Following the unprecedented cryptocurrency boom in 2017, investors and governments alike could no longer ignore the growth of decentralized finance.
The world has become increasingly fascinated with cryptocurrencies and the ways they are enabling greater access, such as being able to send funds to remote places or securing capital for small businesses.
To aid this, cryptocurrency regulations are being slowly introduced into global financial markets. Regulations help to monitor these emerging digital currencies, and to allow for clearer guidelines and a measure of security.
Todays graphic from ComplyAdvantage maps out major regulatory cryptocurrency and exchange landscapes around the world, showing how sentiments towards digital currencies are evolving.
To do this, ComplyAdvantage measured cryptocurrency regulatory environments using their own Light-to-Tight scale, based on the following criteria:
Which jurisdictions have the strictest and most relaxed regulations for cryptocurrencies?
Global attitudes towards the rise of cryptocurrencies have shifted greatly over the past few years. While the term cryptocurrency is a bit of a misnomer, some countries do consider digital currencies legal tender, with many viewing cryptocurrencies as commodities.
Below is a table of the major countries that are pursuing cryptocurrency regulations:
Sources: ComplyAdvantage, HedgeTrade, CoinDesk
Japan has one of the most progressive regulatory climates for cryptocurrencies, widely considering bitcoin as legal tender and passing a law in mid-2017 recognizing cryptocurrencies as legal property. In late 2018, Japan also approved self-regulation for the crypto industry.
By contrast, China currently has one of the most restrictive environments in the world for cryptocurrency. China banned bitcoin transactions in 2013, as well as ICOs and crypto exchanges in 2017though many have found workarounds through sites not yet firewalled.
Cryptocurrency and exchange regulations in the EU are determined by individual member states, and are considered legal across the bloc.
Digital currency offers great promise, through its ability to reach people and businesses in remote and marginalized regions.
Christine Lagarde, Managing Director of IMF
Perhaps unsurprisingly, Switzerland has one of the most open climates for cryptocurrencies and exchanges in Europe. In 2016, the city of Zug, known as Crypto Valley, started accepting bitcoin as payment for city fees. Swiss Economics Minister Johann Schneider-Ammann announced his goal in 2018 to make Switzerland the worlds first crypto-nation.
Both Canada and the U.S. take a similar approach to cryptocurrency legislation at the federal level, as both countries view cryptocurrencies as securities. However, provincial and state regulations differ widely in their taxation requirements of profits from crypto investments.
Regulations throughout Latin and South America run the full legislative spectrum.
Cryptocurrencys journey is the story of a technology rapidly outpacing the laws that govern it.
Governments around the world are keenly aware of this problem. Members of the G20 published a request in June 2019 for a global regulatory framework for cryptocurrencies to be implemented to better manage the benefits and challenges that cryptocurrencies bring.
Regulation for both cryptocurrencies and crypto exchanges is essential for the future of digital financebringing legitimacy to the digital financial market, and making it more attractive for new businesses, established banks, and investors worldwide to more easily conduct business within this emerging ecosystem.
Given email address is already subscribed, thank you!
Please provide a valid email address.
Please complete the CAPTCHA.
Oops. Something went wrong. Please try again later.
Read the original:
- Senator Romney Considers Action As A Nation On Cryptocurrency Threat To Homeland Security - Forbes - November 6th, 2019
- Bitcoin passes $1 billion milestone on cryptocurrency anniversary - The Independent - November 6th, 2019
- Stellar's Foundation Just Destroyed Half the Supply of Its Lumens Cryptocurrency - Coindesk - November 6th, 2019
- CRYPTOCURRENCY: China calls on Huawei to help with crypto ambitions - Express - November 6th, 2019
- Governments race to beat Facebook's cryptocurrency, libra, at its own game: Don Pittis - CBC.ca - November 6th, 2019
- Bitcoin and Cryptocurrency mining industry still has a future in China - FXStreet - November 6th, 2019
- Ron Paul: No, cryptocurrency is not something the Fed should be getting its 'hands around' - Fox Business - November 6th, 2019
- Cryptocurrency market update: Bitcoin, Ethereum and Ripple get ready the weekend action - FXStreet - November 6th, 2019
- The Bitcoin time-traveler Reddit post has been edited, but nobody knows who did it - The Next Web - November 6th, 2019
- Cryptocurrency saves a 110-year old power plant from demolition - The Next Web - November 6th, 2019
- US fines founders of worthless cryptocurrency over $4.25M binary options scam - The Next Web - November 6th, 2019
- Inside the Icelandic Facility Where Bitcoin Is Mined - WIRED - November 6th, 2019
- Fiat Currency 2.0: Counter argument to the Cryptocurrency narrative - Finextra - November 6th, 2019
- The never-ending Mt. Gox saga: Cryptocurrency recovery deadline pushed back (again!) - The Next Web - November 6th, 2019
- Startup Targets Cryptocurrency Crime - But Will The Big Banks Come On Board? - Forbes - October 24th, 2019
- Major Bitcoin Miner Warns The Cryptocurrency Needs Better Privacy - Forbes - October 24th, 2019
- Why Cryptocurrency is in The Spotlight For More Central Banks - newsBTC - October 24th, 2019
- Bank of Canada Warms To National Cryptocurrency, Will it Compete Against Bitcoin? - newsBTC - October 24th, 2019
- Cryptocurrency Mining Hardware Market 2019-2023 | Evolving Opportunities with Advanced Micro Devices, Inc and Baikal Miner | Technavio - Business Wire - October 24th, 2019
- Sitharaman Says Other Nations Agree With Indias Stance On Cryptocurrency - Inc42 Media - October 24th, 2019
- Mark Zuckerberg to testify on cryptocurrency, election security, and antitrust - KCRW - October 24th, 2019
- Facebook's Owner Hints It May Be Willing To Pull Out Of Cryptocurrency. - Kfm Radio - October 24th, 2019
- Are Smart Cities The Pathway To Blockchain And Cryptocurrency Adoption? - Forbes - October 24th, 2019
- This New Bitcoin And Cryptocurrency Exchange Cant Be Hacked - Forbes - October 16th, 2019
- As Facebook's libra faces headwinds, China is racing to launch its own global cryptocurrency - CNBC - October 16th, 2019
- Telegram might be forced to put its global cryptocurrency plans on ice - MIT Technology Review - October 16th, 2019
- Mastering Emotions and Managing Risk in Cryptocurrency Trading - Coindesk - October 16th, 2019
- Europol: Bitcoin is the still the dark webs favorite cryptocurrency - The Next Web - October 16th, 2019
- Theres A New Question On Your 1040 As IRS Gets Serious About Cryptocurrency - Forbes - October 16th, 2019
- North Korean Hackers Tried to Infect macOS Systems with Fake Cryptocurrency App - Security Boulevard - October 16th, 2019
- Bitcoin Will Break Out Again in November, Suggests Cryptocurrency Trader - BeInCrypto - October 16th, 2019
- Another partner abandons Facebooks cryptocurrency - Marketplace.org - October 16th, 2019
- SEC puts a stop to Telegram's cryptocurrency plans in the US - Engadget - October 16th, 2019
- Alert: IRS Releases Long-Awaited Guidance on Taxation of Cryptocurrency Transactions - JD Supra - October 16th, 2019
- The New Guidance on Cryptocurrency - Accountingweb.com - October 16th, 2019
- Cryptocurrency 101: What is Bitcoin, where did it come from, and where does is it lead? - WGN Radio - Chicago - October 16th, 2019
- The issuer of a star cryptocurrency is being sued for $1.4trn - The Economist - October 16th, 2019
- Bitcoins Competitors Are Missing The Point Of Cryptocurrency And Blockchain Technology - Forbes - September 29th, 2019
- North Korea's cryptocurrency shows the limits of Trump's 'maximum pressure' - Business Insider - September 29th, 2019
- Congress Questions The SEC On Libra, Cryptocurrency And The Whole Blockchain Phenomenon - Forbes - September 29th, 2019
- The cryptocurrency market update: Bitcoin consolidates losses, altcoins explore the red territory - FXStreet - September 29th, 2019
- Dollar-pegged stablecoin Tether is now the worlds 4th biggest cryptocurrency - The Next Web - September 29th, 2019
- Post-Crash Bitcoin Warning As Wallets Targeted In Active And Ongoing Hack Attack - Forbes - September 29th, 2019
- Venezuela may have Bitcoin and Ethereum, but its unsure how it can use them - The Next Web - September 29th, 2019
- Facebook reveals which currencies will back Libra cryptocurrency - The Independent - September 29th, 2019
- Are Cryptocurrency Transactions about to Hit the Mainstream? - BOSS Magazine - September 29th, 2019
- Best ROI in Home Cryptocurrency Mining with BitHarp - AiThority - September 29th, 2019
- Justin Sun seeks Andrew Yangs attention with another cryptocurrency UBI pitch - The Next Web - September 29th, 2019
- Algorand cryptocurrency lost 94% of its value in its first three months - Decrypt - September 29th, 2019
- The sad and peculiar case of Satowallets alleged $1M cryptocurrency exit scam - The Next Web - September 29th, 2019
- Cryptocurrency This Week: Bitcoin Plunges $2K, SC Rejects Amit Bhardwajs Latest Plea And More - Inc42 Media - September 29th, 2019
- Cryptocurrency Club created to educate students on new form of commerce - Daily Nebraskan - September 29th, 2019
- Fast ROI in Home Cryptocurrency Mining With BitHarp - Business Wire - September 29th, 2019
- Ethereum leads cryptocurrency market over past week - Decrypt - September 19th, 2019
- Bitcoin Ban Means Massive Brain Drain for India, Crypto Industry Warns - Cointelegraph - September 19th, 2019
- The cryptocurrency market update: Bitcoim settles at new lows, altcoins deep in red - FXStreet - September 19th, 2019
- Stanford grads develop cryptocurrency for smartphone users to increase its accessibility - The Stanford Daily - September 19th, 2019
- FINMA Application From Facebooks Cryptocurrency Libra Might Not Be Good Enough To Satisfy Regulators - Forbes - September 19th, 2019
- Cryptocurrency market update: Ripple, NEO and Monero dump as altcoins' short-lived boom takes a breather - FXStreet - September 19th, 2019
- Bitcoin Price Dips to $9.6K as Bear Cross Looms - CoinDesk - September 19th, 2019
- IRS small business unit pivots to cryptocurrency enforcement - Accounting Today - September 19th, 2019
- SEC sues cryptocurrency startup ICOBox for selling $14.6M worth of unregistered tokens - The Next Web - September 19th, 2019
- Cryptocurrency in Focus: EOS Has Deep Pockets, but Faces Challenges Ahead - TheStreet.com - September 19th, 2019
- Report: Philippine Police Raid Alleged Cryptocurrency Scam, Arrest 277 - Cointelegraph - September 19th, 2019
- France, Germany blast Facebook's Libra, back public cryptocurrency - Reuters - September 19th, 2019
- Retail Giant Overstock Seeks to Restructure Cryptocurrency Dividend - Cointelegraph - September 19th, 2019
- Divi Helps Reduce Barriers to Entering the Cryptocurrency Ecosystem and Promote Earnings with One-Click Masternodes and a User-Friendly Interface -... - September 19th, 2019
- How To Secure Your Cryptocurrency In Case Of Emergencies, 5 tips - Irish Tech News - September 19th, 2019
- Meet Panda, an illicit cryptocurrency mining crew terrorizing organizations worldwide - The Next Web - September 19th, 2019
- Phunware to hold Initial Exchange Offering for its cryptocurrency Phun tokens - Proactive Investors USA & Canada - September 19th, 2019
- HTC partners with Bitcoin.com to support cryptocurrency smartphone Exodus 1 - VentureBeat - September 19th, 2019
- CookieMiner malware targets Macs, steals passwords and SMS messages, mines for cryptocurrency - Security Boulevard - September 19th, 2019
- High Performance Cryptocurrency Mining Rigs Released by BitHarp - AiThority - September 19th, 2019
- InnfiRAT malware lurks in your machine to steal cryptocurrency wallet data - ZDNet - September 19th, 2019
- Cryptocurrency Tax Software To Keep the IRS From Your Door - Crypto Briefing - September 19th, 2019
- The cryptocurrency market update: Bitcoin drifts lower within the current range - FXStreet - September 19th, 2019
- Custody startup GK8 raises $4M to offer cryptocurrency transactions without an internet connection - Yahoo Finance - September 19th, 2019
- Skidmap malware buries into the kernel to hide illicit cryptocurrency mining - ZDNet - September 19th, 2019
- Wells Fargo makes it official: Big banks are getting in on cryptocurrency - The Hustle - September 19th, 2019
- New Zealand's progressive approach is a boost for cryptocurrency - American Banker - September 19th, 2019