It is no secret that there is a global competition on right now for dominance in the blockchain space. While some government entities continue to impose new restrictions on the industry, others are doing everything possible to attract this cutting-edge sector. Malta, Puerto Rico, and Bermuda are some of the most well known for their efforts in this arena.
Malta (GDP of $11 billion) for instance, was able to attract Binance (the world's largest exchange with daily trading volume of $2 Billion)all the way from China to their island, bringing with it huge implications for the future of their economy.
Puerto Rico made headlines by attracting a $1 billion donation from crypto-kingpin Brock Pierce. This comes along with a flurry of other investments from the blockchain industry, a welcome change from the economic despair of the last decade.
So how exactly did these small economies somehow latch themselves onto the fintech rocketship that is blockchain? Simply by making themselves into a suitable habitat for the industry through tax and regulatory legislation. In a rapidly advancing world, these quick to adapt island nations are well positioned to become the silicon valley of web 3.0.
The city of Pontiac, Michigan is also considering what blockchain can do for their economy.