Understanding Cryptocurrency Rules by Countries
The Cryptocurrency World has become exponent in recent years, and many countries now recognize its potential as a legitimate currency type. However, Cryptocurrency Regulatory Landscape Remains to a large extent unnamed area, and each country has its own set of rules and rules governing its use.
In this article, we will study the current state of cryptocurrency rules by country, highlighting the main differences between the main economies and the new markets.
The United States: Complex Landscape
The United States has a complex cryptocurrency Adjustment Framework, and Several Federal Agencies play an important role in regulating these assets. The securities and stock exchange commission (SEC) is responsible for monitoring secret, including the mark and issuing of cryptocurrencies. The Commercial Trade Commission (CFTC) shall regulate future contracts related to cryptocurrencies.
The IRS considerers bitcoin as “collectible” by exposing its owners to capital gains tax rates. However, some countries have chosen a more gentle approach, allowing individuals to buy, sell and sell bitcoin without paying taxes on profits made by selling it for cash.
Canada: Legislative Framework
Canada has implemented a number of rules governing the use of cryptocurrencies, including the Payment Card Industry Data Security Standards (PCI-DSS) and the Canadian Securities Administrators Guideelines on Cryptocurrency Trade.
In 2017, Canada adopted a Bill C-75, which set up a system for regulating virtual currencies. The draft law set out the rules on the Exchange of Cryptocurrencies, Guardianship Services and Reporting Requirements.
Europe: Hierarchy Regulatory
The European Union (EU) has implemented various rules governing the use of cryptocurrencies in its member states. The EU General Data Protection Regulation (GDPR) also applies to cryptocurrency transactions.
In 2017, the Financial Management Authority (FCA) issued guidelines for the Exchange of Cryptocurrencies and Guardianship Services, Emphasizing Concerns About Security Risks and Market Volatility.
Japan: Strict Normative Environment
Japan has one of the most stringent cryptocurrencies. The state securities and exchange law (SEA) regulates the mark of securities, including cryptocurrencies. The Japanese Financial Sector Authority (Firm) Monitors The Cryptocurrency Stock Exchanges and Custody Services.
The Japanese Government has also launched a number of initiatives aimed at regulating the use of cryptocurrencies, including a plan for banning cryptocurrencies by 2023.
China: Increasing Regulatory System
China has chosen a more cautious approach to regulating cryptocurrencies, the National People’s Bank (PBOC) People’s Bank (PBOC) Plays an important role in its regulatory framework.
In June 2018, the Chinese Cyber Respiration Administration (CAC) launched a new policy aimed at regulating cryptocurrency transactions and exchange. The CAC has also issued guidelines for virtual currency -related security risks.
South Africa: Normal System
South Africa has introduced a number of rules governing the use of cryptocurrencies in its own country. The Financial Sector Supervisory Authority (FINO) oversides the cryptocurrency stock exchanges, Guardianship Services and Reporting Requirements.
The South African Government has also launched initiatives aimed at regulating the use of cryptocurrencies, including a plan to introduce a regulatory framework for virtual currency transactions.
Australia: Regulatory Framework
Australia has introduced a number of rules governing the use of cryptocurrencies in its country. The Australian Securities and Investment Commission (ASIC) oversees the exchange of cryptocurrencies, Guardianship Services and Reporting Requirements.