In the G20 Summit, held on 29th November 2018, members of the Group recognized the need for cryptocurrency and blockchain for a sustainable and stable economic growth of the world. G20 is an international forum for the governments and central banks of developed and developing countries and this year the summit was held in Buenos Aeris, Argentina. The country list of the global economic forum includes The United States of America, The United Kingdom, China, Russia, Japan, France, Italy, Saudi Arabia, India among other countries .
Here we’ll look at the development and implementation of cryptocurrency regulation around the world in the year 2018.
- The United States has the most significant number of investors and the total amount of money invested in cryptocurrencies.
- There are various US-based exchanges like Coinbase, Bittrex and Poloniex.
- The US regulatory like CFTC (Commodity Futures Trading Commission), SEC (Securities Exchange Commission) and the IRS (Internal Revenue Service) are also working diligently for adoption and recognition of cryptocurrency.
- In Europe, the adoption is higher compared to the US. The financial laws related to cryptocurrency are less stringent in Europe. Many Bitcoin ATMs and merchants accept Bitcoin in France, Sweden, UK, Norway and so on.
- In the UK, Bitcoin is treated as ‘private money’ where it can be used as money, but capital gain tax is imposed.
- Reduced the capital gain on cryptocurrency from 36% to 30%.
- The FinMin of France aims to make it the ICO hub of the world.
- Netherlands has a “Bitcoin city” Arnhem; it has over 100 merchants accepting Bitcoin and provides goods and services of all kinds including gas and groceries.
- Switzerland financial regulatory recently approved a fund based on cryptocurrency.
They would provide future options with that fund as well.
- Belarus is one of the most crypto-friendly nations, there are several merchants accepting cryptocurrency and investors in the region.
- President Alexander Lukashenko legalized Bitcoin and other cryptocurrencies in Belarus in December 2017.
- He also exempted capital gains until 2023 from cryptocurrency related earnings this includes trading, mining, and initial coin offerings.
JAPAN and AUSTRALIA
- Japan and Australia consider Bitcoin as a legal tender; nevertheless, they have also imposed Anti-Money Laundering and KYC (Know Your Customer) laws for exchanges and merchants dealing with cryptocurrencies.
- Bitcoin and cryptocurrencies exchange sites are legal in the country.
- The Government has also partnered with Hyperledger Fabric to improve their public recording system as well.
- Venezuela has developed its own cryptocurrency ‘Petro’ which is backed by the oil-based futures in Venezuela.