Top 10s in Crypto Market

Top Regulators Accepting Blockchain And Cryptocurrency Willingly

As the demand for blockchain and cryptocurrency rises, global regulators are still divided over their use. The majority of digital currencies aren’t backed by any government, meaning each nation has its own standards.

Here is your comprehensive guide to where blockchain and cryptocurrency stand with regulators and governments around the world.

1. Global Regulators

Global Regulators

  • View: Legal tender but depends on every nation.
  • Policy on trade: No global regulator constituted at the moment.

The Financial Stability Board (FSB), an international watchdog that operates financial regulation for G-20 nations, is of the view that blockchain and cryptocurrency don’t pose any risk to global financial stability. The International Monetary Fund (IMF) calls for more cooperation when it comes to these currencies and enactment of laws to prevent financial terrorism and money laundering.

2. Japan

Japan FSA

  • View: Legal tender
  • A policy of trade: Trade is legal if disclosed with the JFSA (Japanese Financial Services Agency)

Japan is the leader in cryptocurrencies. Cryptocompare notes that almost half of the global trade takes place in Japan. It was the first nation to enact a national system for regulating cryptocurrency exchange after its trades were subjected to some famous breaches including Mt.Gox.

3. United States

US regulators

  • View: Not legal tender
  • A policy of trade: Legal but depends on the state

The United States transacts the second biggest volume of cryptocurrencies after Japan. The Cryptocompare puts it at about 26%. Different states regulators differ in their interpretation of these currencies.

For instance, the Securities and Exchange Commission (SEC) views cryptocurrencies as securities. The Commodity Futures Trading Commission (CFTC) views them as commodities.

4. European Union

EU regulators

  • View: Not legal tender
  • Policy on trade: Legal but depends on the state

According to Cryptocompare, at least 4% of cryptocurrency’s trade is done in a European Union state. European Union notes that these currencies should be under the Anti-Money Laundering Directive.

5. United Kingdom

United Kingdom FCA

  • View: Not legal tender
  • Policy on trade: Legal but should register with the FCA (Financial Conduct Authority)

The cryptocurrency world should be held like the other financial systems.

6. South Korea

South Korea FSC

  • View: Not legal tender
  • Policy on trade: Legal but accounts should be disclosed by registering with SKFSC (South Korea Financial Service Commission)

Trading in this country makes up about 4% of the global trade. With that said, regulators have always given mixed signals when it comes to cryptocurrencies.

7. China

China crypto regulator

  • View: Not legal tender
  • Policy on trade: Illegal

Trading bitcoin and other cryptocurrencies in China is illegal. The state banned ICOs – a method of start-ups to collect funds by selling digital currencies – and shut local cryptocurrency trades. However, this country was accepting cryptos for past few years.

8. Singapore

Singapore regulators

  • View: Not legal tender
  • Policy on trade: Legal

Singapore makes up about 0.02% of the global trade when it comes to cryptocurrencies exchange. Actually, a PwC report notes that two of the fifteen biggest coin offerings occurs in Singapore.

9. India

India regulators

  • View: Not legal tender
  • Policy on trade: Legal

The nation is taking states to make it illegal to use cryptocurrencies within its payment system and wants to appoint a regulator to control the trade.

10. Switzerland

Swiss Financial Market Supervisory Authority

  • View: Legal
  • Policy on trade: Legal but should register with SFMSA (Swiss Financial Market Supervisory Authority)

Swiss regulators are one of the friendliest regulators in the globe when it comes to these currencies.

Verdict

Those are some of the states and regulators that are accepting blockchain and cryptocurrency in one way or the other.

You can Contact us for Exchange Listing, Blockchain Events, Wallets, Tracking Tool info. Have a look at our blockchain partners here.

Was this post helpful?
Let us know if you liked the post. That’s the only way we can improve.
Tags
Show More

Related Articles

Leave a Reply

Your email address will not be published. Required fields are marked *

three × two =

Close