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Around the world, cryptocurrency is still finding its feet more than a decade after it was launched. Regulation at a national and global level still needs work and legislation is dynamic where digital currencies are involved. In the United States, the Securities and Exchange Commission (SEC) is responsible for regulating securities. Within the government, central bank, and SEC, the authorities have not ruled cryptocurrency out, but have also yet to embrace the space.
Regulation across the United States
Certain states in the US have begun to take the reigns to regulate and adopt digital currencies and blockchain technology. Wyoming recently passed a bill that recognises cryptocurrency and digital assets as legal components in finance. The state of New York has also established a licensing program for virtual currency businesses, not only making it easier for the industry to operate but also to thrive.
As the technology continues to evolve, the legal and regulatory framework for digital currencies will also continue to develop. While the majority of the US is open to the idea of cryptocurrency and blockchain technology, there is still a cautious undertone in building an infrastructure to implement crypto.
The federal government has proposed a bill that places digital currencies under the scope of the Department of the Treasury. The Internal Revenue Service (IRS) has also drawn rulings to clear how digital currencies are taxed, suggesting the country’s decision to work with the digital assets industry. Additionally, the Commodity Futures Trading Commission (CFTC) has also offered guidance on derivatives products related to digital assets.
Global cryptocurrency adoption
Beyond the US, other countries are also beginning to increase their rulings and implement their own laws surrounding digital currencies. For example, Japan has recently introduced a law that requires cryptocurrency exchanges to register with the country’s Financial Services Agency. This is so that crypto exchanges in the country will comply with the strict anti-money laundering (AML) and know-your-customer (KYC) regulations in Japan.
As more countries introduce their own laws and regulations, the global cryptocurrency landscape will continue to we can expect to see an even wider acceptance of cryptocurrency across the globe.