“The world that Satoshi Nakamoto, author of the Bitcoin whitepaper envisioned, and others are building, is an unstoppable force.”
— Patrick McHenry, U.S. House Financial Services Committee
Regulation is a dubious word in the crypto world, especially when you consider the visionary principles outlined in the Satoshi Nakamoto’s hallmark Bitcoin whitepaper. It aimed to create a financial system that relied on no third party, nor dictated by outside entities such as governments or banks. As a result, Bitcoin enthusiasts demanded a platform that was free from any interference — internal or external.
However, in the last couple of years industry has grown radically in multiple ways primarily in terms of a multi-billion dollar market capitalization, global awareness, and media interest. This naturally caught the attention of national and regional regulators across the globe.
Cryptocurrency around the World
While Cryptocurrency was legalised across the European Union and G7 nations years ago, more recently, G20 nations like Saudi Arabia, Turkey, Russia, and India have agreed to abide by the FATF Framework to regulate cryptocurrency.
Speaking of FATF, there’s some drama around that too — it required exchanges to share personal user data with each other and the government, but that’s a story for another day. In most countries, cryptocurrencies enjoy the ‘a legal’ status — meaning they aren’t illegal but aren’t legal either, they’re in the grey area.
Even the World’s second-most populous country, India, does not have any law regarding virtual currencies with rumors of an impending ban looming over. The Supreme Court of India, the country’s highest court, is hearing a case between Cryptocurrency and India’s central banking agency: RBI which is in favor of launching its own digital currency.
Everyone from Tim Draper to John MacAfee have been tweeting about the regressive Crypto ban bill circulating in the media and online.
Now you didn’t think we’d write on Regulation and not talk about China, did you? Known for the Crypto ban FUD spread many years ago, China has come a long way since. Just a few days ago, a Chinese court declared Bitcoin as a legal commodity.
While many enthusiasts believe that a strict regulatory framework is required for blockchain to gain mainstream adoption, others believe it defies the concept of Cryptocurrency itself.
At COSS, we ensure that we remain compliant with existing regulations to provide the safest, most transparent and hassle-free experience ever.