Unlike South Korea, many industrialized countries, including the United States, France, Switzerland, and Singapore, have adopted blockchain-friendly policies.
The United States spends the largest amount of budget in the world. The Virginia State plans to use blockchain technology in the voting for the 2020 U.S. presidential election.
Last year, it allowed members of the armed forces abroad to vote through a mobile blockchain platform.
The Ohio State announced to introduce blockchain-based real estate transaction system. The Wyoming State initiated a sandbox regulatory rule on blockchain for startups and investors.
In 2017, the U.S. federal government spent around $10 million in the blockchain budget. According to the Coin Telegraph, the blockchain budget would rise to $123 million by 2022.
Switzerland is the most blockchain-friendly country. The affluent municipality Zug has housed startups and developers worldwide. The town, called the Swiss Crypto Valley, hast the slogan “Crypto Valley Tomorrow: Switzerland.”
Zug offers tax incentives to startups. The town with a population of 40,000 has created 120,000 blockchain-related jobs.
As the world’s first neutral state, Switzerland would take off as the world’s blockchain-based global financial hub.
Singapore seeks to become a blockchain hub in Asia. The government made it clear that blockchain is its central policy objective.
Many South Korean blockchain companies and cryptocurrency exchanges have offices in Singapore.
Singapore has unveiled a guideline on the initial coin offering (ICO). Under this ICO rule, startups can freely raise capital for developing blockchain products.
South Korea bans ICO completely.
Singapore also provides financial rewards to companies developing blockchain technologies.
The central banks of Singapore and Canada are now working with each other for developing blockchain-based cash transfer platform.
Singapore also looks beyond its island in its blockchain policy. It wants to help low-income Southeast Asian gain access to banking services through the blockchain platform.
France changed its negative stance on blockchain and adopted a proactive policy to foster blockchain.
French President Macron encouraged farmers to use blockchain from production, packaging, and processing. He emphasized that the farming industry could hone competitiveness through blockchain.
France hopes to make ICO the capital of blockchain in Paris. Paris plans to provide incentives to startups.
