Importance of Cryptocurrency Regulations around the World – Summed Up by Voyager Trading App’s Founding CEO
Steve Ehrlich said during a recent interview that:
“Regulation in the crypto space will help increase the acceptance of crypto across all types of customers. I think it’s really important that we get a landscape over time. And I believe that the regulators are taking the proper approach at this time. They are evaluating everything. I think you have knock-on effects. You could put something in place and it affects the market structure but then it might hurt capital rules.”
“So I think they’re taking a very measured approach to what regulation comes in. I think it’s super important. I think it helps validate the industry. There’s a lot of validation in the industry when bigger names than myself make investments in cryptocurrency, names like Goldman and Fidelity. They’re validating the industry. But the last step before it becomes really widely acceptable to everybody is for the regulators to accept it and put some rules in place.”
Cryptocurrency Regulations around the World – Which Countries are ahead in Implementation?
United Kingdom (UK)
Financial Conduct Authority’s of the UK has recently released a consultation paper called “Guidance on Cryptoassets”. This paper puts forward an outline of the regulatory framework that will guide the way in which the virtual currencies are going to be dealt with in the coming times. Experts believe the
United States of America
There are wide array of cryptocurrency regulations in the US and the status of cryptos depend on individual agencies.
Cryptos are not recognized in this country. In fact, trading of cryptocurrencies are banned here.
This is the most crypto-friendly country in the world. Here, cryptocurrencies are regarded as:
- Unit of account
Digitalmedium of exchange Storeof value
That’s why more and more blockchain and cryptocurrency companies and exchanges are moving to Malta.
Other Countries and their Cryptocurrency Status
- Japan: Cryptocurrencies are legally accepted means of payment.
- Germany: Here, the digital currencies are considered as private money.
- Switzerland: Digital assets are considered properties.
- South Korea: Cryptocurrencies are not yet defined.
- Malaysia – The digital currencies are regarded as securities.
- Singapore – The market is still unregulated and the cryptos are not legal tender yet.
- Italy – The digital assets are still unregulated.
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