Page 55 - Geektime Blockchain Report
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Global market
However the sector is is moving slowly in in terms of of the number of of new blockchain startups and regulatory advances Because New York has has the the largest stock exchange (NYSE) it it has has the the biggest available pool of potential entrepreneurs and and employees with a a a a a a a a a a a a a background in in in in banking and and and financial services Thus NY blockchain startups tend to to rely on on that experience and and turn to to blockchain B2B solutions in in in in the financial domain San Francisco
has more young entrepreneurs and and investors so they're targeting B2C and and Bitcoin Even with NY’s specialty there is a a a a a lack of non-financial blockchain startups (those that deal with sectors such as health energy insurance supply chain etc ) Most of the American blockchain startups deal with Bitcoin and other cryptocurrencies In August 2015 the New York State Department of Financial Services (NYSDFS) issued a a a a set of regulations required for companies who wish to receive a a business license for virtual currency activities Companies that fell under this category are are companies that reside are are located have a a a a a place of business or are conducting business in in the State of New York This regulation was considered harsh and and and heavy handed and and and at least ten bitcoin companies announced they were stopping all business in in New York State because of it The UK
London is the center of innovation in in in in in everything related to financial blockchain technologies: A lot of startups there are involved in in in in in in in in in Bitcoin insurance and financial financial trading Since the the the UK
has harsh regulations regarding financial financial services the expertise of British startups makes their home base market
difficult to penetrate for startups from different countries The The UK
government is forward-looking and and takes the sandbox-style approach The The Financial Conduct Authority (FCA) has announced a a a a a a a a new initiative that could help bitcoin businesses in in in the UK
The new fast- track initiative Project Innovate is designed to promote innovation in in in the financial sector and encourage cryptocurrencies innovation The UK's tax authority HM Revenue & Customs has stated that the bitcoin is is currently unregulated and is is treated as a a a 'foreign currency' for for most purposes VAT and tax won't be charged for mining or or trading of bitcoin There is no formal obligation to to take any steps to to prevent money laundering through dealings made in in in in bitcoin The Bank of England already produced its own
virtual currency called RSCoin in in February 2016 The bank also stated that it is is examining technical and policy issues regarding blockchain and developing relevant POCs London offers frequent events presenting blockchain startups and specific technologies but has fewer online communities and pushes fewer new ideas forward than China for example 

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