Cryptocurrency is a digital asset that is designed to work as a means of exchange. Its decentralized nature makes it an advantage over traditional financial systems.
However, with the rapid growth and increased usage of crypto, government and regulating bodies around the world are looking for a way to regulate this new technology.
How the crypto landscape is continually evolving makes it difficult to keep the rules up to date in different territories over the world.
In the previous year, cryptocurrency and digital assets markets experience volatility and scandals which resulted in the loss of trillions of dollars. The risk involved in the crypto space is also one of the reasons why there is a need for proper regulations.
In this article, the guide on how to learn the various approach different countries use on coin and exchange regulations, their legislative attributes, and the activities linked to them are discussed.
The European Union has taken action against money laundering, which is caused by the anonymity and lack of regulation provided by cryptocurrencies. The European Union has implemented strict rules to prevent the illegal use of cryptocurrencies.
South Korean have created a regulatory framework for creating orders and also for supporting the growth of the cryptocurrency industry. This approach will curb the wrong use of cryptocurrencies.
The United States Securities and Exchange Commission (SEC) has been working towards classifying cryptocurrencies as the industry is constantly evolving, and different regulations have been approached to meet up with the crypto landscape. This will help to eradicate crimes like tax evasion and money laundering.
In conclusion, a global regulatory framework will bring order to the crypto marketplace, it will also help to boost consumer confidence, erase the limits of what is acceptable and provide a safe platform for beneficial innovation to keep growing.
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