And sometimes the twain do meet. At a time Cryptocurrency ecosystem stakeholders in India are keeping their fingers crossed, with a hope that India will come up with rules to regulate them instead of announcing a blanket ban, a statement by Prime Minister Narendra Modi has contributed to more suspense on the issue. In a virtual summit hosted by US president Joe Biden, Modi said that emerging technologies such as cryptocurrencies should be used to empower democracy, not undermine it.
The statement comes at a time when the entire world is coming up with its own set of regulations to deal with the emerging asset class. While some countries have banned cryptocurrency entirely, others have tried to partially control their flow in the economy.
Outlook Business looks at the way different countries in the world have tried to regulate cryptocurrencies. The US has a dual system of governance, under which different states can have different laws for cryptocurrency. Wyoming too, exempted the developers of cryptocurrencies from securities laws, if they met certain conditions in Different states of the USA may hold varied regulations related to crypto, but the overall sentiment in the country remains positive towards the trading community.
The European Union has 27 member countries, and legislation at the Union level is a complicated matter. So far, countries in the EU have had their framework regulating this industry, with the majority of them going for a soft-touch regulatory framework. When this draft comes into effect, cryptocurrencies will be treated as regulated financial instruments by the legislation.
This framework increases consumer protection, defines crypto industry conduct, and introduces new licensing requirements. El Salvador became the first country to use bitcoin alongside the US dollar as legal tender in September The president of this South American country, Nayib Bukele has said Bitcoin may reduce poverty, and lead more people into digitalisation.
The United Kingdom has not formulated separate legislation regarding the regulation of cryptocurrency. The UK considers cryptocurrency as property, and not legal tender. Under the current system, the Financial Conduct Authority FCA regulates licensing to authorised cryptocurrency-related businesses, including crypto exchanges. FCA has a stringent set of rules, which all those seeking a licence have to comply with. The UK gains taxes from crypto trading, like any other currency trading.
Those businesses which are involved in cryptocurrency trading, including cryptocurrency exchanges themselves, have to comply with corporate tax rules. China has changed its stance on Cryptocurrencies radically in the last few months. After allowing its citizens to trade or mine crypto coins in the initial years, it unleashed a crackdown on mining activities and banned the trade in June Furthermore, China placed a ban on bitcoin mining in May , forcing many engaging in the activity to close operations entirely or relocate to jurisdictions with a more favorable regulatory environment.
Like most countries, the subcontinent outlines that cryptocurrencies are not legal tender. In , the Reserve Bank of India RBI banned financial institutions from transacting in virtual currencies; however, the Supreme Court reversed this decision in March Still, regulations remain uncertain in the country.
For instance, India proposed a law in early that would make it illegal to issue, hold, mine, and trade cryptocurrencies other than state-backed digital assets. Cryptocurrency is legal throughout most of the European Union EU , although exchange governance depends on individual member states.
In September , the European Commission proposed the Markets in Crypto-Assets Regulation MiCA —a framework that increases consumer protections , establishes clear crypto industry conduct, and introduces new licensing requirements. Commodity Futures Trading Commission. S Securities and Exchange Commission. Internal Revenue Service. Securities and Exchange Commission.
The Coinbase Blog. Evolve ETFs. Global NewsWire. Canadian Securities Administrators. Government of Canada. Financial Conduct Authority. National Tax Agency Japan. Australian Taxation Office. Australian Transaction Reports and Analysis Centre. The Financial Action Task Force. Australian Securities and Investments Commission. Singapore Statutes Online. Inland Revenue Authority of Singapore. Library of Congress. The Supreme Court of India.
Reserve Bank of India ," Page Ministry of External Affairs, Government of India. European Union. Your Money. Personal Finance. Your Practice. Popular Courses. Investing Cryptocurrency. Key Takeaways As cryptocurrency has become a more significant factor in the global investment landscape, countries have taken different approaches to regulate the asset class. The patchwork of regulations in other countries means that cryptocurrencies are subject to different classifications and tax treatments around the world.
Article Sources. Investopedia requires writers to use primary sources to support their work. These include white papers, government data, original reporting, and interviews with industry experts.
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The number one way that the government could regulate cryptocurrencies is by taxing any fiat money you use to cash out a virtual token. The main caveat with. considering ways to evaluate and regulate cryptocurrencies to benefit from the opportunity and mitigate associated risks. Challenges facing cryptocurrencies. Cryptocurrency exchanges are legal in the United States and fall under the regulatory scope of the Bank Secrecy Act (BSA). In practice, this means that.