Friday, 2 June 2023

Crypto News

Digital asset regulations around the world

Digital asset regulations around the world

As cryptocurrencies continue to become a bigger part of the global economy, more and more governments are exploring ways to regulate the industry and construct rules for firms operating in the space.

There have been some significant regulatory developments in recent weeks, with the European Parliament approving the Markets in Crypto-Assets (MiCA) regulations on April 20, Ukraine announcing it would adopt the same set of rules, and South Korea making progress with its proposed regulations.

The collapse of crypto exchange FTX has led to calls for fast-tracked regulations in numerous countries, with its bankruptcy resulting in a contagion that contributed to the downfall of many firms it associated with.

Speaking to Cointelegraph, chairman and co-founder of Animoca Brands Yat Siu noted that his firm is “very pro-regulation, as that provides a framework that legitimizes the industry.” Sui said that a lack of regulatory clarity could have the opposite effect and create uncertainty, adding:

“Broadly speaking, regulation has seen a much more positive direction in places like Hong Kong, Japan, UAE, and even parts of Europe compared to the U.S., which has attracted capital, talent and jobs in those places.”

Below is a breakdown of crypto regulations in different countries worldwide and whether they provide clear rules for a cryptocurrency industry to be built around, if they are hostile toward crypto firms, or if they lack clear regulations.

This is not a definitive list but aims to cover many of the largest countries by gross domestic product and those with unique rules. Most European Union member states are not included, with many likely to adopt the incoming MiCA regulations.

Regulations can be highly nuanced, so attempts to categorize different countries’ regulations may be an oversimplification.

Countries or regions with clear regulations

Bahamas: The Bahamas has become desirable for crypto firms’ headquarters due to its friendly tax policies and transparent regulatory framework. FTX was headquartered there, and Coinbase is reportedly set to create a derivatives exchange there.

Brazil: Former Brazilian President Jair Bolsonaro

Click Here to Read the Full Original Article at News…