cryptocurrency regulation worldwide
Assalamu Alaikum
Cryptocurrency's rise from speculative investment to a new asset class has prompted governments around the world to explore ways to regulate it. As of January 2024, some governments have put in place frameworks to protect users, while others are biding their time.
United States
The US announced a new framework in 2022 that opens the door to further regulation. The new guidelines transfer powers to existing market regulators such as the Securities and Exchange Commission (SEC) and the Commodity Futures Trading Commission (CFTC).
The SEC already regulates the sector, demonstrated by the long list of filings against crypto-centric businesses and projects, such as lawsuits and complaints against Ripple, Coinbase (COIN), Binance (BNB) and many others over their crypto products and services.
China
The People's Bank of China (PBOC) has banned crypto enterprises from operating in the country, saying they offer public financing facilities without approval.
Furthermore, China imposed a ban on Bitcoin mining in May 2021, forcing many involved in the activity to cease operations altogether or relocate to jurisdictions with a more favorable regulatory environment. And in September 2021, cryptocurrency was completely banned.
Canada:
Although crypto is not considered legal tender in Canada, the country has been more proactive than others regarding crypto regulation. Canada is the first country to approve bitcoin exchange-traded funds (ETFs) with multiple trading on the Toronto Stock Exchange.
In the case of crypto trading platforms, the Canadian Securities Administrator (CSA) and the Investment Industry Regulatory Organization of Canada (IIROC) require crypto trading platforms and dealers to register with the country's provincial regulators.
Canada classifies all crypto investment firms as money services businesses (MSBs) and requires them to register with the Financial Transactions and Reporting Analysis Center of Canada (FINTRAC). From a tax perspective, Canada treats cryptocurrency like any other commodity
United Kingdom:
In October 2022, the House of Commons of the British Parliament recognized crypto assets as regulated financial instruments. The Financial Services and Markets Bill became an Act (Act) in June 2023 and expands existing laws relating to all crypto assets, services and providers.
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I still remember the market down massively after China banned Bitcoin mining in May 2021, and that was another side of Bitcoin down after the last BullRun.
It can vary from place to place and country to country, partly because of economic disparities and different laws and regulations from one country to another.
Would only hope for a time well the legal framework surrounding cryptocurrencies would be clear.
https://twitter.com/MahmudulK59125/status/1773415563190243506?t=I1DnOkJiWRo8nuvf6jOXXw&s=19
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