Autor Cointelegraph By David Attlee

The state of crypto in Southern Europe: Malta leads the way

The state of crypto in Southern Europe: Malta leads the way

Uverejnil používateľ | nov 3, 2022 |

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. Previously we’ve covered Western and Northern Europe, but this cycle finishes with the Southern Europe region. GreeceNumbers: Over 10 blockchain solution providers.Regulation and legislation: According to the report, “blockchain, along with their derivative cryptocurrencies as well as alternative forms of blockchain financing, remain largely unregulated in Greece.” In 2022, Greece announced a draft bill on “emerging information and communication technologies, strengthening digital governance and other provisions,” introducing requirements for the deployment of artificial intelligence (AI), Internet of Things (IoT), blockchain and other distributed ledger technology (DLT). Virtual asset providers are required to register with the Hellenic Capital Markets Commission (HCMC). Taxes: The income that arises from cryptocurrency transactions is taxed under the capital gains tax, which constitutes 15% for individuals. Notable initiatives: HCMC and the Bank of Greece have both implemented their own Innovation Hub, while the latter launched a regulatory sandbox in collaboration with the European Bank for Reconstruction and Development.Local players: Mobiweb Technologies, an offshore web development company; Synaphea, a provider of blockchain solutions to business; Metabloq, a blockchain-based software developer. ItalyNumbers: $46.5 million (47 million euros) in total funds raised by blockchain projects, 97 blockchain startups.Regulation and legislation: In 2019, the Italian Parliament approved a definition for DLTs and recognized the legal validity of smart contracts.Taxes: In 2016, the Revenue Agency issued a ministerial resolution that addressed certain aspects of the tax treatment of Bitcoin (BTC) and other cryptocurrencies. In accordance with that resolution, an individual’s income from exchanging crypto isn’t subject to taxation. However, if the individual’s account balance exceeds 51,645.69 euros (about $51,000), they are subject to capital gains tax, which constitutes a flat 26% rate. Notable initiatives: Since 2015, the Ministry of Economy and Finance has launched two pilot projects to test DLTs in public administration. The first one was SUNFISH (Secure Information Sharing in federated heterogeneous private clouds), which used smart contracts on a blockchain infrastructure to ensure integrity and secrecy in the exchange of information between the Ministry of Economy and Finance and the State Police. The second one was PoSeID-on, a platform for personal data management and data protection.In 2017, the Ministry of Agricultural, Food and Forestry Policies launched Wine Supply Chain 4.0, a pilot project enhancing the traceability of the wine supply chain. In 2019, the Ministry of Economic Development partnered with IBM to test a platform based on the private permissioned infrastructure of IBM Hyperledger Fabric to provide a solution for stakeholders in the textile supply chain.Local players: Volvero, a blockchain-based car-sharing app; EvenFi, a regulated peer-to-peer crowdlending platform; EcoSteer, an IoT and blockchain software company.MaltaNumbers: $139.5 million (141 million euros) of total funds raised.Regulation and legislation: In 2018, the Maltese parliament enacted three laws establishing a comprehensive regulatory framework for blockchain and digital currencies. The Virtual Financial Assets Act regulates the field of initial coin offerings, digital assets, digital currencies and related services, while the Innovative Technological Arrangements and Services Act enables the Malta Digital Innovation Authority to oversee the registration of technology service providers.The country’s financial regulatory framework recognizes four distinct categories of digital assets, subject to a different set of rules: electronic money, financial instruments, virtual (utility) tokens and virtual financial assets (VFAs).Taxes: Electronic money and utility tokens are not on the list of capital assets in the Income Tax Act and are thus not subject to capital gains tax, while securities and VFAs are. Notable initiatives: Malta was the first country to install a blockchain-based IP register and transfer 60,000 records using the blockchain network. Following that, the government of Malta launched three new blockchain projects: a project for the certification of food products produced on the island of Gozo, a blockchain-based property planning system for ensuring transparency of processes, and a blockchain-based copyright and IP system. Local players: Quidax, a digital assets exchange; Vaiot, an AI- and blockchain-centered developer of intelligent virtual assistants; Efforce, a platform for tokenized energy savings.PortugalNumbers: $43.5 million (44 million euros) in funds raised by blockchain providers, 28 blockchain startups.Regulation and legislation: Cryptocurrencies are not tried as legal tender, but there is a division between utility tokens and security tokens based on the tokens’ functionality. The central bank regulates the registration of virtual asset service providers. Taxes: The legal entities providing services related to cryptocurrency must pay a 28%–35% capital gains tax. At the time of writing, there’s no capital gains tax on individual holdings in Portugal, but that’s about to change — the country’s proposed budget for 2023 presumes a 28% tax rate for individuals. Notable initiatives: In public admistration, the main use case is the Participa.gov platform, built on blockchain and used by citizens to present and discuss their civic initiatives. The agricultural sector applies blockchain for tracking food products while enhancing safety. Veracruz, the Portuguese almonds manufacturer, has collaborated with Arabyka to apply blockchain technology in the supply chain. Local players: Anchorage Digital, a financial platform and infrastructure provider for digital assets; Revault, a multiparty vault architecture provider; Sensefinity, a Hyperledger-based solution for food provenance certification.SpainNumbers: $86 million (87 million euros) in total funds raised, 200+ blockchain companies.Regulation and legislation: Digital currencies are not considered legal tender, and their exchange is a value-added tax (VAT) exempt. They are largely governed under legislation that relates to commodities, namely the general rules of the Civil Code and the Code of Commerce. The National Securities Market Commission issued guidelines on the content and format of promotional campaigns for cryptocurrencies in an attempt to ensure that “the advertising of the products offers true, understandable and non-misleading content, and includes a prominent warning of the associated risks.”Taxes: Capital gains from the exchange of digital currencies are subject to a variable tax rate ranging from 19%–23%. Digital currency mining remains unregulated.Notable initiatives: In 2018, Spain introduced a regulatory sandbox for novel fintech projects, including blockchain and digital currencies. The same year, BBVA bank became the first in the world to utilize blockchain technology in its financial products. Local players: Belvo, a developer of open banking API solutions; Bit2Me, a cryptocurrency exchange; Consentio, a blockchain-based payment platform for logistics.CyprusNumbers: $148.4 million (150 million euros) in total funds raised, 48 blockchain companies.Regulation and legislation: No specific references to digital currencies and blockchain technologies exist in the country’s legislation. However, the Distributed Ledger Technology Bill was published for public comment in 2021 and is now undergoing legal vetting. Taxes: According to Mondaq, at present, the income from crypto trading is taxed under corporation tax at a rate of 12.5% since cryptocurrency is recognized as a taxable asset. Jeff Bandman, instructor at the University of Nicosia and EUBOF Expert panel member, told Cointelegraph that once the umbrella blockchain law is enacted, the finance ministry will provide further guidance regarding the taxation of cryptocurrencies.Notable initiatives: The local Innovation Hub was launched back in 2018 by the Cyprus Securities and Exchange Commission. In June 2020, VeChain announced that the Mediterranean Hospital of Cyprus will be employing its blockchain-based solution to store COVID-19 results. Local players: NoBanx, a crypto deposit platform; Simdaq, a platform for mastering trading and asset management; Coinomi, a blockchain wallet. Key takeaways The data from the report proves that the island of Malta is still way ahead of its Southern European counterparts in terms of boosting the crypto industry. Speaking to Cointelegraph, Joshua Ellul, professor at the University of Malta and EUBOF Expert panel member, highlighted the role of the Maltese government in providing legal certainty to virtual financial assets and service providers — and the benefits of the country’s size for that matter:“Such agility was possible due to Malta’s small size, which is also a reason why Malta’s levels of investments are substantially lower. This is not just isolated to blockchain but to all sectors.”Ellul believes it’s not accidental that the upcoming pan-European Markets in Crypto-Assets (MiCA) draw on Maltese regulatory design for digital assets in some respects. “Many say that MiCA has many resemblances to Malta’s VFA regime; some say Malta is ‘MiCA-ready.’ This, along with a healthy local ecosystem, including education programs, thriving companies, expertise in various blockchain-related services and innovative regulation, will make Malta an attractive destination to set up shop, which we hope will change investment numbers in the years to come,” he said.

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Huobi Global reportedly plans relocation to the Caribbean

Huobi Global reportedly plans relocation to the Caribbean

Uverejnil používateľ | nov 2, 2022 |

Chinese crypto exchange, which recently has had to disavow the rumors about massive layoffs inside the company, unveiled the plans to move its headquarters to one of the jurisdictions in the Caribbean, with Dominica being the first candidate. In the report from Nov. 1, citing one of the board members, the FT revealed the company’s intention “to go all in in the Caribbean.” The reason is the region’s “super-friendly” crypto stance, common law systems and English language adoption. Among Dominica, the “frontrunners” among the local nations to host Huobi are Panama and the Bahamas. Huobi representative already met Dominica’s prime minister Roosevelt Skerrit last year, and the company would collaborate with the country’s government to enhance its crypto infrastructure. Currently, the headquarters of Huobi is at the Seychelles islands in the Indian Ocean, with the exchange having offices in Hong Kong, South Korea, Japan and the United States. According to FT, the company plans to move up to 200 employees out of 1,600 to the new HQ. The Caribbean became a hot spot for the crypto industry, especially with the U.S.-founded exchange FTX moving from Hong Kong to the Bahamas in 2021. Among other companies to register in local jurisdictions are Binance, C-Trade and PrimeBit. Related: The Caribbean is pioneering CBDCs with mixed results amid banking difficultiesIn October, About Capital Management (HK) Co. Ltd, a Hong Kong based-asset management firm, became Huobi Global’s controlling shareholder following a successful buyout deal. Later that month, citing “people familiar” with Huobi, Chinese crypto blogger Colin Wu reported that in the aftermath of the takeover, two top executives resigned from the company, and it was preparing to trim its 1,600-employee staff. Huobi’s spokesperson refuted the rumors about mass layoffs and remarked that the company “enjoys a healthy cash flow.” However, he admitted that due to the crypto market downturn, some cost-cutting could still be on the cards though it didn’t clarify what this could entail.

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South Korean regulators aim to toughen crypto fraud punishments

South Korean regulators aim to toughen crypto fraud punishments

Uverejnil používateľ | nov 1, 2022 |

In the aftermath of the Terra collapse last spring, South Korean legislators intend to ramp up legislation, putting specific emphasis on the protection of investors in virtual assets — i.e. digital currencies — and harshening penalties for unfair trade acts in the industry.According to local media, the Financial Services Commission (FSC) and the National Assembly are working to pass a bill that would enable financial authorities to monitor and punish unfair trade practices such as the use of undisclosed information, price manipulation and fraud while supervising crypto exchanges. The legislation bears an emergent character — while there are already 14 different proposals regarding crypto and digital assets circulating in the National Assembly and the ambitious comprehensive Digital Asset Basic Act in making, this one should guarantee more investors protection starting from 2023. As an unnamed official from the National Assembly told the press:“In the U.S., since the Securities and Exchange Commission (SEC) exercises a wide range of powers, it is possible to punish unfair trade in virtual assets without separate legislation, but in Korea, related legislation is absolutely necessary.”While there are no  details on the specific penalties for various malpractice, it is expected that they will be designed in order to synchronize the supervision and punishment at a level similar to that of the traditional financial industry. Related: The SEC should be aiming at Do Kwon, but it’s getting distracted by Kim KardashianSouth Korean authorities issued an arrest warrant for the Terra co-founder Do Kwon in September, which was subsequently dismissed, and Interpol added Kwon to its Red Notice list, requesting law enforcement locate and potentially detain him. On Oct. 6, South Korea’s foreign ministry ordered the Terra co-founder to surrender his passport or it would be canceled.At the end of October, FSC revealed that it would monitor crypto whales with assets of over 100 million won ($70,000) to prevent money laundering efforts using digital assets.

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Stablecoins have a new name in Great Britain: Law Decoded, Oct. 24–31

Stablecoins have a new name in Great Britain: Law Decoded, Oct. 24–31

Uverejnil používateľ | okt 31, 2022 |

The first full week under the leadership of the newly-elected Prime Minister Rishi Sunak saw a major landmark for crypto regulation in the United Kingdom. The Financial Services and Markets Bill, made public on Oct. 25, aims to enhance the U.K.’s position as a “global leader in financial services” — but what is more important is that it contains some new definitions for crypto products. The bill moves stablecoins from the category of crypto assets to digital settlement assets (DSA) — a new category marked by its potential “to develop into a widespread means of payment.” It’s yet to be seen what regulations the DSA will be subject to and if this change of status will guarantee them a green light for adoption. But, even that scope of change brings optimism. It seems we may witness unprecedently active pro-crypto regulation on the islands, given Sunak’s known ambitions on the matter. The new PM voiced has previously voiced his support for crypto and even commissioned the Royal Mint to issue a nonfungible token (NFT) by the end of the year during his time as the head of the treasury. However, the industry still faces pressure from local banks, which try to block businesses and individuals from investing in cryptocurrency. Singapore intends to ban cryptocurrency creditsIn one of two consultation papers on proposals for regulating the digital payment token service providers, issued last week by the central bank of Singapore, there is a proposition to ban digital payment tokens (DPTs) from providing retail customers with “any credit facility,” whether in the form of fiat currencies or crypto. According to the regulator, crypto service providers should also not be allowed to accept any deposits made using credit cards in exchange for crypto services. According to the authority, “Any form of credit or leverage in the trading of DPTs” would result in the “magnification of losses,” potentially leading to bigger losses than a customer’s investment.Continue readingAn agreement on adoption between Lugano and El Salvador The Swiss city of Lugano and the country El Salvador have signed an economic cooperation agreement based on crypto and blockchain. Speaking to Cointelegraph, former Blockstream chief strategy officer Samson Mow said the agreement was the “next step” in nation-states and cities adopting BTC: “[El Salvador and Lugano are] going to start working together and collaborating on joint initiatives. I think that’s the way we push each other forward — basically create alliances between places that have adopted Bitcoin.”Continue reading Yet another lawsuit for troubled Do KwonDo Kwon, the co-founder of Terraform Labs — who may be facing legal actions in South Korea and the United States — is the target of a lawsuit in Singapore along with the Luna Foundation Guard (LFG) and Terra founding member Nicholas Platias. In a lawsuit filed in Singapore’s high court, 359 individuals allege Kwon, Platias, the LFG and Terra made fraudulent claims, including that Terra’s stablecoin, TerraUSD (UST) — now TerraUSD Classic (USTC) — was not “stable by design” and unable to maintain its U.S. dollar peg. The claimants are seeking compensation for roughly $57 million worth of “loss and damage” combined based on the value of UST tokens they purchased and held or sold amid the market downturn in May. Continue reading

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The state of crypto in Northern Europe: Hostile Scandinavia and vibrant Baltics

The state of crypto in Northern Europe: Hostile Scandinavia and vibrant Baltics

Uverejnil používateľ | okt 30, 2022 |

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. Cointelegraph started from a group of countries that are usually labeled as Western European and continues with a review of Northern European states.SwedenNumbers: $39.9 million (40 million euros) raised in initial coin offerings (ICOs), 15 blockchain startups launched.Regulation and legislation: According to the report, the country still lacks any definite crypto and blockchain legislation: “One must often use the existing legal framework and force blockchain to fit within that framework.” The principal supervisory authorities in the country are the Swedish Financial Supervisory Authority and the Swedish Data Protection Agency.Taxes: While the report lacks any information about the tax regime regarding crypto in the country, the local tax advisers specify that capital gains from selling crypto are subject to a 30% tax. Notable initiatives: The Swedish land-ownership authority Lantmäteriet began testing blockchain technology in 2016, which resulted in a pilot project to develop future real estate transactions by using smart contracts. In June 2018, developers completed the first successful transaction on the platform. Together with Nasdaq, one of Sweden’s major banks, SEB, initiated the Nordic Fund Ledger — a consortium to improve mutual fund trading by applying blockchain. An initiative should have been launched in 2020, but by the publishing time, there is no evidence it did. Local players: 3Box, a decentralized user data storage system, AIAR, an Ethereum-based education platform, and Bitrefill, a digital gift card and mobile airtime provider that accepts crypto as a payment method. DenmarkNumbers: $32.4 million (32.5 million euros) of total funds raised by blockchain projects, 24 blockchain startups.Regulation and legislation: Denmark has no laws specifically addressing cryptocurrencies. In 2021, Danske Bank, the largest bank in Denmark, stated that it won’t offer any cryptocurrency services to customers itself, but also that it wouldn’t interfere with transactions coming from crypto platforms.Taxes: According to Coincub, crypto gains incur an income tax of around 37%: “If you’re a high earner, your crypto gains — as part of your overall income — could go up to 52% tax.” Notable initiatives: In 2018, Copenhagen-based shipping giant Maersk and IBM announced the launch of TradeLens, a blockchain-enabled shipping solution designed to promote more efficient and secure global trade. Local players: As the report specifies, perhaps the most important names among the Danish crypto startups would be the ones that were established in the country but registered in other jurisdictions, such as Chainalysis, Blockshipping and MakerDAO.Finland Numbers: 18 blockchain startupsRegulation and legislation: The chief supervisory authority for everything crypto-related in the country is the Finnish Financial Supervisory Authority. In 2019, the Act on Virtual Currency Providers came into effect. It demands registration from any entity that aims at Finnish customers while providing or marketeering its crypto-related services. The Virtual Currency Act does not draw any distinctions between different types of digital currencies.Taxes: Profits from the exchange or sale of crypto are subject to capital gains tax, which makes up 30% of the income not exceeding $29,922 (30,000 euros) and 34% on the excess above this limit. Notable initiatives: Back in 2018, the Finnish government announced the collaboration with Essentia to build blockchain-based solutions for smart logistics. Local players: SOMA (SOcial MArketplace), a decentralized peer-to-peer (P2P) platform on Ethereum for trading and exchange of physical goods, LocalBitcoins, a P2P platform for digital currencies, and Haja Networks, a developer of distributed and decentralized database solutions based on blockchain solutions.Norway Numbers: $26.9 million (27 millions euros) of total equity funding, 22 blockchain solution providers.Regulation and legislation: The advisory and supervisory authorities regarding blockchain and crypto are the Norwegian Data Protection Authority, the Financial Supervisory Authority (FSA), Norges Bank and the Norwegian Tax Authority. The FSA has previously noted that a legal framework and rules for investor protection are needed if cryptocurrencies become a suitable investment for consumers. However, according to the report, “It is unlikely that Norway will enact additional legislation on cryptocurrencies until the EU adopts its flagship cryptocurrency legislation, the Regulation on Markets for Crypto-Assets (MiCA).”Taxes: As in other Scandinavian countries, crypto assets in Norway are subject to the general capital gains tax. The annual tax rate for private individuals constitutes 22%; the same percentage goes for legal entities due to a flat corporate income tax rate. However, an individual would pay more if his yearly income exceeds certain levels.Notable initiatives: In 2021, The FSA established a regulatory sandbox to encourage fintech innovation. The Central Bank of Norway is actively exploring a central bank digital currency (CBDC), which is now proceeding through a two-year phase of technical testing. Local players: Choose, a cryptocurrency platform backed by CO2 emission permits, ViPi Cash, an online platform facilitating global money transfers using blockchain technology, and Diwala, a decentralized platform for skill verification of individuals through the decentralized ledger technology. Latvia Numbers: 15 blockchain startupsRegulation and legislation: Crypto remains largely underregulated in the country. In 2020, the chief local financial regulator, the Financial and Capital Market Commission, urged investors to “be particularly vigilant, as cryptocurrencies operate in an infrastructure that is currently characterized by lower regulation than in the financial and capital markets.”Taxes: The Latvian PIT Act defines crypto as a capital asset subject to the general capital gains tax, which is 20%. Notable initiatives: In 2019, the Economic Ministry of Latvia introduced two blockchain-based pilot projects. The first one should strengthen the supervisory capacity of the State Revenue Service and reduce the shadow economy through the implementation of a blockchain-based cash register. The second would ease the process of acquiring limited liability company status by using blockchain systems in the Enterprise Registry.In 2021, the national air carrier airBaltic added Dogecoin (DOGE) and Ether (ETH) as payment options. It started to accept Bitcoin (BTC) as early as 2014. Local players: Blockvis, a blockchain development and consulting group, Velvet, a blockchain-powered solution for online identification, and Soft-FX, a software developer, which collaborated with a list of major cryptocurrency platforms such as Binance, Bifinex and others. Lithuania Numbers: 31 blockchain startups, $1.09 billion (1.1 billion euros) raised by local startupsRegulation and legislation: The report calls Lithuania “one of the most pro-blockchain countries in Europe.” It became one of the first countries to issue regulations on ICOs back in 2018. From 2019, every digital assets provider needs to be registered with the country’s Centre for Registers. Taxes: Corporate tax for the crypto companies stands at 15% and the same flat rate goes for the individual’s income. Notable initiatives: In 2018, the Bank of Lithuania launched a digital currency sandbox called LB Chain, which is envisioned to become a prototype for central bank-issued blockchain-backed coins. Local players: DappRadar, a market intelligence vendor for decentralized applications (DApps), Bankera, a blockchain-backed digital bank, and BirDegree, a blockchain-based and gamified online education platform.EstoniaNumbers: $284 million (285 million euros) raised, 200+ blockchain solutions providersRegulation and legislation: Estonia was the first European country to provide clear regulations and guidelines for digital currencies. The local law recognizes digital currencies as “value represented in digital form that is digitally transferable, preservable, or tradable, and that natural persons or legal persons accept as a payment instrument.” However, digital currencies are not considered legal tender and do not otherwise possess the legal status of money. Taxes: Digital currencies are qualified as property and their exchange is subject to a capital gains tax of 20%.Notable initiatives: The blockchain-enabled e-Residency program allows anyone to start and manage an EU-based company completely online and, according to the report, “has proven a significant facilitator of blockchain business activity in the country.” However, it should be noted that when the country tightened the definition of virtual asset service providers (VASPs), more than 1,000 licenses were revoked from crypto firms. The country utilizes a highly scalable and privacy-focused keyless signature infrastructure blockchain, which is being used in healthcare, property, business and succession registries, along with the state gazette and the country’s digital court system. Local players: Idealogic, a full-cycle software development firm with strong expertise in product design and custom software development in Fintech, Cryptodevelopers.net, a developer of cryptocurrency wallets, and Solve.care, a healthcare blockchain technology company.Key takeawaysDiscussing the report takeaways with Cointelegraph, Kristina Lillieneke, CEO at BlackBird Law and a member of EU Blockchain Observatory, explained the rather low numbers demonstrated by Scandinavian countries regarding the crypto industry. While she agreed with the important factor of high taxes, Lillieneke pointed out such regional problems as regulatory uncertainty and fear-mongering among banks and media.“Most banks have been blocking their customers from trading in crypto and founders of crypto companies have had their bank accounts forcibly closed. As most people are still dependent on the fiat banking system in the Nordics this is a strong deterrent to making innovations,” she said.The expert drew the example of Sweden, where the local financial authority, Finansinspektionen, leads a non-stop crusade against Bitcoin. Erik Thedéen, the head of Finansinspektionen, has written numerous articles sharply criticizing Bitcoin and claiming it is only used by criminals to launder money and finance terrorism and is a large threat to the environment.Recent: What the Russia-Ukraine war has revealed about cryptoLillieneke expressed pessimism regarding any possibility of a U-turn in the Nordics, even with the upcoming pan-European MiCA framework. In her opinion, MiCA itself doesn’t contain any cure for the familiar problems: “The regulations in Europe seem only to aim at limiting the market and innovation around everything that is decentralized and has the potential of empowering people while it favors centralized solutions run by the states, the EU or big-tech.”More controversy comes with the recent transformation of Estonia, which has been one of the earliest blockchain adopters in the world and conducted a crypto-friendly policy until 2021, when the new guidelines for VASP licensing demolished all the previous gains for the industry. However, speaking to Cointelegraph, Marianna Charalambous, research project manager at the University of Nicosia and member of the EU Blockchain Observatory, noted that the country still remains one of the leaders in public blockchain implementation. “Estonia remains an advocate of public sector blockchain initiatives on a national and European level, as a wide number of blockchain applications are being implemented in the public sector. Looking at the use of blockchain on an institutional level we can identify a different approach compared to the private sector which has been affected by the new legislation,” she stated.

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