Europe appears to be falling behind when it comes to cryptocurrency and blockchain.
Where Does Europe Rank in Terms of Crypto?
While the technology and abilities of Europe are likely aligned with those of the United States and certain regions in Asia, the mentality is not where it should be. Various European leaders are still touting the same problems once thought associated with bitcoin and digital assets that have since long been debunked.
For example, a general prosecutor in Belarus of Eastern Europe has warned of bitcoin’s alleged ties to tax evasion. That prosecutor, named Alexsandr Konyuk, recently hosted and spoke at the International Prosecutors Association’s regional conference and spoke ill of cryptocurrencies, particularly bitcoin, despite working in a country that was among the first in Europe to declare them legal and valid in 2017.
The relevance of cybercrime is obvious… Multiple new understandings have emerged, and it is necessary to study the situation with bitcoin and cryptocurrency. These are things entering our lives. For example, cryptocurrency constitutes a serious risk for tax evasion.
Many critics have played down the idea that bitcoin is still the go-to currency for most tax evaders and other financial criminals. In addition, the words stated by Konyuk aren’t dissuading Belarus from opening its first cryptocurrency exchange in the coming months.
But the problems don’t quite end here. Other nations, such as Malta, are potentially not where they should be when it comes to cryptocurrency understanding and innovation. Malta, despite being a serious crypto haven and home to multiple exchanges like Binance who left their original Asian headquarters to escape bans or harsh regulation, is allegedly not responding to cryptocurrency crime fast enough.
These are the words of the European Union (EU), which claims that Malta isn’t utilizing its resources well enough. In a letter directing state regulators how best to spend EU funds, the European Commission explained:
The Commission, in its recommendations to member states for the use of EU funds, said that the size of Malta’s financial and gaming sector and the efforts to attract cryptocurrency operators required an effective anti-money laundering enforcement… Furthermore, the police’s Economic Crimes Unit is currently understaffed. In this context, it is important to couple a strengthened legislative framework with timely and thorough implementation.
With cybercrime still gaining traction in the crypto space, Malta will undoubtedly need to revamp its abilities to fight.
Still, Some Good Things to Enjoy
Still, Europe is home to regions like Crypto Valley, a region of Switzerland entirely designed for cryptocurrency and blockchain-based enterprises. Crypto Valley takes its name from Northern California’s famed Silicon Valley, which serves as the home to many of the world’s biggest tech companies such as Facebook and Google.
Crypto Valley, on the other hand, follows in the footsteps of Silicon Valley but houses predominantly crypto-based ventures.