The Crypto Market of the British Virgin Islands is the second largest in the world


The British Virgin Islands (BVI) is the second largest cryptocurrency market in the world, statistics show

The BVI had a volume of trade in cryptographic assets worth 78.5 billion dollars, in the first six months of 2018. This puts only $ 5.3 billion behind the United States, which was the largest market for cryptocurrency, with an estimated trade volume of $ 83.8 billion

Japan was the third largest with a six-month volume of $ 29.2 billion, followed closely by Luxembourg which reached $ 27.9 billion; Russia was the fifth largest market, with 18.5 billion dollars traded in the first half of 2018.

Cryptowatch a market data provider in real time cryptocurrency, as well as price monitoring and service trading, filled in the data. It has collected information from the 15 largest cryptocurrency exchanges and has included fiat and Tether (USDT) currency trading pairs.

The information was published by CoinShares in its Crypto H1 2018 Report.

Founded in 2014, Cryptowatch is owned by the San-Francisco Kraken Exchange. There is a growing trend for major exchanges to set up their own price monitoring services, challenging the market leader CoinMarketCap. Binance Info announced at the beginning of this month that it would launch the beta phase for its mobile app; the service also offers complete coin profiles and a news aggregator.

BVI Crypto Haven: The Junction of US and UK Enterprise?

The regulation is always a scarecrow for the community. The markets lost $ 36 billion following news that the SEC delayed its decision on Bitcoin ETFs until September. Larger economies such as the United States, China and the EU have been slow to react and legislate on cryptocurrency.

The slow regulatory process has been a source of frustration at the start of the year, as the UK Financial Conduct Authority (FCA) did not provide adequate guidelines for the nascent cryptocurrency companies. "The FCA does not regulate cryptocurrencies" said a spokesman in an e-mail at the time. "For them to be brought into our regulatory mandate, it would be a matter for HM Treasury. As such it is difficult to have guidelines on them."

Smaller economies , like Malta, Luxembourg and Bermuda took advantage of the slower pace of their larger neighbors and quickly established a regulatory framework. The Maltese parliament at the beginning of June approved its bill and Gibraltar established a series of regulatory principles; the Bermuda Premier even spoke at Consensus in May, describing what the island was doing to create a paradise for cryptocurrency.

In contrast, there were few bullish statements from the BVI. This could be due to the fact that the archipelago is best known for its friendly fiscal policy, rather than for its industrial dynamism. A report from Reuters two weeks ago found one of the best destinations for the cryptographies that transfer their headquarters was the BVI.

So Why The BVI for Crypto Companies?

The British Virgin Islands are a British territory of over 30,000 inhabitants; however, the official currency is the US dollar. Its proximity to a territory of the United States – the US Virgin Islands – means that it is the closest physical relationship between the two "parent" countries.

In the past, the BVI has been described as a "tax haven" although it has sought to free itself from that name. It has no cap tax, sales tax, value added tax, inheritance tax … or corporation tax. The islands charge employees and employers, but most of their income comes from taxes paid by the offshore companies incorporated there.

The recent legislation enacted by the British government could make the British Virgin Islands (and the Cayman Islands) more transparent when it comes to financial services. Following the publication of The Panama Papers, the new law establishes publicly accessible records of real estate ownership of companies registered in overseas territories by 2020, although both territories have promised to fight it.

The author is invested in BTC, which is mentioned in this article.

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