The President of Madeira, Miguel Albuquerque, alongside Prince Filip of Serbia, officially announced the establishment of a Bitcoin business hub to promote innovation in the region. This exciting development was revealed during a fireside chat on the second day of the Bitcoin Amsterdam 2023 event.
Driving Technological Advancement with Bitcoin
President Albuquerque emphasized that the newly established hub aims to drive technological advancement and foster the growth of Bitcoin. The primary goal is to encourage collaborations and partnerships within the cryptocurrency space.
“We are committed to nurturing a thriving Bitcoin ecosystem in Madeira by welcoming diverse contributions from stakeholders,” said President Albuquerque.
The president further highlighted Madeira’s dedication to reshaping its economic landscape to accommodate participants in the Bitcoin sector, including technology companies, initiatives, and ventures. The region’s proactive stance reflects its commitment to embracing the ever-evolving digital currency landscape.
Prince Filip’s Optimism towards Bitcoin Adoption
Prince Filip expressed his optimism regarding the region’s adoption of Bitcoin, describing it as a “technology for the future.” He has been a persistent supporter of Bitcoin adoption and has educated lawmakers globally about the benefits of this intrinsic asset.
Prior to the Bitcoin Amsterdam 2023 announcement, President Albuquerque made a significant declaration during the Bitcoin 2022 conference in Miami. He revealed Madeira’s intention to become a Bitcoin-based nation-state and highlighted the region’s commitment to exempting investors dealing with the asset from personal income taxes.
Earlier this year, a delegation of Bitcoin enthusiasts visited Madeira to share their insights and opinions on its development with the president. This visit documented Madeira’s steadfast support for Bitcoin’s future in the global crypto community.
While Madeira’s crypto policies are friendly towards tax and licensing, they also prioritize legal clarity and tackle threats such as deceptive investment schemes and fraud. However, the extent to which Madeira’s ties to Europe may necessitate stringent policies for controlling the crypto landscape remains uncertain.
On October 5, the European Securities and Markets Authority (ESMA) released a 307-page consultative paper, an important step in the EU’s ongoing effort to regulate the cryptocurrency sector. ESMA’s framework focuses on sustainability for blockchain technology, inside information disclosure, trade transparency measures, white paper technical requirements, and record-keeping for crypto-asset services.
The EU financial authority plans to submit draft technical standards to the European Commission by June 30, 2024, after incorporating feedback from stakeholders and industry players. In the meantime, Madeira’s crypto regulations aim to provide clarity for investors and crypto-centric platforms while actively working to prevent fraud in all markets.
