In the past ten or twenty years, have you ever wondered what our future would look like? Did it occur to you that digital money will rule the world? Well, cryptocurrencies are our future! However, this industry has already made a big entrance to our world and it seems unstoppable, constantly growing and expanding.
Since cryptocurrencies spread around the globe, the regulations follow and are trying to put them in place and govern them. Legally keeping up to date in different territories is what makes this industry well-regulated, but sometimes it’s overwhelming to navigate the legislative process and all the rules as different nations approach coin regulation in different ways. Investors and governments in every country in the world made their own approach to cryptocurrency regulations, creating regulatory frameworks that may vary from country to country.
Although a set of international regulations still don’t exist, when it comes to cryptocurrency a practical usage around the globe is what differentiates it from every other major currency whether it’s euro, dollar, or any other. This is due to the fact that bitcoins can be used without worrying about conversion rates, and it’s possible to make a bitcoin payment regardless of your current location or profession. That is why this industry has a great potential to rise in the future both in usage and investment since the demand will likely grow as well as the value of bitcoin. That being said, you might consider getting informed about the investment opportunities in this field on cioreviewindia.com
A handful of countries have banned crypto while others embraced them, with a positive outlook on the World’s new trends:
1. BLOCKCHAIN IN THE US
Cryptocurrencies are legal in the United States although there isn’t a consistent or well established legal approach up to date. There has yet to be a cohesive regulation system since laws vary greatly from state to state. It seems like federal laws can’t agree as to what the term of the cryptocurrency really is in general.
They are beginning to take steps towards regulation that will include all the states but it obviously takes time. Some institutions consider cryptocurrencies to be money transmitters, while some regard them as property which leads to contradictory starting points on how regulation should be applied. Nonetheless, it definitely seems like some concrete movements will happen in the following months and years.
2. BLOCKCHAIN IN EUROPE
In the European Union as well as in other countries in Europe, cryptocurrency is widely considered legal, but rules for exchange as well as taxation are different across member states. Taxation ranges anywhere from 0% to 50% so there obviously isn’t specific legislation regarding cryptocurrencies.
The only thing that’s needed is to register the exchanges with their local financial authority and from there, it’s possible to operate across the entirety of the European Union. There are some concerns about the risks associated with private digital currencies while at the same time, the European Central Bank is considering the possibility of issuing its own digital currency. As we can see, this is only the beginning of an exploration of all the cryptocurrency potentials.
3. BLOCKCHAIN IN INDIA
India is one of the countries that don’t consider cryptocurrencies legal. They are not banned as of today but the court battle is in process. Exchanges themselves are legal but thanks to their government it’s being made difficult for the exchanges to operate. The tax status of cryptocurrencies is very unclear while there have been some announcements that people making a profit from bitcoin will have to pay taxes on them. The Federal Government in India will encourage blockchain but is not keen on cryptocurrency trading. Much of the concern in India is about money laundering and other criminal offenses so it will be interesting to see the progress of the crypto industry in this country. Whatever happens in this country, it will be of significant importance as more Asian nation countries weigh the pros and cons of virtual currencies.
4. BLOCKCHAINS IN RUSSIA
It is unclear how this country plans to regulate crypto since it has a complicated history of wanting to allow the usage of cryptocurrencies and on the other hand, wanting to take actions against it. Right now, it seems like everything related to cryptography in Russia, falls under the supervision of national agencies such as the Federal Security Service and others. Not only that, it is unbelievably hard to pass the certification process for blockchain companies, and it’s also quite expensive.
Although the certification isn’t legally required, it is somewhat suggested that transactions between blockchain participants will have no legal significance if they are not certified. All these steps make it hard to step into the world of free blockchain investing and trading, as this country tried to hold everything under control. However, this mostly applies to foreigners and their encryption tools, while Russia managed to maintain its own cryptographic standard, without the participation on the Global market.
5. BLOCKCHAINS IN AUSTRALIA
Australia seems like a free market when it comes to this topic. Cryptocurrencies as well as exchanges are legal and Bitcoin is specifically stated as property. This opens many doors for investors, considering the fact that even Australian government provides specific funds for development and improvement of blockchain standards in this country. From this, we can see that Australia is one of the most progressive countries in this field.
However, they put in a lot of efforts when it comes to security, so Australia’s financial regulatory body created strict and detailed regulations for crypto exchanges, in order to prevent malversations and to provide a free and secure market. The Australian government has just started to get involved in this sector and has come up with a national blockchain roadmap as part of its big plan. This five-year plan is expected to bring certain regulatory mechanisms, help more Australians develop skills in this field, as well as grow many opportunities for foreign investment and collaboration, leading to economic progress and growth in the future.
Compared to major World banks and traditional money currencies, cryptocurrencies are relatively new and for now, not involved in as many scandals. Considering that fact along with knowing that the current market value has been measured in billions of dollars, we can clearly see the unlimited potential right in front of us!