World map of crypto-currencies

The geography of the blockchain is quite fascinating. Let’s say a few words about what some countries stand out in their attitude to crypto-currencies.

China

This state is the most significant in the mining sphere. First, the vast majority of equipment for mining is produced here. There are also such companies as: F2Pool, AntPool, BTCC and BW in China. It is believed that these mining pools have about 60% of the hash-bitcoin capacity.

Regarding legal regulation, financial companies are prohibited not only to carry out operations with bitcoins, but also to make publications of quotations or insurance of financial products related to bitcoin. At the same time, individuals can freely participate in Internet transactions.

The EU

The European Court ruled that operations of exchanging bitcoins for fiat currencies are exempt from VAT.

Georgia

Georgia is home to BitFury, one of the largest manufacturers of hardware and bitcoin chips. Currently BitFury stores about 15% of all bitcoins.

Iceland

Thanks to inexpensive geothermal energy, Iceland has become a kind of center of companies offering cloud mining. Although the attitude to the perspective and structure of such business in the crypto-community is very ambiguous.

Sweden

Sweden is the birthplace of KnCMiner, this company is located in Stockholm. Currently, KnCMiner produces about 7.5% of all bitcoins.

USA

United States is home to 21 Inc., a bitcoin mining company based in California. 21 works with a large number of miners and sells its low-power miners as part of their 21 Bitcoin computer. Most of the hash power from 21 Bitcoin computers is in the 21st pool. 21 Inc. mines about 3% of all bitcoins. In general, the regulation of crypto-currencies in this country is the most bureaucratic, and tax regulation is one of the most uncomfortable in the world.

The Financial Crimes Commission under the US Treasury Department classifies bitcoins as “decentralized virtual currencies”. The Commission considers that the operations for the exchange of any crypto-currency for fiat money should be regulated in the same way as the operations for exchanging fiat money among themselves. In the autumn of 2017, the Securities and Exchange Commission in the United States (SEC) filed the first-ever fraudulent case of the ICO crypto-currency.

Germany

Bitcoin is recognized as a monetary unit.

Japan

Bitcoin is a legal tender with a purchase tax.

Switzerland

In Switzerland, the same rules apply to crypto-currencies as to foreign currencies.

Singapore

The main achievement of Singapore, of course, is the fact that IZX company operates in the jurisdiction of this state https://izx.io/. To say seriously, Singaporean legislation is by far the most liberal and easy to understand business for thousands of technology companies from around the world.

Russia

Russia has great potential to become a mining power thanks to a suitable climate and a developed energy network. In addition, Russia has a large number of highly skilled developers. Every fifth successful ICO has Russian roots nowadays. However, the adoption of fairly tough measures to regulate mining and ICO in this country is unlikely to allow Russia to become a leader.