Prem Hirubalan

Prem Hirubalan

New York, NY, United States

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Prem Hirubalan is an entrepreneur based in New York City whose work focuses on data science and cryptocurrency. Outside of work he enjoys watching rugby.

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Cryptocurrency Regulations Around the World

In the past few decades, there has been a growing interest in cryptocurrency. As cryptocurrencies like Bitcoin become a popular way of making transactions and investments, the lack of government regulations is becoming clear. Most governments are still catching up on bitcoin, so regulations are being frequently updated. Right now, there is no international standard on how to deal with cryptocurrencies. This guide explains how they are treated in various locations.


 


China


China has a fairly harsh outlook on cryptocurrency. It is not considered to be legal tender, and no exchanges are allowed. This makes cryptocurrency trading illegal, and the government plans to crack down on private trading organizations.


European Union


Due to European Union regulations, no member state in the EU is capable of creating its own currency. This means that the likelihood of cryptocurrency becoming legal tender is fairly low at the time. However, cryptocurrency exchanges are allowed in most member states of the EU.


Japan


Half of all bitcoins are traded in Japan. This nation is a big market for bitcoin because it is a legal tender. As long as exchanges are registered through the Japanese Financial Services Agency and carried out through licensed companies, bitcoin is seen as a legal form of money. Since bitcoin is regulated heavily here, it is seen as a fairly reliable place to get involved with cryptocurrency markets.


 


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Mar 22, 2019 18:51