Cryptocurrencies

Cryptocurrency Regulations in Different Countries

The popularity and use of cryptocurrencies have increased dramatically in recent years. Still, their dispersed nature makes them hard to regulate, and the deficiency of a clear framework has raised concerns about terrorist financing, money laundering, and consumer protection. More than 90 countries have enacted cryptocurrency regulations since 2014 and enacting 28 cryptocurrency regulations in 2022.

 

Cointelegraph Research’s Blockchain Regulation Database presents an overview of blockchain and cryptocurrencies’ legal environment and the regulations that apply to various companies. With an easy-to-use interface, the database presents information on topics such as the legal status of cryptocurrencies in multiple jurisdictions, the latest news and updates, and Anti-money Laundering (AML) support and Counter-Terrorism requirements. It is updated weekly and surveys monthly data accuracy verification, which means it can be useful for those involved in the crypto space.

 

The regulatory environment of cryptocurrencies varies widely around the world. Countries like Switzerland and Japan have established clear rules for cryptocurrencies. Japan was considered “well developed” and “earlier on the move” regarding cryptocurrency regulation. At the same time, Switzerland updated its AML regulations in November 2022 to prevent splitting large payments to avoid identity checks.

 

Asia

South Korea has introduced a virtual assets law that requires all cryptocurrency providers to register with financial regulators and adapt their AML and Know Your Customer (KYC) systems. The country’s Justice Ministry also plans to launch a “virtual currency tracking system” to combat money laundering in 2023 and develop an autonomous tracking system in the second half.

 

Related Post

China took a tougher stance by banning initial coin offerings, a widely used fundraising method for cryptocurrency companies.

 

South and North America

The United States, on the other hand, lacks a general regulatory framework for cryptocurrencies. The Securities and Exchange Commission has shown particular interest in this area, launching several high-profile enforcement conducts against companies that have disregarded securities laws concerning their cryptocurrency offerings.

 

Europe

The European Union actively regulates cryptocurrencies and introduced an updated sixth anti-money laundering directive that requires cryptocurrency exchanges to conduct KYC checks on their customers and to report suspicious transactions.

 

The EU is also considering a new law for cryptocurrencies to align them with existing financial laws. Cryptocurrencies are considered financial instruments in Germany and are subject to duplicate laws as other financial instruments.

Tags: Blockchain

Recent Posts

AUD/JPY Climbs Back to 102.20, Halting Losses

Key Points: AUD/JPY broke below a rising wedge, signalling possible bearish momentum, with immediate resistance at 103.00 and support at…

3 days ago

EUR/JPY Hit 168.25, Boosted by 0.3% Q1 GDP Growth

Key Points EUR/JPY Rises to 168.25: Strengthened by robust Eurozone economy and steady ECB policy. Eurozone GDP Grew by 0.3%…

3 days ago

Chinese Electric Vehicle Market: Nio Stock Up 20%

Key Points: Nio's shares hit 44.20 HKD, up 20%, with electric vehicle deliveries up 134.6% year-on-year to 15,620. BYD leads…

4 days ago

Ethereum Price Dips Below $3,120 Amid Market Slump

Key Points: Ethereum fell sharply from $3,355 to a low of $2,813, reflecting high volatility and sensitivity to market dynamics.…

4 days ago

Stock Markets: Nikkei Down 0.1%, Hang Seng Up 2.4%

Key Points Nikkei 225 slightly fell by 0.1%, while the Hang Seng index surged by 2.4%. USD/JPY increased slightly, highlighting…

5 days ago

Gold Price Increases to ₹71,278 and $2,328

Key Points: Gold prices rose on MCX India to ₹71,278/10 gm and COMEX US to $2,328/oz. The US Dollar Index…

5 days ago

This website uses cookies.