A cohort of nations led by Malta and France have established a group called “Mediterranean Seven” to promote the adoption of blockchain technology.
Malta is one of the first few nations to adopt an across-the-board blockchain-friendly regulatory framework - a move that prompted Binance, the biggest cryptocurrency exchange by volume, to open its headquarters there. Meanwhile, in an effort to become Europe’s leading Initial Coin Offering (ICO) hub, France has also developed a framework recently that oversees ICOs.
That said, Europe has so far lagged its global peers in the race to become a friendly workshop which promotes the development of cryptocurrency-driven products and solutions. Indeed, most of the biggest cryptocurrency exchanges are registered in the US or SE Asia, with a majority of the trading volume coming out of these countries.
The “Mediterranean Seven” is perhaps a response by European nations to establish some dominance on the global crypto ecosystem.