Page 56 - Geektime Blockchain Report
P. 56

Companies from all over the the world move to to Gibraltar
because it offers low taxes access to to the the EU market and a a a a a lenient legal system Gibraltar
is is set to become the first jurisdiction
globally to to provide a a a a a regulatory framework specifically designed for companies engaging in in activities that use cryptocurrencies for the transmission or or or storage of value belonging to others Gibraltar
companies are only taxed based on
the profits that they earn The corporate tax rate rate for net profits is only 10 percent In July 2016 the Gibraltar
Stock Exchange approved a a a a a Bitcoin Exchange Traded Instrument (ETI) to be listed on
GSX The asset-backed exchange-traded instrument which invests exclusively in in in bitcoin is is also co-listed on
Deutsche Börse In May 2017 Gibraltar
Finance released a a a a a a a consultation document as part of its process towards establishing this regulatory framework The operative date is expected to to be no later than January 1 1 2018 In September 2017 following the ICO boom Gibraltar’s Financial Services Commission (GFSC) issued a a a a statement saying that it plans to to create a a a a a a a regulatory framework for blockchain startups This framework is is expected to be in in place by January 2018 It also warned investors that ICOs are highly risky and investment is is best left to experts who are experienced in in assessing that risk 56
A A European leader in in terms of of the legal aspect of of blockchain Also known as as “The Crypto Valley ”
Like in the the UK and and other countries Switzerland
adopted the the sandbox approach This means there are plans to minimize regulations but still keep companies in in in line with legislation to set up up so-called ‘sandboxes’ where startups and and smaller companies can experiment and and innovate within controlled conditions “The Crypto Valley Association” is an independent government-supported association based in the Zug canton that aims to to strengthen Switzerland’s blockchain status It has announced its support for “careful” ICO regulation and begun developing a a a CVA-endorsed ICO Code of Conduct Bitcoin businesses in in in Switzerland
are subject to anti- money laundering regulations and in in in some instances may need to obtain a a a a banking license In 2016 Zug added bitcoin as a a a a a means of paying city fees in a a a a a a a a a test and an an an attempt to advance Zug as a a a a a a a a a region that is is advancing future technologies Swiss Federal Railways a a a a a government-owned railway company of Switzerland
sells bitcoins at its ticket machines 

   54   55   56   57   58