Safe Space: A Guide to Special Economic Zones for Crypto, From China to Switzerland

Notably, the creation of special economic zones for crypto has been an enduring idea both in Russia - similar proposals have been previously made in regard to Crimea, a territory that is claimed by Russia - and the rest of the world.

Here's the list of countries that have been establishing special hubs for cryptocurrencies and blockchain on their soil.

According to Petukhov, the island could become an offshore destination for cryptocurrencies, crypto exchanges and forex markets.

The cluster would be located within the special economic zones in Crimea and its largest city Sevastopol, according to a local official, who outlined the concept in November 2018.

Unlike with the other places mentioned on this list, the move was merely symbolic - the payments were even limited to the equivalent of 200 Swiss francs - and did not suggest the creation of a special economic zone, per se.

According to the IFZ Fintech Study 2018, more than half of the new fintech ventures based in Switzerland in 2017 operated in the blockchain and crypto space.

In 2018, the Cagayan Special Economic Zone - a state-owned corporation responsible for the development of the 54,000-hectare Cagayan Special Economic Zone and Freeport located in the northern Philippines - announced it was going to establish a fintech hub with the goal of creating an Asian "Silicon Valley."

CEZA has already began issuing provisional licenses to cryptocurrency exchanges and other crypto-related businesses in the economic zone.

In April 2017, Chinese President Xi Jinping announced plans to build Xiongan as a special economic zone.

Thus, as a result of signing the Decree on the Development of Digital Economy, the Belarussian government effectively legalized businesses that deal with blockchain or any other activity related to cryptocurrencies and moved them to a special economic hub called the High-Tech Park.