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The Madeira archipelago in Portugal is attracting startups and tech talents to boost its economy. With its natural beauty, the region has been a popular tourist destination, but the local government recognizes the need for a more diversified economy and is exploring emerging technologies like blockchain. Madeira’s free trade zone offers tax benefits to companies, including a low corporate tax rate of 5% and capital gains tax exemption. This tax incentive, along with other initiatives, is aimed at shifting the region’s focus from tourism to a technology-based economy. Yacooba Labs, a software development company using blockchain technology for ticketing solutions, is one of the companies driving Madeira’s Web3 ecosystem. The region is also working on a payment network that will simplify currency exchange for tourists and streamline government operations. Madeira has a history of serving as a testing ground for new technologies, and it is now embracing blockchain as a potential solution for various sectors. The Madeira Blockchain conference brought together Web3 companies from around the world to discuss and shape the future of business models and technologies.