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.
Greece
Numbers: 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.
Italy
Numbers: $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…
Click Here to Read the Full Original Article at Cointelegraph.com News…
