The Bitcoin ecosystem continues to show encouraging progress after several US-based Bitcoin companies have relocated their networks to Europe. This complements numerous notions that Europe may be the perfect place to propagate Bitcoin as a vital entity not only in the customary financial department, but in the whole society as well.
Although US is home to a substantial amount of Bitcoin users, some of its states—specifically New York—are rather unfriendly in terms of the legality of cryptocurrency transactions. Given this approach, major players in the Bitcoin industry have decided to move their bases to European countries to avoid further deadlock.
To date, key companies in the industry like the Bitcoin exchange Bitstamp have had an unsuspectedly laid-back business experience in the said region. The exchange’s Executive Assistant Kaja Ribnikar shared in an online report the delightful experience her company has encountered with European regulators:
“It goes without saying that they are open for dialogue, they are receptive and have a more balanced view on bitcoin. It is evident that the US is a much tougher environment to run a bitcoin business.”
Moreover, LegderWallet, a Bitcoin security provider, has relocated its base to Europe, particularly in France. CEO Eric Larchevêque shared that his company has managed to accomplish more with the nature of regulation in France. He also stated that Europe allows his company to enjoy ‘major benefits.’
Bitcoin advantages absent in the US but present in Europe
Europe has viable points to why Bitcoin-based companies are able to enjoy a peaceful transaction landscape as compared to the US. One major factor that is laid down to the public is Europe’s Bitcoin regulation structure.
New York’s BitLicense has forced 15 Bitcoin companies to halt their operations within the state. The relocation of ShapeShift and Xapo to Europe is a major effect of the implementation of BitLicense.
In addition, the states of California and Texas have done detrimental actions that have greatly affected both the acceptance of Bitcoin-based businesses and the cryptocurrency itself.
Although these bills and legislations are only present to protect the well-being of the mainstream market, authorities are still disregarding Bitcoin’s financial advantages. Thus, the rules implemented are far from being Bitcoin-friendly.
Unlike in the US, Europe’s Bitcoin regulation is rather open-minded. University professor and cryptocurrency advisor Jean-Louis Schlitz has published an online article about Luxembourg’s stand regarding Bitcoin legislation.
According to his article, the Commission de Surveillance du Secteur Financier (CSSF) provided a Bitcoin-friendly regulation that is also dubbed as “the basic regulatory recipe for success.” With this regulatory structure, Bitcoin startups are able to grasp a vivid picture of the dos and don’ts when doing Bitcoin business.
Moreover, German financial regulator BaFin officially declared in 2013 that Bitcoin is a ‘financial instrument.’ This confirmation has given cryptocurrency users and businesses a better concept of their stance on the mainstream market, especially regarding the law.
In fact, Bitcoin in Sweden sets an example as its banks begin to decline working with cash as four out of five transactions are done electronically.
Bitcoin gambling industry—positive to experience progress in Europe
Since Bitcoin itself is undeniably accepted by European users, this prompts the encouraging acceptance of the Bitcoin gambling industry as well. This notion is further supported by two Bitcoin casinos in Europe, specifically Fun Casino and BTC-Casino.io.
Fun Casino offers a high-roller bonus that yields grand amounts of BTC winnings. In an operator’s perspective, it is not an easy task to give such high-paying bonus without a decent amount of players. In Fun Casino’s case, it openly offers this bonus because of its consistent audience base that is flocking its platform.
On the other hand, BTC-Casino.io is among the few Bitcoin gambling websites to specifically cater to European gamblers. Although it is open to gamblers based in other countries, a large share of its traffic comes from Europe.
Given these two examples, it is safe to say that there is certainly a high possibility for the cryptocurrency gambling industry—with the help from the entertaining and innovative Bitcoin games—to flourish the same way the Bitcoin businesses based in the continent will.
Moreover, both mentioned casinos are vital evidences that will drive the Bitcoin casino market to achieve mainstream status in Europe, and perhaps, the whole world.