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The cryptocurrency industry is still new in the market and because of that, it is still unregulated. However, being a part of the modern generation and digitalized world, it is no big news that the centralized sectors have got immense problem with the crypto segment due to the fact that the users get to earn huge profits in unlimited extent without paying any tax to the system due to its decentralized network. That is the major reason behind cryptocurrencies lagging behind Earn Passive Income so much as compared to the fiat world despite having adequate potentials of becoming the global currency.
People of different nations love to travel around and hence, those are the times when they have to pay high fees to the central bodies for going through the processes of currency exchanges. Thus, the world clearly sees the necessity of a global coin around the globe which can prevent people from going through the hectic process of currency exchange. However, many nations like El Salvador have started taking vital steps to legalize bitcoins in the country now. Though, the rules and regulations are not the same for every country and hence, you need to check the following piece for discovering the truth. There are some regulations in place, but they are still very few.
As the cryptocurrency industry grows, more regulations are expected to be passed. This is so that the industry can be better monitored and controlled. The first set of cryptocurrency regulations was passed in the U.S. in 2013. These regulations were put in place to stop money laundering and other illegal activities.
Facts about cryptocurrency regulation:.
- The directive requires exchanges to register with national regulators and implement KYC and AML policies.
- In China, cryptocurrency exchanges are banned. However, over-the-counter trading of cryptocurrencies is still allowed.
- In Singapore, cryptocurrency exchanges are regulated by the Monetary Authority of Singapore. Exchanges must register with the authority and implement KYC and AML policies.
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Benefits of cryptocurrency regulations;
The main benefits of cryptocurrency regulations re,
- They provide much-needed clarity for the industry.
- One of the things that these regulations take care of is the protection of the investors. The regulations also help in reducing the corruption in the market by preventing laundering cases and other crime scenes. They encourage innovation and adoption.
- They could help to boost the global economy.
In many cases, cryptocurrency regulations are in their infancy and may change over time Cryptocurrency is a digital asset that can be used as a medium of exchange or a store of value.
In some countries, such as the United States and the United Kingdom, cryptocurrency is treated as property for tax purposes but is not recognized as legal tender by the government.
Other countries have outright banned cryptocurrency or have taken steps to enforce strict regulations on the asset class.
The United States
In 2019, the IRS issued a notice clarifying that cryptocurrency must be reported on individual tax returns. The IRS has also taken enforcement action against those who have failed to report cryptocurrency on their taxes.In 2018, the U.S. Securities and Exchange Commission (SEC) classified Ethereum as a commodity. The OCC also issued guidance allowing banks to buy
The United Kingdom
The FCA has taken enforcement action against several cryptocurrency exchanges and ICOs for violating securities laws. In 2020, the United Kingdom’s HM Revenue and Customs (HMRC) issued guidance on the taxation of cryptocurrency.
Europe
There are plentiful of examples of European countries who stand by cryptocurrencies. In 2016, the European Commission (EC) published a report on virtual currencies. The EU classified cryptocurrency as property, subject to capital gains tax. The EBA concluded that crypto assets are high-risk investments.
Asia
Some of the major Asian countries have indeed started taking steps to legalize crypto payments. The FSA requires exchanges to register with the agency and comply with anti-money laundering and know-your-customer regulations. In 2019, the South Korean government banned cryptocurrency trading. In 2021, the Central Bank of China (CBC) issued a report on digital currency research. The CBC concluded that digital currencies are not currently needed in China.
After reading the above article, the importance of regulations must be clear to your by now and hence, it is your wise choice now whether to abide by the rules or not.
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It’s actually important to know about cryptocurrency regulations, especially when you’re planning to become a crypto investor. Nowadays, many people are getting interested in that field, and thanks to sources like this Bitcoin website , it’s not that hard to make informed decisions in that industry and start making money.
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