2 mins read Previously, the European Commission listed the administrative region as a tax haven, but that changed on Tuesday, October 6, coinciding with ECB's own probing into the potential for a digital currency.
The Cayman Islands, which has shaped itself as a traditional hub for blockchain and crypto businesses in Europe, was added to a blacklist on February 2020, with the exchanges based in the region transferring estimated $1.5billion in BTC transactions at the time.
At the same time, that number pales in comparison with the Seychelles which boast 12 exchanges and post an impressive overall transaction volume of $36 billion.
Re-listing the Cayman Islands is a good call, believes Athena International Management founder Allison Nolan.
According to Nolan, the Cayman Islands offer a robust and clear-cut legal framework for the regulation of blockchain and crypto solutions.
Because of that, the jurisdiction was able to offer accountability and transparency, Nolan added:
“The focus here really is very good for the crypto space, because what it's doing is it's making sure that there's an oversight in terms of those providers.”
Presently, the only jurisdiction to experiment with the adoption of blockchain and crypto technology is Malta.
The Malta Gaming Authority (MGA) has been pushing for a wider push of the tech and has effectively been its biggest proponent in the iGaming space.
Yet, some challenges have emerged.
Nevertheless, crypto gaming is as reliable as consumers expect. Leading websites such as Bitcasino, CasinoFair and 1xBit.com already operate in Europe.
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