Cryptocurrency Regulation around the World
Cryptocurrency regulations are rapidly evolving worldwide. Here's a snapshot of the current regulatory landscape:
United States
- Cryptocurrencies are not considered legal tender, but exchanges are legal and regulated by the Financial Crimes Enforcement Network (FinCEN).
- The Securities and Exchange Commission (SEC) considers cryptocurrencies as securities, while the Commodity Futures Trading Commission (CFTC) views them as commodities.
Europe
- The European Union introduced the Markets in Crypto-Assets Regulation (MiCA) in May 2023, requiring companies issuing or trading cryptocurrencies to obtain licenses ².
- The UK has mandated that companies offering digital currencies must be authorized by the Financial Conduct Authority (FCA).
Asia
- Japan: Cryptocurrencies are legal and treated as property, with exchanges required to register with the Financial Services Agency (FSA) ¹.
- South Korea: Cryptocurrencies are not legal tender, but exchanges are legal and must register with the Financial Supervisory Service (FSS) .
- China: Cryptocurrencies are not legal tender, and exchanges are illegal.
Other Regions
- Australia: Cryptocurrencies are legal and treated as property, with exchanges required to register with the Australian Transaction Reports and Analysis Centre (AUSTRAC).
- Singapore: Cryptocurrencies are not legal tender, but exchanges are legal and must register with the Monetary Authority of Singapore (MAS).
- Brazil: Cryptocurrencies are not legal tender, but exchanges are legal and must register with the Central Bank of Brazil.
Global Initiatives
- The International Organization of Securities Commissions (IOSCO) has laid out 18 recommendations for global rules on managing crypto and digital assets.
- The World Economic Forum's Pathways to the Regulation of Crypto-Assets: A Global Approach emphasizes the need for international alignment on cryptocurrency regulations.
