Madeira in Portugal launches a Bitcoin business centre with royal backing

News Desk5
3 Min Read

On the second day of Bitcoin [BTC] Amsterdam 2023 conference, President Miguel Albuquerque of Madeira alongside Prince Filip of Serbia announced the establishment of a Bitcoin business hub in the region to promote innovation. The announcement came during a fireside chat at the event.

President Albuquerque revealed that the association for the development of technology and Bitcoin, along with various partnerships and collaborations, had initiated the creation of a Bitcoin business hub. He emphasized that this initiative was inclusive and open to all who wished to participate in fostering Bitcoin innovation.

Prince Filip expressed his enthusiasm for Madeira’s embrace of Bitcoin. He referred to it as “a technology for the future.” He also likened it to an “open, secure protocol similar to the internet.”

Prince Filip has been actively involved in educating lawmakers globally about the advantages of nation-state adoption of Bitcoin. He remains a strong advocate for Bitcoin.

President Albuquerque highlighted Madeira’s commitment to transforming its economic landscape to accommodate technological companies, high-tech ventures, artificial intelligence, and Bitcoin-related initiatives. He welcomed all endeavors connected with Bitcoin and emphasized the region’s open-armed approach to the cryptocurrency.

Madeira embraces Bitcoin innovation initiative

The initial declaration of Madeira’s Bitcoin-friendly policies, including tax exemptions for BTC investors, occurred at The Bitcoin 2022 conference in Miami. President Albuquerque expressed his unwavering belief in Bitcoin’s future.

He emphasized that individuals buying and selling Bitcoin in Madeira were exempt from personal income taxes.

Earlier in the year, a delegation of Bitcoin enthusiasts visited Madeira. The purpose of the visit was to observe the progress of Bitcoin adoption across the region. The collaborative efforts of local officials and advocates have contributed to the region’s commitment to becoming a hub for Bitcoin innovation and development.

Crypto in Europe gears up for MiCA regulations

Portugal is crypto-friendly, balancing the advantages of digital currencies with risk management. The nation sets clear regulations, tax guidelines, and licensing rules. It also ensures legal clarity for crypto stakeholders while tackling potential threats like money laundering and fraud.

Europe has been gearing up for the Markets in Crypto-Assets (MiCA) regulations. The European Securities and Markets Authority (ESMA) recently released a 307-page consultative paper, another step in regulating the cryptocurrency sector under these regulations.

It focuses on five key areas: sustainability indicators for blockchain technology, inside information disclosures, white paper technical requirements, trade transparency measures, and record-keeping standards for crypto-asset service providers.

The ESMA plans to submit draft technical standards to the European Commission by June 30, 2024, after incorporating stakeholder feedback.

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