Markets

Lisbon is the most promising crypto hub, according to surveys

A recent survey by early-stage crypto investment firm Greenfield shows that Lisbon, which is regulated by the Markets in Crypto-Assets Act (MiCA), is crowned as the most important crypto city in the world.

New York and Berlin are in second place together, with recent European crypto-city Paris taking seventh.

DeFi is booming in Lisbon as European universities expand crypto courses

About half of project founders with European roots cited Lisbon’s favorable tax laws and thriving DeFi scene as the main reasons. The Portuguese capital has also benefited from an influx of crypto talent from the United States

New York’s easy access to venture capital funding and high-profile conferences has worked to its advantage. At the same time, Berlin’s track record of scintillating cryptocurrency and a strong group of developers has seen it score points with respondents.

The Ace of Paris card is the thriving Web3 scene, full of non-fungible tokens (NFTs) and Web3 projects.

Top 10 Crypto Centers in Greenfield | source: Greenfield

Additionally, the higher education scene is starting to realize the importance of coded education.

Universities in the United Kingdom, Ireland, and Spain offer master’s degrees in cryptography. Swansea University in Wales, UK offers a Master of Science in FinTech. In Ireland, Dublin City University offers a Master of Science in Computing (Blockchain and Distributed Ledger Technologies). The University of Salamanca Spain offers a master’s degree in blockchain and smart contracts.

Regulatory uncertainty in the United States has led Coinbase to launch the Offshore Derivatives Trading Desk. The exchange received approval from the Central Bank of Ireland to operate as a virtual asset service provider in December.

The stablecoin issuance company recently set up shop in Paris, with Binance also claiming a significant physical presence in the area.

Europeans say MiCA Clarity overshadows concerns about restrictions

It is worth noting the participants in the survey He said User experience matters more to them than organization.

Clear regulation.  Respondents Rank Europe's Crypto Strengths |  Source: Greenfield
Respondents Rank Europe’s Crypto Strengths | source: Greenfield

Respondents argued that the clarity of markets recently passed in the Crypto Assets Act was more important than any restrictions.

The bill included the controversial money transfer rule that requires crypto companies to disclose the identities of parties on both ends of a cryptocurrency transfer. It also imposes strict disclosure requirements and regulatory requirements on the exchanges.

Notably, the bill does not address decentralized finance and non-financial financial liabilities, something critics urge lawmakers to consider soon. The bill has also been criticized for failing to address areas of the industry needed to prevent several cryptocurrency crashes in the past year.

Respondents see national supervisory authorities, which MiCA gives certain powers, as potential bottlenecks in launching crypto projects.

Despite MiCA’s shortcomings, its enforcement across 27 member states means that, unlike the regulatory approach in the US, companies have a clear, if cumbersome, path to compliance.

Bipartisan disagreements have stalled many cryptocurrency bills in the US, allowing the US Securities and Exchange Commission (SEC) to regulate by enforcement.

Alternatively, the US Department of Justice could develop case law on the many enforcement actions it takes against cryptocurrency scammers. The first approach is not comprehensive enough, while the latter may take years.

SEC Commissioner Hester Pierce has criticized the SEC for requiring crypto companies to register through an unacceptable application process. To combat this, the SEC could offer licenses similar to the MiCA, whereby companies registered in one country can operate in all member states.

They will already comply with all asset disclosure and money laundering requirements. Local state regulators can handle the day-to-day details of the application process.

For a recent Be (In) Crypto Bitcoin (BTC) analysis, click here.

Disclaimer

Adhering to the Trust Project’s guidelines, BeInCrypto is committed to providing unbiased and transparent reporting. This news article aims to provide accurate and timely information. However, readers are advised to independently check the facts and consult with a professional before making any decisions based on this content.

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