Madeira seeks to boost economy with startups, innovative payment system

An archipelago in the middle of the Atlantic is seeking startups and tech talents to boost its economic growth. Web3 entrepreneurs are flocking to this region.

Portugal’s Madeira archipelago has been praised for its natural beauty, but an aging population and pressing need for a more diversified economy prompted its local government to explore emerging technologies, such as blockchain.

According to Rogerio Gouveia, finance secretary of the regional government of Madeira, emerging-technology companies make up nearly 30% of businesses in Madeira’s free trade zone, a special economic area that offers tax benefits to companies, including one of the lowest corporate tax rates in the European…

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