How Tiny Liechtenstein Aims to Become a Big Player in Blockchain
Liechtenstein has gone through exceptional economic growth in recent decades, and is now set to be a world leader in blockchain—which it might be in a unique position to do, even though only five ICOs have been launched in the country so far. This article from VentureBeat discusses the development and Liechtenstein's position as a key player—including how the wealthy, picturesque nation is positioned to lead in blockchain and crypto; how the country is looking to make use of legal and regulatory advantages to be an attractive destination for blockchain companies; pending blockchain and crypto legislation in the country; legal and regulatory issues; and more.
Click through to read the entire article about this small but growing potential power in blockchain.
For years, Liechtenstein was viewed and used as a place for wealthy individuals to hide money and evade taxes from their native lands. The result led to a GDP per capita of $139,000 by 2009, the highest in the world.
Intensifying in 2008 and into 2009, however, pressure began to mount on the country from Germany, the UK, and others to change. Internally, as well, leadership within Liechtenstein recognized the time had come to find alternative ways to compete in a global economy. Around the same time, Satoshi Nakamoto rolled out the genesis block of the Bitcoin blockchain, kicking off the crypto revolution. Fate was setting the stage for a new period of growth.
Enjoying membership in the European Economic Area, a customs union with Switzerland, a strong history in global finance, and having the epitome of “small government” that enables rapid regulatory execution, Liechtenstein sees a chance to seize a leadership position in the blockchain-based world of the future. On a recent trip to Vaduz as part of a group of 25 Crypto Explorers, it was abundantly clear to me that the country is “all-in” when it comes to blockchain.
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