Foreign jurisdictions for the development of crypto business

In the previous article, we discussed why the Seychelles, with the introduction of new regulation, won’t be such an attractive place to open an operating company. Now we decided to consider jurisdictions that can become a base for the development of crypto business.What should VASP companies choose if they want to serve customers all over the world? There is no clear answer, but crypto exchanges make their choice in favor of two jurisdictions — Panama and Saint Vincent and the Grenadines. Panama currently has neither a legal definition of cryptocurrency, nor an outright ban on using it as an instrument of payment. The Virtual Asset Business Act («VABA») has been passed in Saint Vincent and the Grenadines. Cryptocurrency has been recognized as an instrument of payment and mandatory registration of companies that are suppliers of virtual assets has been introduced. The situation was explained in detail in her article by Ksenia Kaminskaya, a junior lawyer at Zenit Legal.