Crypto Briefing has disclosed that the British Virgin Islands (BVI) is the second biggest cryptocurrency market in the world.
The BVI had a trading volume in crypto assets valued at $78.5bn, in the first six months of 2018. This puts it just $5.3bn behind the USA, which was the largest market for cryptocurrency, with a trading volume valued at $83.8bn.
Japan was the third biggest with a six-month volume of $29.2bn, followed closely by Luxembourg which came in at $27.9bn; Russia was the fifth largest market, with $18.5bn exchanging hands in the first half of 2018.
Cryptowatch a real-time cryptocurrency market data provider, as well as price tracking and trading service, compiled the data. It collected information from the 15 biggest cryptocurrency exchanges and included trading pairs with fiat currency and Tether (USDT).
The information was published by CoinShares in its H1 2018 Crypto Report.
Crypto Brief further disclosed that smaller economies, like Malta, Luxembourg, and Bermuda have taken advantage of the slower pace of their larger neighbors and rapidly established a regulatory framework. The Maltese parliament in early June passed its own DLT bill and Gibraltar has established a set of regulatory principles; the Bermudan Premier even spoke at Consensus back in May, describing what the island was doing to create a cryptocurrency haven.
The news about the spectacular BVI performance is confirmed by CryptoComes. This source revealed that Bitfinex, the fourth biggest exchange in the world with an average trading volume of $463.4 mln, is currently officially incorporated in the British Virgin Islands along with many other crypto-oriented companies. Back in May, the exchange came under fire after the BVI government had requested its user data for tax purposes.
Ogier.com has explained that Initial currency offerings (ICOs) of crypto-currencies, tokens and other block chain based assets raised over US$ 3.5 billion in 2017. Leading offshore financial centres such as the British Virgin Islands (BVI) have sought to become a major part of this new capital raising phenomenon and there is increasing interest in the use of BVI companies as ICO issuer vehicles. While other offshore jurisdictions have experienced similar interest, structuring an ICO through a BVI company offers a number of advantages which have made the BVI an attractive ICO base. As a result the jurisdiction has seen a number of highly successful launches during the last 12 months.