As much as several countries are adopting and legalizing cryptocurrency and blockchain technology, part of its limitation into other countries are the crypto regulations governing their introduction into the world of business.
Owing to this hindrance, most small- and medium-sized businesses across the globe work with blockchain from the shadows.
On the other hand, experts believe the year 2019 has seen a significant improvement in many countries in regard to blockchain and crypto regulations.
Alina Kiselevich, a communication specialist at Enigma Securities, a crypto market broker said in an interview that some countries now consider crypto a legal tender, while many view cryptocurrencies as commodities.
He said further that Governments around the world are keenly aware of the problem that the technology is rapidly outpacing the laws that govern it.
Several countries and people across the globe are adopting blockchain and crypto tech simultaneously, however, below is a list in no precise order of countries that changed crypto regulations and blockchain regulation are present the most.
To encourage crypto trade in France, crypto to crypto trade are not taxed as the governor of the Bank of France, announced that the institution is ready to launch a pilot project for a central bank digital currency, or CBDC, in the first quarter of 2020.
The move has already been regarded as a reaction to the threat posed by Facebook’s Libra stablecoin.
This is because France is aiming to become the first country to issue a CBDC with blockchain-based settlements,
Although crypto to crypto trade in France is not taxed but crypto for fiat currency is taxed with the nation’s treasury.
In Germany, banks are allowed to work with crypto as the German government has open to releasing any manner of clarification regarding its stance on blockchain technologies.
However, in Germany, the finance industry is not allowed to have dealings with crypto.
German government only passed a bill in Nov. for banks to sell Bitcoin and other cryptos, as well as grant custody over them, by the end of 2020.
In the Asian country, mining is a legal business so as long the person or organization has a license to mine.
Iranian government and citizens are increasingly turning to decentralized technology for bypassing the harsh economy.
Mining of crypto in Iran is also tax-free as miners are also supported by the government with subsidized electricity rate.
However, despite the governments’ attitude toward blockchain technology, cryptos are banned as a means of settlement in Iran.
In China, Blockchain adoption is on the rise however crypto activities are regulated as it can only be referred to as a national cryptocurrency.
The country continues to place a series of regulation on transactions involving crypto as authorities are introducing blockchain technology in some of their mainstay powerhouses, such as the Agricultural Bank of China.
The United State of America
The same regulation rule that applies to fiat currency applies to crypto in the US.
The U.S. is seen as a trendsetter in terms of blockchain and cryptocurrency adoption, and most other countries in the world act in hindsight to the country.
Featured image from: theverge