their best to compete with big players like Japan and the USA.
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