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BizReport : Internet Marketing 101 : January 06, 2020

Bitcoin Regulation in Different Parts of the World

How are Bitcoin and cryptocurrency regulated around the world? The USA appears to be holding tight while areas of Europe flourish and Asia takes multiple stances.

For governments, cryptocurrency is a bit like a game of cat and mouse. Nobody wants to make the first moves, but everyone wants to be the pioneering success of the industry. Some nations have gotten off the fence and pledged their alliance to cryptocurrency, believing it can have positive effects on the economy and daily life of citizens, while others don't want to poke the sleeping giant.

The problem is that cryptocurrency may require regulations to help it continue growing in popularity. Only so many people and businesses are going to reach for their Luno Bitcoin wallet and start embracing crypto's benefits without governmental approval, extra security and healthier crypto taxation laws.

With that in mind, which territories are opening their arms to cryptocurrencies and which are slamming the door shut? Here is a round-up of Bitcoin regulation across the world.

The USA and a Notable Silence

The USA has not been too involved with regulating crypto in the country and it has been left upon states to impose their own regulations. Yet, only a handful of states including New York, Vermont and gaming capital Nevada have made up ground. At current the only blanket regulations to US residents is in how crypto is regulated. The USA is a prime example of a country not making any drastic moves on crypto regulations and may just be peering over the Atlantic to see how things play out in Europe first.

Thriving Europe

Looking over to Europe may not be a bad idea as the continent has a growing reputation of becoming a thriving place for crypto. The EU along with individual nations have implemented some form of crypto regulations and have also included directives to help the crypto industry free itself from potential criminal activity. The end result is nations like Switzerland becoming hotbeds for the industry and producing fintech brilliance and successful blockchain startups.

The only issue is some individual countries are also cracking down on crypto firmer than they need to as stated by the EU. Germany's laws, for instance, has chased some of these fintech companies out of their nation.

Differing Stances Taken in Asia

The story in Asian countries differs significantly. Japan is one of the leading countries on crypto regulation in the continent and some Japanese workers receive wages in Bitcoin. However, on the other side of the fence are Nepal, Bangladesh and Kyrgyzstan - all countries that have made cryptos illegal and anyone found with them can receive heavy punishment.

China is a more interesting nation in regard to crypto regulation. Their lack of regulation allowed the country to thrive in the industry and also blockchain technologies. However, after worries that too much money was leaving the borders, China has cracked down on its use with strict regulations.

Other Talking Points

The situation in Africa is much like Asia with widely different stances takes. Mauritius, for example, was one of the first to adopt regulations and has become a crypto valley of its own. On the other hand, many other African governments are blocking its progress.

The game of cat and mouse continues.


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