The State of Crypto in Southern Europe: Malta Leads the Way

The island nations of Malta and Cyprus are still ahead of their larger neighbors when it comes to crypto regulations.

Despite the turmoil that erupted in the crypto market this summer, there is one important long-term marker that should be considered in any complex assessment: the combination of adoption and regulation. EUBlockchain Observatory's latest report, titled "EU Blockchain Ecosystem Developments", attempts to measure this mix within the European Union, by combining data from each member country, from Portugal to Slovakia.

As the original report is over 200 pages long, Cointelegraph has prepared a summary with the aim of capturing the most vital insights into the state of crypto and blockchain in Europe. Previously, we covered Western and Northern Europe, but this cycle ends with the Southern Europe region.

Numbers: 10+ blockchain solution providers.

Regulation and Legislation: According to the report, "Blockchain, along with their derivative cryptocurrencies as well as alternative forms of blockchain finance, remain largely unregulated in Greece." In 2022, Greece announced a draft law on “emerging information and communication technologies, strengthening digital governance and other provisions”, introducing requirements for the deployment of artificial intelligence ( IA), Internet of Things (IoT), blockchain and other distributed ledger technologies (DLT). Virtual asset providers are required to register with the Hellenic Capital Markets Commission (HCMC).

Taxes: Income generated from cryptocurrency transactions is subject to capital gains tax, which is 15% for individuals.

Notable initiatives: Both HCMC and the Bank of Greece have set up their own innovation center, while the latter has launched a regulatory sandbox in collaboration with the European Bank...