Judging from the current situation, Asian countries have not reversed their preference for high-pressure supervision of the crypto market, European countries are relatively open-minded, and the overall attitude of the Americas is mostly wait-and-see.
Although the market attributes of cryptocurrencies have contributed to the prosperity and development of blockchain technology, their “natural” financial attributes have also brought huge regulatory pressures during the development of the industry. However, as the blockchain technology matures and the central banks of Wall Street and even major economies around the world have a better understanding of cryptocurrencies, the global purely “repressive” regulatory environment for cryptocurrencies has undergone a certain transformation.
In addition to the central banks of the world’s major economies have begun to promote their own legal digital currencies, more and more countries have also recognized the asset attributes of cryptocurrencies. On June 9th, El Salvador passed the bill with an “absolute majority” vote to make Bitcoin a legal tender in the country, which is an important milestone.
Of course, the ban on cryptocurrency in many countries represented by China has not changed. From the “9·4 ban” to the “6·21 interview”, while China is actively promoting the development of blockchain technology, it has The zero tolerance attitude of cryptocurrency hype has not changed. What is the current regulatory environment for global cryptocurrencies? The chain has counted the latest developments and the latest statements of the major countries around the world regarding the supervision of cryptocurrencies, and has drawn up a “cryptocurrency supervision map”:
Asia
At present, most countries in Asia have relatively clear regulatory frameworks. China, Thailand, Indonesia, Turkey, Iran, Palestine, and South Korea have all issued clear-text bans on the crypto market, and regulatory thinking and government attitudes have gradually become clear. Even if there is no ban, the review is still underway. South Korea will fully implement market supervision and review, which is expected to continue until mid-July. The Indian government’s policy attitude towards the crypto market has been elusive. The Indian government previously proposed a ban on cryptocurrency, but then stated that it would lift the ban on cryptocurrency. Recently, the regulatory attitude has changed again and will re-examine the regulatory policy to discuss whether to prohibit India’s Cryptocurrency trading. In addition, Japan has actively promoted the compliance of cryptocurrency exchanges. There are currently more than 30 licensed exchanges in Japan. Many Asian countries are very active in the deployment of central bank digital currencies. In addition to the advancement of China’s central bank digital currencies leading the world, Japan, Russia, Palestine and other countries have also promoted their own CBDC business.
Europe
Different from the clearer regulatory attitude in Asia, Europe’s attitude towards the cryptocurrency market is relatively relaxed, and a clearer ban has not yet been issued. Some countries hold a positive attitude. Ukraine has issued a revised draft “virtual asset” bill that treats virtual assets as Valuable “intangible assets” legally held by citizens. Some countries are still on the sidelines. Danske Bank, the largest bank in Denmark, said it will keep an eye on cryptocurrency transactions. The Norwegian government reminds consumers of cryptocurrency scams. The United Kingdom and Spain plan to launch their own CBDC.
America
On June 9th, El Salvador, a coastal country located in the northern part of Central America, officially passed a bill with an “absolute majority” vote, making Bitcoin a legal tender in the country. Under the demonstration effect of El Salvador, many countries have successively introduced policies to support Bitcoin. Panama will submit a bill related to cryptocurrency in July, Paraguay also plans to propose a bill to make Bitcoin a legal tender, and the President of Venezuela plans to revive petrocoins in 2021. Other countries like the United States, Canada, Argentina, and Brazil have all expressed their attitudes and expressed that they will continue to pay attention to the risks that may be caused by cryptocurrency, but there is no ban on the overall policy. At present, only Mexico, Bolivia and Ecuador have issued relevant bans in North and South American countries.
Africa
Countries in Africa that have issued clear bans include Nigeria and Morocco. Nigeria used to be the most active cryptocurrency market in Africa, but the Nigerian government has never deregulated the crypto market. It has previously issued a ban on Bitcoin and other cryptocurrency transactions, and will not change its attitude towards South African financial market behavior supervision in the medium and long term. The Bureau considers cryptocurrency as a financial product. In addition, Morocco has also issued a cryptocurrency ban, prohibiting the use of encrypted digital currency transactions in Morocco. The countries in Africa that have a more relaxed attitude towards the crypto market are South Africa and Tanzania. The South African Financial Market Conduct Authority considers cryptocurrency as a financial product.
summary
Judging from the current situation, Asian countries’ regulatory high-pressure preference for the crypto market has not been reversed. European countries are relatively open-minded, but many countries have also stated that they will “continue to pay attention” to Bitcoin and other cryptocurrencies. This can be considered a relatively cautious attitude. Only a few countries in the Americas have issued explicit bans. After all, as an important market for the development of cryptocurrency, the U.S. has a relatively high acceptance and popularity of crypto assets. Therefore, although the government has risk control considerations, the regulatory measures are still relatively moderate. As the first country to approve Bitcoin as the country’s legal tender, El Salvador’s new currency is not smooth, the turmoil in the cryptocurrency market and the rejection of the World Bank’s request for help mean that this experiment still needs more time to verify.
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