An Atlantic Archipelago Embraces Web3
The Madeira archipelago, located in the middle of the Atlantic Ocean, is actively seeking startups and tech talents to drive its economic growth. While known for its natural beauty, Madeira faces challenges such as an aging population and the need for a more diversified economy. To address these issues, the local government has turned to emerging technologies like blockchain.
Madeira’s Web3 Ecosystem
Almost 30% of businesses in Madeira’s free trade zone are emerging technology companies. This special economic area offers tax benefits, including one of the lowest corporate tax rates in the European Union and capital gains tax exemption for eligible firms. Yacooba Labs is one of the companies driving Madeira’s Web3 ecosystem by utilizing blockchain technology for ticketing solutions, combatting issues like ticket fraud and overpriced secondary markets.
A Shift Towards Technology-Based Economy
Madeira’s tax incentives are part of a broader effort to transition from a tourism-focused economy to a technology-based one. The region is prioritizing information technology education in local schools, which is a significant departure from the high illiteracy rates experienced in the past. Additionally, Madeira is developing a payment network that will simplify currency exchange for tourists and streamline government operations.
Madeira as a Technological Testing Ground
Madeira has a history of serving as a testing ground for various technologies. It has previously validated technologies like 4G and cable television in Portugal. The region aims to use its unique characteristics and incentives to explore innovative models and solutions.
Hot Take: Madeira’s Leap into Web3
The Madeira archipelago is leveraging its natural beauty and tax incentives to attract Web3 entrepreneurs and tech talents. With a focus on emerging technologies like blockchain, Madeira aims to diversify its economy and address challenges such as an aging population. By creating a favorable environment for startups and implementing initiatives like information technology education in schools, Madeira is positioning itself as a hub for innovation. Its efforts to develop a payment network using blockchain technology further demonstrate its commitment to embracing the digital economy. Madeira’s history of testing and validating technologies makes it an ideal location to explore new models and solutions.
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