Madeira Bitcoin Meetup Group

## An Island Apart

Madeira is an ideal location for bitcoin adoption for many reasons. First of all, it is a part of Portugal, which itself is one of the bitcoin friendliest jurisdictions in the European Union. Furthermore, it's a semi-autonomous region, meaning that it is sovereign to a large extent. It is also classified as an outermost region of the EU, which means that Madeira is an integral part of the Portuguese Republic, but has special status as an Autonomous Region, with a degree of self-governance. Some derogations from the application of EU law apply in regards to taxation, fishing and transportation. VAT is lower than the rest of Portugal. In addition, the International Business Centre of Madeira, also known as the Madeira Free Trade Zone, was created formally in the 1980s as a tool of regional economic policy. It consists of a set of incentives, mainly tax-related, granted with the objective of attracting foreign direct investment based on international services into Madeira.

Due to its distinct geography, economy, social and cultural situation, as well as the historical autonomic aspirations of the Madeiran island population, the Autonomous Regions of Madeira was established in 1976. Although it is a politico-administrative autonomic region the Portuguese constitution specifies both a regional and national connection, obliging their administrations to maintain democratic principles and promote regional interests, while still reinforcing national unity. As defined by the Portuguese constitution and other laws, Madeira possesses its own political and administrative statute and its own government. The branches of Government are the Regional Government and the Legislative Assembly, the latter being elected by universal suffrage, using the D'Hondt method of proportional representation. The president of the Regional Government is appointed by the Representative of the Republic according to the results of the election to the legislative assemblies.

F.R.E.E. Madeira functions as an advisory board to the Madeiran government as well as to several other institutions on the island, public and private.