- Circle’s Patrick Hensen recently highlighted the crypto-friendly environment in Europe.
- The Circle executive pointed out Europe’s favorable tax regimes and comprehensive regulations for crypto.
- Hensen believes that Europe has the chance to lead a major innovation and revive its economy.
Patrick Hensen, the Director of Strategy and Policy for Circle Internet Financial’s European division, recently took to Twitter to report that Europe accounted for two-thirds of the world’s crypto jobs. As a crypto executive in Europe, Hensen emphasized the potential of crypto to change the economic trajectory of his continent.
According to Patrick Hensen, Europe has the highest number of Bitcoin and Ethereum nodes. The number of nodes in the continent exceeds that in the United States. Europe also had the largest absolute number and relative share of on-chain activity than any other region in the world. The Circle executive told his followers that Europe also demonstrated strong values of digital sovereignty and decentralization.
Citing data from Coincub, Hensen noted that the crypto industry in Europe accounted for two-thirds of blockchain, crypto, and Bitcoin jobs in the world. The continent boasts a whopping 90,837 crypto jobs, as compared to North America, which came in second with 12,833 crypto jobs. Interestingly, the total crypto jobs in Europe have gone down by 39% since the fourth quarter of 2022.
Europe is also home to Markets in Crypto Assets (MiCA), the most comprehensive crypto regulation globally. The highly anticipated regulatory regime for crypto was signed into law by European lawmakers on May 31, 2023. The move was seen as a major development in fostering the growth of crypto and promoting blockchain innovation.
“For once, Europe actually has the chance to lead a major innovation and revive it’s declining economy. We should better seize this chance!” Patrick Hensen stated.
Hensen added that Europe boasted some of the most favorable tax regimes for crypto around the world. Countries including Germany, Portugal, Switzerland, and Belgium offer a 0% tax rate for crypto investors. The continent also has 50% of the venture-funded crypto projects globally.
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