Andorra, future Eldorado for Bitcoin? Regulation on the trail of cryptocurrency adoption

Andorra loves crypto – Nestled in the Pyrenees, between France and Spain, the principality ofAndorra is part of these “crypto-friendly” countries where we feel that Bitcoin (BTC) and its ilk are the welcome. A feeling that is confirmed by the recent legislation of the small country on crypto-assets.

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Crypto-adoption in sight for Andorra?

The European Union (including Andorra technically does not not party) is about to put a heavy regulatory straitjacket on Bitcoin and players in the cryptosphere. But, in the small Pyrenean principality, we are rather obviously looking for to attract investors in this new asset class brimming with innovation.

As Cointelegraph reports in particular, the digital asset law of Andorra seems rather to be moving in the direction of greater adoption cryptos. This law, divided into two foldsdeals, on the one hand, with the possible issue of a central bank digital currency (MNBC) specific to the principality, and on the other hand, cryptos, seen as Financial assets fully fledged.

According to the CEO of the Andorran crypto-company 21million, this second part of the law would create a very interesting environment compared to the rest of Europe:

“The result they are trying to achieve is to attract new business [cryptos] to settle in the country, providing some legal clarity. Which makes things easier and more transparent. They see it as a way to attract talent and entrepreneurs to this new economy. »

Open a company mining of bitcoins, or a service of investment advice in cryptos, would be quite well off in Andorra, and low tax above all. The subject of degree of taxation cryptos attracted indeed, many like in PortugalWhere repelslike in France.

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