Overview of Bitcoin Regulations from the Governments of Various Countries

Cryptocurrencies have become increasing regulated in the Asian regions as of late, starting with a ban on ICO activities in China, followed by similar regulation in South Korea within the following week.

However, several countries in the region have made things more friendly for Cryptocurrency traders and users, including Japan, which legally registered 11 exchanges as approved for Cryptocurrency investors.

The latest country to adopt a more open stance is Taiwan, where a recent announcement stated there would not be an outright ban on cryptocurrency activity. According to statements published in The News Lens, Taiwan’s Financial Supervisory Commission chairman Wellington Koo is quoted as stating

Just because China and South Korea are banning, doesn’t mean that Taiwan should follow suit
– there is a huge opportunity for growth in the future. We should emulate Japan, where they
treat cryptocurrency as a highly regulated, highly monitored industry like securities.

This statement is set to precede the launch of official legislation, known as the `Financial Technology Innovation Experimentation Act’, which will establish an open space for innovation in the fintech space.

Another country to come forth and make its stance clear on cryptocurrency is Singapore – where the Monetary Authority of Singapore (MAS), the nation’s central bank, has said the institution is working to create a regulatory framework for bitcoin payments.

The MAS has stated that while they are monitoring cryptocurrencies, they have no intent to regulate them, and that the regulation will apply to peripheral activities, including investment into tokens that may be regarded as securities. The authority also stated that cryptocurrency adoption is very low overall in Singapore, citing low exchange volumes and lack of traditional retailers accepting the currency there.

As the Bitcoin regulatory landscape shifts, certain countries will come out winners as trading activity hubs and technical innovators in the FinTech space.

What are your thoughts on the recent regulatory news and announcements? Which countries do you see leading the cryptocurrency packs? Join the conversation in the comments!