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What exactly is Web3?
Web3, the third generation of the Internet, is a decentralized network architecture built on blockchain technology.
It subverts the centralized information interaction model of Web 2.0, giving users unprecedented data ownership, privacy protection and value creation capabilities.
Through innovative tools such as smart contracts, decentralized applications (dApps), cryptocurrencies and non-fungible tokens (NFTs), Web3 aims to achieve free flow of information, direct exchange of value and autonomous governance of communities, thusBuild a new era of the Internet that is more transparent, fair and autonomous.
Which countries are Web3 friendly?
Malta: “Blockchain Island” sets its sail
Malta, this Mediterranean gem, has won the reputation of “Blockchain Island” for its forward-looking legislation and a passionate embrace of Web3.
As early as 2018, Malta passed a series of targeted regulations, such as the Virtual Financial Assets Law and the Innovative Technology Arrangement and Service Law, providing blockchain companies with clear operational guidance and legal guarantees.In 2021, Malta also officially included blockchain technology and artificial intelligence technology in its business development prospects plan, and clearly proposed to promote blockchain.
In addition, its low tax rate, stable financial system and common English language environment have attracted many leading Web3 companies, including Binance.
Malta’s Web3 Friendship is reflected in:
1. Regulations first: tailor the legal framework for the blockchain industry to eliminate compliance uncertainty.
2. Tax preferential treatment: In its income tax law, cryptocurrencies and equity tokens are not capital assets and are not taxed at all.
3. International alignment: As an EU member state, it paves the way for enterprises to enter the European market.
Portugal: Encrypted hot soil on the sunny coast
In Portugal, people can pay bills and taxes directly through Bitcoin.The number of merchants accepting Bitcoin payments in Portugal is also increasing.In 2021, the Portuguese government passed a decree that it would create a technology free zone to promote technological innovation, which mentioned that it would pilot and develop blockchain technology.
The Web3 friendly features of Portugal are:
1. Tax benefits: Specific exemptions for cryptocurrency income, inspire individuals and businesses to participate.
2. Scientific research support: Encourage the research and development and application of blockchain technology, and promote the deep integration of industry, academia and research.
3. Quality of life: cost-effective living costs and high-quality living environments attract digital vagrants and entrepreneurs.
Singapore: Asia Web3 innovative magnetic field
Singapore, this global financial center, has become the preferred place for web3 projects in Asia and even the world with its open and innovative atmosphere, efficient regulatory mechanisms and a deep understanding of blockchain technology.The Monetary Authority of Singapore (MAS) encourages innovation and experiments in the Web3 field through regulatory sandboxes, innovation license exemptions and other mechanisms, while ensuring controllable risks.
Singapore’s Web3 friendly manifestations are:
1. Inclusive regulation: Provides a regulatory sandbox that allows companies to test new products and services in a controlled environment.
2. Policy support: Be open to emerging fields such as DeFi and NFT to promote the healthy development of the industry.
3. Talent gathering: Attract global Web3 professional talents and investment to form a strong ecosystem.
In addition to the above countries and regions, other countries such as the United States, Thailand, South Korea, Israel, Germany, the United Kingdom, Estonia, Australia, Canada, etc.
Around the world, Web3 friendly countries are building blockchain infrastructure at an unprecedented speed, paving the way for innovators to the future Internet.So, do you also want to choose a country that is open to blockchain technology and provides a favorable policy environment?
