What are blockchain incubators made of?

Residents of emerging economies are increasingly using Bitcoin and other cryptocurrencies, butless, economic instability – Notthe only reason behind the success of blockchain technology in some regions of the world. Quite often, more positive factors help countries become incubators for developing technology.

In the summer of 2018, Malta was named “Blockchainisland” after the local government developed regulations to support the operation of cryptocurrency companies. However, Malta – is not the only island looking to build a blockchain hub. The authorities of the Isle of Man, which is part of the UK, are also creating a legislative framework to promote blockchain companies.

Earlier, in 2019, the government openedThe Blockchain Center in order to “support and guide the business through the regulatory framework”. In addition, the authorities initiated the creation of a “blockchain sandbox”, which will provide companies with the opportunity to jointly test innovative products, services and mechanisms in real time with a strict limit of risks for consumers.

According to the creators, the sandbox “was developedin order to help the Isle of Man become one of the main blockchain centers where technology companies will be able to develop, test and improve their product before entering the global market. ”

Based on materialswww.fxstreet.com