Residents of emerging economies are increasingly using bitcoin and other cryptocurrencies, however less economic instability is notthe only reason for 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 Blockchain.island ”after the local government developed regulations to support the work of cryptocurrency companies. However, Malta is not the only island seeking to build a blockchain hub. The Isle of Man, which is part of the UK, is 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. ”
According to the materials www.fxstreet.com