Europe Becomes Leader In Global "Crypto Race"
Europe has bypassed the US and Asia in the crypto industry by many indicators, Business Insider reports.
According to the report prepared by venture capital fund Fabric Ventures, which covers the first nine months of 2018, an initial coin offering (ICO) in Europe collected $4.1 billion. During the same period in the US, this indicator equaled $2.6 billion, and in Asia — $2.3 billion, respectively.
According to online platform Stack Overflow, which conducts surveys for rating scales, Europe houses 5.5 million developers, and in the US IT field, the number of specialists is about 4.4 million. However, it has been noted that American universities have fewer specialists with STEM PhDs.
The authors of the survey also stressed that prospective specialists no longer need to move to the US to open their venture capital fund because of the active ICO development in the world.
In the report on token sales, analysts outlined the situation regarding the most favorable countries for the development of the crypto industry. Four European countries, according to the authors, were listed that are on the way to the ICO legalization: the UK, France, Switzerland, and Lithuania.
In particular, in Switzerland, the government presented a draft law which differentiates the concepts of utility tokens, payment tokens and asset tonens. France launched a project to regulate cryptocurrencies, which, if approved by the parliament, will fully legitimize the concepts of “token” and “ICO”. The UK authorities formed a group of experts to regulate digital assets with the goal of becoming an international center for crypto projects.
As previously reported, Crypto Fund AG received the first license in Switzerland from the local regulator, which allows managing crypto assets.