The blockchain world is in limbo!
Why? Because blockchain is either in the process of adoption or is under a government-imposed ban. Moreover, several societal and governmental agencies have been tasked to find out whether or not laws should be drafted for blockchain technology.
Here are some examples of blockchain regulation around the world.
1. Blockchain Regulation in China– Recently, the Cyberspace Administration of China (CAC) published new regulations to compel Blockchain-based entities to eliminate content that may be viewed as “undesirable”. Also, government authorities will have access to privately collected data and to verify the identity of users.
2. Blockchain Regulation in India– The Indian Government affirms that blockchain regulations are in their final stages. In the meantime, the Indian crypto-community is building up efforts to advocate for positive blockchain regulation. Especially, the end of the ban on banking institutions imposed by the country’s central bank.
3. Blockchain Regulation in Europe– The European Banking Authority (EBA) made calls for pan-EU rules and regulations that will govern the use of blockchain technology, bitcoin and crypto-assets in general. Moreover, the regulatory agency presented a draft of cryptocurrency laws to the European Commission. In addition, the report covered a variety of various blockchain laws and implementation to avoid exploitation of investors.
4. Blockchain Regulation in Malaysia– Following the release of the Capital Markets and Services Order of 2019, cryptocurrencies, tokens and other crypto-assets are classified as securities.
5. Blockchain Regulation in the US– On one hand, with regards to individual US states, the most crypto-friendly state is Ohio, which recently announced coming crypto-tax payments. On the other hand, federal regulatory agencies live in confusion with regards to defining and regulating crypto-assets.
6. Blockchain Regulation in Singapore– Recently, the central bank of Singapore concluded a new regulatory framework for payment services. In particular, this plan includes cryptocurrency. As a result, crypto payment service providers are required to obtain a license under the new framework.
7. Blockchain Regulation in Switzerland– The Swiss government authorities announced a new regulatory approach to blockchain regulation. With the result that the new report regards blockchain technology as one of the pivotal technological developments in the financial industry.
8. Blockchain Regulation in South Korea– South Korea regulators drafted six crypto-related bills to the National Assembly. In particular, the most recent bill attempts to preserve the freedoms of crypto traders by ensuring their privacy, safety, and reliability.
9. Blockchain Regulation in the United Arab Emirates– The UAE regulatory body completed a framework that classifies ICO tokens as securities. Furthermore, this framework is expected to be available to the public before the end of the year.
10. Blockchain Regulation in the United Kingdom– At the moment, the UK has embraced a positive approach to digital currencies. In addition, the Treasury has also expressed the intention to regulate crypto-traders. As a result, crypto-traders will be forced to abide by KYC procedures, to reveal their identities and report questionable acts.
In 2019, more government agencies are expected to release frameworks to add to blockchain regulation around the world.
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