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Home Cryptocurrency news Blockchain

Analyst Predicted Countries to Create Pro Crypto Economic Zones in 2018, Rapid Progress

Tony Spilotro by Tony Spilotro
2 years ago
in Blockchain, Cryptocurrency news
Reading Time: 3min read
Analyst Predicted Countries to Create Pro Crypto Economic Zones in 2018, Rapid Progress
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Nine months ago, prominent crypto analyst Nic Carter made a bold prediction that in less than a year, at least one “nation state” would announce the creation of a Special Crypto-Economic Zone.

Today, Carter’s prediction rings true with a number of countries such as the Philippines, South Korea, and Thailand are working to create an environment where crypto and blockchain businesses can flourish.

Introduction of Pro-Crypto Economic Zones Progressing Rapidly

Coinmetrics co-founder and partner at Castle Island Ventures, Nic Carter, is an expert and analyst focusing on cryptocurrency fundamentals. In April 2018 Carter made a lofty prediction that within the next twelve months, a nation state would have created the first-ever Special Crypto-Economic Zone.

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Not only was Carter’s prediction correct, far more progress has been made than even he anticipated.

Probably less than 12 months until a nation state announces a Special Crypto-Economic Zone

— nic carter (@nic__carter) April 13, 2018

Special Economic Zones have long been a practice of countries seeking to bring new business, growth, and innovation within their borders, by creating a geographically-limited area that has unique economic rulesets that differ from the rest of the region. Oftentimes, trade laws, tax breaks, lax regulations and more are offered as a way to lure companies and thus job growth to their countries, which also drives revenue and brings positive attention to the region.

Crypto and blockchain startups often struggle due to limited cash flow, strict regulatory climate, and more, which can throttle innovation across the industry. They often face an uphill battle that’s only become more complicated as the bear market continues.

Related Reading | Bitcoin Mainstream Adoption in Philippines is Rapidly Increasing

In the Philippines, for example, more than two dozen cryptocurrency exchange licenses were issued by the Cagayan Economic Zone Authority, offering economic benefits that include tax exemptions and more. However, these tax exemptions and other benefits are geographically-restricted to the Cagayan Special Economic Zone.

South Korea is also hoping to encourage the growth of the blockchain and crypto industry within its borders. Jung Byung-guk of South Korea’s Bareunmirae Party proposed a “regulation-free blockchain and cryptocurrency special zone,” late last year.

Elsewhere in the country, Won Hee-ryong, Governor of the South Korean island of Jeju, sees blockchain as “an opportunity for Korea to take the lead in global internet platform [development].” An official for the Jeju government explained that the country is “currently in the process of a reshuffle to create a department dedicated to developing the blockchain industry on the island,” suggesting that the island will soon become a hub for crypto businesses in the near future.

Thailand is yet another Asian country with welcoming crypto policy and is working toward becoming a crypto haven. It’s caused the country’s Securities and Exchange Commission to experience a surge in applications from cryptocurrency exchanges seeking to become licensed in the region.

Related Reading | Thailand Stock Exchange Applies for Digital License for Crypto Trading

Once the rest of the global community realizes the edge that these countries are giving crypto and blockchain businesses, and the innovation and value these firms generate, even more countries should follow suit and begin creating a more encouraging environment through pro-crypto economic zones.

Featured image from Shutterstock
Tags: cryptophilippinesSouth Koreaspecial economic zonesthailand
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Tony Spilotro

Tony Spilotro

I'm Tony Spilotro. Behind the pseudonym, I'm a digital media executive and global remote work leader with a decade of content experience and excellent. Here, I explore my newfound passions pertaining to privacy, finance, economics, politics, cryptography, property rights, and other libertarian-esque views. I am a Bitcoin evangelist, maximalist, and educator whenever I can be, helping to spread its message of freedom from government control, monetary policy mismanagement, and passing the buck - literally – to future generations. My journey from a curious retail crypto investor to a serious Bitcoin advocate, trader, and technical analyst is an unusual one, but life-changing nonetheless and has become less about money and more about a long-overdue revolution. While a firm believer in the laws governing math and science, I am profoundly fascinated by the impact of astrology and astronomy including moon and solar cycles and planetary alignment and their ability to influence and potentially predict markets. It hasn't yet clicked for me as to how to put anything to use, but I consider it my current rabbit hole I can't yet dig out of. My perspective of growing up alongside the internet, the dot com era, the Great Recession, and roots in video games collecting coins and rare items caused Bitcoin to immediately make sense to me. Through all of these lenses, I seek to produce content that is educational and entertaining, and I thank you sincerely for taking the time to read what I have to say. Please follow me on Twitter and feel free to drop me a line if you would like to work together.

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