Cryptocurrency Regulations: Since the news of the ban on cryptocurrency trading in India, there is every possibility that more movement will be seen in the coming days. As India is progressing towards making rules, the decline in this currency has been seen deepening. The central government has now decided that a law will be made on this in the winter session of Parliament starting from November 29. There was a steep decline, but since then it has stabilized somewhat. In such a situation, this time is best not only to understand this business but also to understand the laws made for it in big countries of the world. It will be interesting to see how this highly volatile betting industry is legalized around the world.
America
India Just like America also has a dual system of governance. Under this, the laws are different in different states. Each US state has its own laws to legalize or regulate cryptocurrencies, but at the country level at large, sentiment towards the business community remains positive.
America needs to support business opportunities. Known for. Therefore, there is not much risk of a complete ban on crypto trading unless the industry poses unbearable risks to the current financial system.
UK
Like all other countries, the UK has not enacted comprehensive legislation to regulate cryptocurrencies. However, under the current system, it grants licenses to registered businesses dealing in crypto trading. Profits made on this currency are taxed like any other business.
China
In this country initially people started crypto. Trading in currency or mining was allowed but it started cracking down on all these activities earlier this year. Also banned the trade in June. According to reports, all the important people associated with this business had to go out of the country to continue their operations. China is developing a digital version of its currency, the yuan, and is also testing a regulated crypto coin.
European Union
27-member countries Being a group of people, it is quite complicated to make any law that is applicable to all the members. However, member countries have their own framework to deal with this emerging industry. A collective approach is being considered here.
The European Commission in September 2020 issued a draft related to the Crypto-Asset Markets Regulation (MiCA) Act. When it takes effect, the law will treat cryptocurrencies as regulated financial instruments. This would require approval from regulators.
El Salvador
In September this year, these South American countries, in a way, officially became the US dollar. It has become the first country in the world to launch bitcoin as a legal currency. Here President Nayib Bukele has positioned bitcoin as a way to reduce poverty and bring more population into the banking network. This rollout of bitcoin was fraught with problems.
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