Madeira Establishing a Bitcoin Business Hub to Promote Innovation
In an October 13 update, Miguel Albuquerque, the President of Madeira, revealed plans to establish a Bitcoin hub to boost innovation. President Albuquerque and the renowned Prince of Serbia, Filip Karađorđević unveiled the idea at the Bitcoin Amsterdam 2023 event during a fireside chat.
The two outlined the benefits of establishing a Bitcoin business hub in the country. In his statement,the 40-year old Prince underlined that creating a Bitcoin hub would nurture technological advancement and strengthen strategic partnerships.
Madeira to Establish Bitcoin Hub
In support of this, President Albuquerque stated that the proposed Bitcoin hub will be situated in Madeira through a collaborative approach. The president admitted that a group of dedicated employees and scholars adviced him to establish the Bitcoin hub in Madeira to attract more invention and development.
A review of recent statistics demonstrated that Maderia ranks among the leading island country with a growing number of crypto-savvy population. Besides the adoption of Bitcoin the Maderia regulators has been on the forefront in the mainstream adoption of crypto assets. The regulators pushed for the adoption of friendly policies on digital assets to attract more investments.
The review of the ammended regulation demonstrated that Bitcoin maximalists will be exempted from taxes while filing their tax returns.
Madeira Witnesses High Bitcoin Adoption
Reflecting on the exciting adoption of Bitcoin in the region, Prince Karadordevic describes crypto assets as a forward-thinking technology.
In comparison to the internet, Prince Karadordevic noted that Bitcoin has similar features, including protocol openess and solid security. In his current position as the chief security officer at Jan3 Prince Karadordevic has been an active campaigner for Bitcoin.
The Serbian Prince alias the “Bitcoin buff” has gained global recognition in educating lawmakers on the benefits of Bitcoin. Similarly, President Albuquerque believes that crypto assets have enormous capabilities to transform the financial sector.
Madeiran President Vows to Focus on Tech Development
The president plans to shift the country’s focus from economic matters to embracing emerging technologies, including artificial intelligence and crypto assets. The pursuit to becoming a tech-centric Island country validates a statement from the pro-crypto president on the future of Bitcoin.
Mr. Albuquerque’s strong conviction on the benefit of Bitcoin obliged him to revise the existing tax regime. President Albuquerque ordered Bitcoin investors to be exempted from taxes. He added any Bitcoin-backed product and service will be accepted in Madeira.
In January, President Albuquerque was honored to hold dialogues with key players in the crypto sector to assess the adoption of Bitcoin in the region. During the debate, Mr.Albuquerque told the local and foreign crypto enthusiasts that Madeira plans to replicate El Salvador in Bitcoin adoption.
However to attain the desired level of success, the Serbian president plans to collaborate with investors, advocates, and regulators. He plans to position Madeira as the leading hub for Bitcoin in the archipelago region. The president plans to enforce policies for creating a balance between the benefits and the risks associated with crypto assets.
He noted that clear regulations and licensing rules positions Portugal as a home for international Bitcoin investors. The president anticipates to tighten their restrictions on digital assets to sever money laundering and combat fraudulent business activities.
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