Cryptocurrency Regulation Around the World
Trouble keeping up with the cryptocurrency and bitcoin news? It's even more difficult to be clear on what governments are regulating worldwide on a country-by-country basis. The existing gray area of where crypto exists in the financial system and lack of unison from nations have created this today's mixed global stance.
Here's a quick summary by country on regulations / perspective, from tight to light controls and policies:
> China - banned digital-asset exchanges and ICOs, removed online access to overseas trading platforms and blocked off power to Bitcoin miners;
> South Korea - currently passing a set of regulations, but exchanges still allowed to operate;
> India - consider cryptocurrency to be illegal tender and will implement regulations to reduce usage;
> Canada - ICOs (initial coin offerings) are seen as securities and warns of the high-risk of cryptocurrencies;
> Brazil - banned investment funds from buying crypto since it doesn't consider this a true financial asset;
> European Union - upcoming regulation requiring exchanges that convert true currency to crypto, to have customer controls for identification verification;
> Germany - blocked trading sites that don't have required brokerage licenses;
> Russia - proposed regulation to eliminate payments in crypto, but keep ICOs and exchanges running;
> US - no official plans for legislation proposed but there was detailed testimony presented in Congress last month (February) which may lead to changes by year end;
As countries make aggressive moves against cryptocurrency and others standby and watch, 2018 will be a notable year with regulations that will either propel these digital assets to new levels or send them crashing down as the bubble bursts for crypto.
Full article at Bloomberg