7 Countries That Regulate Cryptocurrency Actively In Spite of Crisis

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As the COVID-19 storm rages on the world economy keeps struggling to

stay afloat. The IMF or International Monetary Fund has already

declared a worldwide recession and almost 80 nations have asked for

help. Remember to take care of yourself with hand sanitiser online

Australia to avoid getting contagious.



However, Bitcoin being the pioneer in the cryptocurrency field is

widely traded manually as well as using automated trading bots which

have considerably increased the bitcoin trade. Still, there are many

other cryptocurrencies available, so we suggest to read these

Cryptocurrency Posters to find more about them!







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Visit https://www.bitcoinrevolution.org/de/ to learn more about

automated trading bots. At the same time, there are several countries

that have recently made announcements of cryptocurrency regulations in

the middle of this crisis. For instance, two nations, Japan and

Malaysia have recently approved crypto exchanges.

Singapore: Crypto businesses that were already operating before the

Payment Services Act have been asked to inform the MAS and granted an

exemption from licenses. By this act they can continue to offer

specific payment services. Cryptocurrency companies that have to

comply with this new act are Bitcoin Exchange, Binance Asia Services,

Payward, BitStamp, Ripple Labs Singapore, Bit Cross, Coinbase, etc.

Malaysia: Crypto trading in this country has soared even as the

lockdown continues. The regulated cryptocurrency exchanges have been

showing impressive growth in terms of trade volumes. There are new

users as people are trying to find a store of value in such trying

times. With Malaysian businesses shutting down and an estimated 2.4

billion ringgits being lost per day, crypto trades flourish. Luno has

been the nation’s first approved crypto asset exchange and the

numbers of its active users have hit an all-time high in the lockdown.

South Korea: The South Korean National Assembly has passed laws

providing a framework for legalizing and regulating crypto assets and

crypto exchanges. South Korean regulators can now oversee the crypto

industry and establish rules centering on anti-money laundering.

Spain: Here, the taxation authorities have started sending notices to

as many as 66,000 crypto asset holders. This is a huge jump from the

14,700 letters that had been sent by the agencies to crypto owners the

previous year.

Germany: Here, the Federal Financial Supervisory Authority or BaFin

has passed guidelines about how businesses may apply for their

authorization before offering cryptocurrency services according to the

resoults from the surveys for money done last year. This regulation

was enacted in January this year and the companies could submit their

intents till March 31st. The deadline has been extended since then to

November 2020.

India: This nation has been working on crypto regulations even though

there is a bill that has been drafted to ban all crypto coins except

those issued by the state. So, India awaits a judgment by the Supreme

Court before it will take a final call. In 2018, RBI had stopped banks

from providing any services to businesses facilitating crypto trading.

But this directive had been challenged by crypto exchanges in the

Supreme Court. Even if the central government does accept most of the

recommendations it still gives power to the government to exempt

specific cryptocurrencies and certain activities like mining, selling,

holding or use of crypto coins.

China: The NIFA or National Internet Finance Association which is a

self-regulatory body started by the PBOC or People’s Bank of China

has come out with a notice about risks that cryptocurrencies entail

requiring GK8 Solution for Safeguarding Digital Assets. This

association warned especially about fake volumes in the crypto

exchanges. The PBOC has also finished the development of a central

bank digital currency for circulating which it is now engaged in

drafting legislations.



Image url: https://pixabay.com/illustrations/business-global-bitcoin-digital-4515874/







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