Netherlands Leads In Cryptocurrency Use In The Benelux RegionOctober 2, 2018
A recent study by Statista has established that altcoins are more popular in the Netherlands than in the other Benelux countries. Furthermore, the study established that the country has more Cryptocurrency ATMs than both Belgium and Luxemburg. The region has a lot to do to regulate the sector and attract new firms.
Amsterdam Has The Highest Number Of Cryptocurrency ATMs
Countries in the Benelux region are not only close culturally and geographical but are more economically integrated than most of the areas in Europe. Despite these countries being similar in so many aspects, they are slightly different when it comes to their Cryptocurrency communities. Specifically, the availability of altcoins ATMs is different in the three countries.
Numerous Cryptocurrency ATMs have recently been installed in various cities in Dutch and Belgium. Dutch’s capital Amsterdam has the highest number of virtual currency ATMs in the region. The study by Statista has established that 2 of the 12 teller machines in the city support the buying and selling of various coins such as Litecoin (LTC), Ethereum (ETH), and Bitcoin core (BTC).
Belgium’s Antwerp city follows Amsterdam with three Cryptocurrency ATMs as of August according to the research. The city is the second is the second most populous in the country. Belgian capital Brussels and the Dutch city of Rotterdam each have two machines. In Brussels, one buy-only machine allows the users to buy Bitcoin cahs (BCH) alongside other altcoins such as Litecoin (LTC), Ethereum (ETH), and Bitcoin core (BTC).
In both the Netherlands and Belgium, there are 12 other areas with at least one Cryptocurrency ATM. In Belgium, Hasselt, Ghent, and Sint-Truiden each have a teller machine. In the Netherlands, Hoorn, Bavel, Tilburg, Oudenbosch, Eindhoven, Utrecht, and Almere have one Cryptocurrency ATM each. Schiphol Airport, the seat of the country’s government, and the Hague also have one machine each.
Luxembourg Yet To Catch Up
Despite the high adoption of the Cryptocurrencies in the Benelux region, Luxembourg is still behind the other countries. While comparing the number of altcoins ATMs in the region, Statista omitted the country. The tiny nation, which is regarded as an international financial and banking hub has low Cryptocurrency adoption.
A recent study in the country established that about 92 percent of the citizens don’t have Cryptocurrencies. Most of the people (6 percent) said they possessed Bitcoin core (BTC). The remaining 2 percent said they own Ripple (XRP), Ethereum (ETH), AND Bitcoin cash (BCH). As indicated by the data, only a small proportion of the Luxembourg population possesses and uses the digital currencies.
The Need For Cryptocurrency Regulations In Region
Benelux countries, just like their counterparts in Europe don’t have well established Cryptocurrency regulations. In Belgium, for instance, the government has only been warning the public about the existence of various fraudulent schemes in the sector. AFM, the Dutch financial regulator said that various Cryptocurrency activities need licensing. Although Luxembourg has not yet said whether it will become Crypto-friendly, various Crypto firms such as Revolut, Bitfliyer, and Bitstamp are allowed to operate in the country.
Cryptocurrency regulation is a problem in not only Benelux region but also across Europe. Whereas countries such as South Korea have made greate strides in Crypto regulations, Europe still lags behind forcing many Crypto-related firms move to Crypto-friendly jurisdictions. Benelux countries have a lot to do to catch with some regions.