Which cryptocurrency rules the world?

As cryptocurrencies spread across the globe, so too do the regulations put in place to try and govern them. The landscape is constantly evolving and keeping up to date with the rules in different territories isn’t easy. To help you navigate the various legislative positions towards cryptocurrencies, and the activities associated with them, we’ve put together this guide. Learn how different nations approach to coin and exchange regulation and if they have any upcoming legislation which could alter their approach to cryptocurrencies.

United States - Regulation

The Justice Department is coordinating with the SEC and CFTC over future cryptocurrency regulations to ensure effective consumer protection and more streamlined regulatory oversight. The US Treasury has emphasized an urgent need for crypto regulations to combat global and domestic criminal activities and, in January 2018, Treasury Secretary Steve Mnuchin announced a new FSOC working group to explore the increasingly crowded cryptocurrency marketplace.

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Despite the heightened attention paid to virtual currencies, there’s been the little concrete movement from a federal standpoint so far. Yet, with 21 bills around the use of cryptocurrencies and blockchain currently being considered by Congress, it looks like this may change as we move further into 2020.

Canada - Regulation

While regulations are constantly evolving, there are no signs of additional legislation on the horizon. Recent updates to Proceeds of Crime (Money Laundering) and Terrorist Financing Act have yet to fully take effect. We suspect both the government and crypto exchanges will need some time to evaluate how these changes have affected the crypto landscape before considering additional legislation.

Singapore - Regulations

With the Payment Services Act having only recently taken effect, there will inevitably need to be an adjustment period, as crypto businesses adapt to the new legislation, which is, in many ways, aligned with FATF’s most recent recommendations. However, MAS will likely follow this legislation up with additional regulations that strive to further align its position with that of FATF.

Australia - Regulations

Australia has established a pattern of proactive cryptocurrency regulation, and these latest regulations illustrate the country’s continued effort to provide a clear framework for crypto businesses to operate in the coming years. However, recent revelations that have exposed serious flaws in Australia’s financial industry will undoubtedly also affect how AUSTRAC approaches compliance enforcement in the future and will likely lead to increased scrutiny and a tightening of regulatory controls across the board.

Japan - Regulations

Japan remains a friendly environment for cryptocurrencies, but growing AML concerns are drawing the FSA’s attention to further regulatory steps. Following talks between exchanges and the FSA, an agreement to form a self-regulatory body – the Japanese Virtual Currency Exchange Association (JVCEA) – was put in place. It’s the first country to take such a step, and all exchanges are members of the association. The JVCEA provides advice to as-yet unlicensed exchanges and promotes regulatory compliance, so it’s certain to play a massive role in establishing industry best practices and ensuring compliance with the new regulations taking effect in 2020.

South Korea - Regulations

In late 2019, South Korea’s National Assembly introduced a bill that re-categorizes virtual currencies as digital assets and will provide a legal framework for cryptocurrency markets. Under the bill, exchanges will need to register with the government via the Financial Services Commission’s Financial Intelligence Unit. They’ll also be expected to comply with strict AML/CFT regulations, which will bring South Korea in alignment with FATF’s anti-money laundering policies. The bill has been approved by the national policy committee and is currently under consideration by the judiciary committee.