Portugal’s Madeira to Launch a Bitcoin Innovation Hub
In Brief
Portugal’s Madeira is taking strides to become a Bitcoin innovation hub in Portugal with ambitious plans for a cryptocurrency business hub.
Madeira’s President Miguel Albuquerque promoted the adoption of Bitcoin and emphasized its role in transforming the region’s economic landscape.
During a conversation with Prince Filip of Serbia at Bitcoin Amsterdam 2023, President Miguel Albuquerque of Madeira unveiled ambitious plans for a Bitcoin business hub on the Portuguese island. The initiative aims to foster innovation and promote technological advancements in the region’s cryptocurrency sector.
Prince Filip expressed his enthusiasm, highlighting the significance of Madeira’s embrace of Bitcoin as a “technology for the future” and a secure protocol similar to the internet. He commended Madeira for creating an association dedicated to advancing Bitcoin technology, fostering partnerships and welcoming collaboration from individuals interested in cryptocurrency.
President Albuquerque affirmed his commitment to transforming Madeira’s economic landscape, emphasizing the importance of Bitcoin alongside high-tech, artificial intelligence, and other technological sectors.
Furthermore, the President underscored the region’s favorable tax policies for BTC investors, which exempt them from personal income taxes, making it an attractive destination for cryptocurrency enthusiasts.
Madeira’s Crypto-Friendly Stance
Earlier this year, a delegation of Bitcoin enthusiasts visited Madeira to discuss Bitcoin-related matters with President Albuquerque and assess the progress of Bitcoin adoption in the region. This move signals Madeira’s proactive approach to embracing Bitcoin and positioning itself as a hub for cryptocurrency innovation and investment.
The Bitcoin conference in Miami in 2022 revealed that Madeira had embraced Bitcoin and that individuals investing in BTC would be exempt from personal income taxes in the region. President Albuquerque expressed his faith in both the future and the potential of Bitcoin, stating, “I believe in the future and I believe in Bitcoin.”
Portugal has positioned itself as a crypto-friendly nation, embracing the potential benefits of digital currencies and blockchain technology for its economy while remaining vigilant against potential risks such as money laundering, fraud, and tax evasion.
The country has taken significant steps to clarify regulatory expectations, taxation rules, and licensing requirements for crypto-related activities, aiming to provide legal certainty for businesses and individuals involved in the cryptocurrency sector while addressing potential risks associated with the technology.
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About The Author
Agne is a journalist who covers the latest trends and developments in the metaverse, AI, and Web3 industries for the Metaverse Post. Her passion for storytelling has led her to conduct numerous interviews with experts in these fields, always seeking to uncover exciting and engaging stories. Agne holds a Bachelor’s degree in literature and has an extensive background in writing about a wide range of topics including travel, art, and culture. She has also volunteered as an editor for the animal rights organization, where she helped raise awareness about animal welfare issues. Contact her on agnec@mpost.io.
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Agne is a journalist who covers the latest trends and developments in the metaverse, AI, and Web3 industries for the Metaverse Post. Her passion for storytelling has led her to conduct numerous interviews with experts in these fields, always seeking to uncover exciting and engaging stories. Agne holds a Bachelor’s degree in literature and has an extensive background in writing about a wide range of topics including travel, art, and culture. She has also volunteered as an editor for the animal rights organization, where she helped raise awareness about animal welfare issues. Contact her on agnec@mpost.io.
