UAE based HAYVN, a digital asset payment, trading, custodian service provider regulated in the UAE, Cayman Islands, Australia, British Virgin Islands, has also received a VASP ( Virtual asset service provider) license from European jurisdiction, Lithuania.

The Lithuanian Financial Crime Investigation Service (FNTT) has provided HAYVN with a VASP license.

According to HAYVN, by obtaining the VASP license from the Lithuanian regulators, HAYVN is further equipped to offer its suite of services throughout Europe.

“We are delighted to have obtained the VASP license from Lithuanian regulators,” said Christopher Flinos, CEO of HAYVN. “This achievement solidifies our position as the trusted and compliant European cryptocurrency provider, enabling us to deliver innovative solutions to clients across Europe. HAYVN remains committed to upholding the highest standards of regulatory compliance and security, as we continue to expand our presence and contribute to the growth of the digital asset ecosystem globally.”

Leago Papo, Director of Compliance and Regulatory Affairs at HAYVN, added, “Obtaining the VASP license from Lithuanian regulators is a significant milestone. We have worked diligently to ensure that our operations adhere to the most rigorous compliance standards. This license reaffirms our commitment to maintaining regulatory compliance across multiple jurisdictions and showcases our dedication to building trust with our clients and regulators alike.”

In a recent report published by CoinCub, the UAE ranked 4th in the third quarter of 2022 as the most favourable crypto economy globally. Germany ranked 1st place, followed by Switzerland at 2nd place, then Australia in 3rd. USA ranked 7th globally.

The crypto economy rankings compiled by Coincub looked into various factors such as favorable crypto outlook, clear crypto tax rules, more transparent regulatory communications and more to rank countries.

As per the report, Germany although not a tax haven, is considered one of the strongest all-around ‘traditional-tax’ crypto economies that reward long-term crypto holders. German law charges zero tax on crypto holdings of over a year.

Switzerland ranked second with its positive crypto regulatory stance and is home to some of the top crypto organizations in the world.

Australia has shown a great appetite for crypto and the government has been equally supportive of it over the past year, pushing positive crypto legislation along with reasonable tax policy.

As per the report the UAE has enormous tax advantages and rises up on their list from 18 in Q2 2022 to 4 due to rapid turn around on all things crypto.  UAE  has a government driving it towards becoming the leading crypto economy in the Middle East with the prospect of zero taxes to pay on crypto gains for those located within the UAE’s zero tax zone. 

Singapore, on the other hand, has established itself as a crypto powerhouse in Asia, with a significant chunk of the population involved in crypto trading and investment.

The U.S dropped to the seventh spot due to its unfavourable crypto tax policy and lack of clarity on the regulatory end. However, the report highlighted that the U.S is the only country to allow crypto to form part of strategic workplace pensions. With some key crypto regulations legislature under work, the U.S could see a significant improvement in its rankings by next quarter.

In terms of growth the USA added over 100 new crypto-related companies, with the UK adding 21, Singapore 13, and Switzerland 10 in Q3 of 2022. The world also saw the addition of some 540 new crypto coins, 52 crypto exchanges of which 43 are decentralized, and 233 new crypto companies.

US still leads the top of crypto economies overall, followed by Singapore.

The 2022 Worldwide crypto readiness report looks into the number of crypto ATMs, legislations, taxes surrounding cryptocurrencies, as well as the number of blockchain start-ups and the level of interest in crypto in order to find the most crypto ready countries. The 2022 report revealed that the UAE ranks third globally when it comes to the number of blockchain start-ups. The UAE has close to 120 blockchain start-ups or 1.2 blockchain startups per 100,000 people.

As per the 2022 report, Hong Kong was number one on the list in terms of crypto readiness, The country was crowned the most crypto-ready as it ranked in the top three for three of the categories looked at, including the number of blockchain start-ups per 100,00 people and the number of crypto ATMs proportional to the population. Hong Kong also doesn’t tax capital gains on crypto, making it appealing to investors.

Next up was the United States; the US took second place thanks to the huge number of crypto ATMs in the country, more than ten times that of its closest competitor, or 3.6 more per 100,000 people.

In third place was Switzerland. Switzerland ranked high due to its high number of crypto ATMs per 100,000 people and no capital gains tax, ranking in the top five for both factors. The country is also one of the most enterprising, took number one place for the number of blockchain start-ups.

Switzerland was crowned as the country with the most blockchain start-ups, boasting 12.9 blockchain start-ups per 100,000 residents, or 1,128 in total.  This has been due to the proactive approach taken by the Swiss financial authorities, which has lead to a booming blockchain industry with 14 of its start-ups worth over $1 billion.

While the United Arab Emirates took fourth place globally in the overall crypto readiness ranking, it also grabbed 3rd place with regards to the number of Blockchains start-ups. The UAE boasted of 1.2 blockchain start-ups per 100,000 people. UAE has a population of approximately 10 million which would mean that the UAE has 120 blockchain start-ups residing in the country.

UAE was preceded by Hong Kong who took second place with three blockchain start-ups per 100,000 people.

In terms of the countries which have the most interest in cryptocurrencies, Australia took first place, with 4,579 “cryptocurrency” searches per 100,000 people, just under 18% of Australia’s population owning crypto in 2021.

Second place went to Ireland which has 3,472 “cryptocurrency” searches per 100,000 people, followed by United Kingdom in third place with 3,409 “cryptocurrency” searches per 100,000 people. UAE took fourth place with 3, 342 ‘cryptocurrency’ searches per 100,000 people.