Update on Crypto Regulations from Different Regions
Cryptocurrencies have created ripples across the financial world, governments and financial institutes from different countries are left with no other option but to bring crypto regulations. Here is the list of updates on crypto regulations from different regions:
Asia-Pacific region is arguably the most progressive in terms of crypto reforms towards digital currencies, even though many nations in this region have still banned crypto transactions and ICOs. Japan and Australia are showing other nations in the region away by taking fast measures. These two nations are the most progressive countries in normalizing cryptocurrencies; both countries have introduced regulations for Anti-money laundering, anti-terrorism fund laws and application of tax laws since 2018. Singapore and Hong Kong are the other two nations in the Asia-Pacific region to apply anti-terrorism and anti-money laundering law to cryptocurrency, but no taxation rule has been implemented yet. Russia is, however, has implemented limited taxation law in digital currencies but yet to implement anti-money laundering laws.
The year 2018 was a turning point for Japan, as many reforms were introduced to regulate cryptocurrencies and its use. Associations were formed to look after different aspects of the cryptocurrency trading platform and exchange. Japan’s government is ensuring there are no loopholes in the system through proper reforms and regulation. Apart from that, other Asian countries like China, Pakistan, and Macau are yet to take a final call on digital currency or Blockchain regulation. However, the cryptocurrency transaction ban is imposed in Thailand, Nepal, and Bangladesh. India, one of the fastest-growing economies in the world is also taking time to bring crypto regulations.
Several online exchanges like AusFinex provide the best Cryptocurrency Exchange Rates in Australia and are constantly trying to enhance the crypto trading experience. Crypto fans can easily use these platforms to trade favorite cryptocurrencies.
Europe, Middle East, and Africa
Europe, Middle East, and African countries are taking major steps forward to bring taxation riles for all crypto assets. Use of digital currencies in these regions have also seen a huge increase in the last few years, several online exchanges and crypto ATMs are coming up across major cities. Several European countries imposed limits on digital currency activities. The Netherlands has already introduced crypto regulation, whereas countries like Belarus, Spain, and Luxembourg don’t recognize digital currency as legal tender yet. In most African and Middle East countries, cryptocurrency adoption regulation is seeing a slow rate, around nine counties have placed bans on all cryptocurrency activities. South Africa and Israel have already applied taxation laws.
The European Commission issued an Action plan to tackle and study all the opportunities offered by new technologies like Artificial Intelligence and Blockchain. Highlights from other countries in this region include crypto regulations for online exchanges in Gibraltar and new crypto regulations are getting implemented in Malta.
North, Central, South America
When it comes to crypto regulation these American regions saw huge development all through 2018. The craze among common people to purchase Bitcoin is seeing a consistent upward trend, many businesses have already started accepting digital currencies frequently. However, Ecuador, Trinidad, and Tobago, Honduras have warned all crypto enthusiasts in the country as it’s not considered a legal tender yet. Nations like Venezuela, Mexico, and Canada took a positive step toward cryptocurrency regulation. Venezuela has been introduced its own cryptocurrency named “petro”. Mexico, on the other hand, is traducing a wide range of regulatory measures to keep crypto users safe.
The United States is always known as one major hub to buy and sell digital currency where crypto ATM business is blooming seeing wide demand. Bolivia as banned all digital currency activities, Columbia, on the other hand, has banned digital currency transactions. Argentina has already applied tax law to the digital currency, but no anti-money laundering laws are imposed yet.
No matter you’re from which region, cryptocurrency is proving to be the best investment today! Support this innovation for a better tomorrow!