Know-hows on Different Legislations and Blockchain Implementation Profitability in Your Business

Nov 21, 2017

Crypto technology boom is on its peak now and there are still numerous discussions whether it is profitable to use Blockchain in your business, or not. Financial companies, retail and even government authorities are using new instruments in their work.

At the same time, there are different approaches to regulations of Blockchain companies in the world. Some countries accept new ways and some do not. We are not aiming to explain how the Blockchain works or why is everyone buying cryptocurrency now, we would like to examine different types of regulations.

Gibraltar, the British Overseas territory, is one of the subjects to regulate Blockchain companies in early 2018. The Bill and Regulations will become a new economic opportunity for all businesses that use this technology. Gibraltar’s Minister for Commerce states that the new legislation will create a safe and strategically beneficial environment for the companies.

If you are willing to implement Blockchain technologies in your business based in Gibraltar, it is a reasonable idea to wait until January 2018, when the new regulations will come be implemented. Now, the firms that use distributed ledger technology (DLT), are not subject to regulations but next year this will change. Many other countries are planning to implement regulations on Blockchain. For example, Russian government promises new legislation to enter in force by 2019 but there is still no information on its contents. In the UAE, there is already a stable approach to Blockchain technology. Dubai already initiated a program to implement new technology countrywide and by 2020 this Emirate promises to be fully Blockchain-based. Government considers potential of this technology as very high, therefore it is willing to shift company registration process, customer and business rights protection, licensing and other services to Blockchain.

To summarize, various countries with different economies have nearly opposite approaches to the new technologies. Before starting your own business, it is important to analyze every aspect of the legal regulations in a chosen country. Offshorelicense Ltd is the company, which will lead you through dark and obscure labyrinths of strange legislation and explain how to start the company within the most efficient zone.

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