{"id":14648,"date":"2023-08-29T19:06:16","date_gmt":"2023-08-29T23:06:16","guid":{"rendered":"https:\/\/desis.osu.edu\/seniorthesis\/?p=14648"},"modified":"2023-08-30T18:04:57","modified_gmt":"2023-08-30T22:04:57","slug":"cryptocurrency-regulations-around-the-world","status":"publish","type":"post","link":"https:\/\/desis.osu.edu\/seniorthesis\/index.php\/2023\/08\/29\/cryptocurrency-regulations-around-the-world\/","title":{"rendered":"Cryptocurrency Regulations Around the World"},"content":{"rendered":"\n

Link<\/a><\/p>\n\n\n\n

“<\/p>\n\n\n\n

The growth of\u00a0cryptocurrency\u00a0from speculative investment to a new asset class has prompted governments around the world to explore ways to regulate it.<\/strong><\/p>\n\n\n\n

United States<\/p>\n\n\n\n

In the United States, the Biden administration<\/a> clarified crypto use and regulation in 2022, paving the way for the digital dollar<\/a>.”<\/p>\n\n\n\n

The U.S. announced a new framework in 2022 that opened the door to further regulation. The new directive has handed power to existing market regulators such as the Securities and Exchange Commission (SEC)<\/a> and the Commodity Futures Trading Commission (CFTC)<\/a>.<\/p>\n\n\n\n

Nothing about the crypto markets is incompatible with the securities law,\u201d Gensler said. \u201cInvestor protection is just as relevant, regardless of underlying technologies.<\/p>\n\n\n\n

We will likely see U.S. regulators coming down hard on cryptocurrency in the coming years.<\/p>\n\n\n\n

The Biden administration\u2019s new framework also sees \u201csignificant benefits\u201d from creating a central bank digital currency (CBDC)<\/a> or a digital form of the U.S. dollar.<\/p>\n\n\n\n

\u201cYou wouldn\u2019t need stablecoins; you wouldn\u2019t need cryptocurrencies if you had a digital U.S. currency,\u201d Powell said in congressional testimony. \u201cI think that\u2019s one of the stronger arguments in its favor.\u201d<\/p>\n\n\n\n

CHINA<\/p>\n\n\n\n

The People\u2019s Bank of China (PBOC)<\/a> bans crypto exchanges from operating in the country, stating that they facilitate public financing without approval.<\/p>\n\n\n\n

Furthermore, China placed a ban on Bitcoin mining<\/a> in May 2021, forcing many engaging in the activity to close operations entirely or relocate to jurisdictions with a more favorable regulatory environment.8 And in September 2021, cryptocurrencies were banned outright.9<\/p>\n\n\n\n

However, the country has been working on developing the digital yuan (e-CNY). In August 2022, it officially began<\/a> rolling out the next round of its central bank digital currency (CBDC) pilot test program.<\/p>\n\n\n\n

<\/p>\n\n\n\n

JAPAN<\/p>\n\n\n\n

Japan takes a progressive approach to crypto regulations, recognizing cryptocurrencies as legal property under the Payment Services Act (PSA).<\/p>\n\n\n\n

Japan treats trading gains generated from cryptocurrency as miscellaneous income and taxes investors accordingly.<\/p>\n\n\n\n

<\/p>\n\n\n\n

AUSTRALIA<\/p>\n\n\n\n

In 2021, Australia announced plans to create a licensing framework around cryptocurrency and potentially launch a central bank digital currency (CBDC).<\/p>\n\n\n\n

<\/p>\n\n\n\n

South Korea<\/p>\n\n\n\n

South Korea also banned all privacy coins from exchanges in 2021.31<\/p>\n\n\n\n

In 2021, the country\u2019s Parliament approved a 20% tax on digital assets to take effect in 2022, but it has been delayed until 2025.<\/p>\n\n\n\n

<\/p>\n\n\n\n

INDIA<\/p>\n\n\n\n

“There is a 30% tax levied on all crypto investments and a 1% tax deduction at source (TDS) on crypto trades.”<\/p>\n\n\n\n

“The country launched its tokenized rupee pilot program in late 2022.”<\/p>\n\n\n\n

“<\/p>\n\n\n\n

\n\n\n\n

Analysis –<\/strong> “The world’s big players are all handling crypto regulations differently, but the overall consensus is that governments are adopting the technology and many are developing their own variation of a CBDC. <\/p>\n\n\n\n

What the future holds for a regulated crypto world is still in the air, but as it seems to me, the initial idealized version of peer-to-peer crypto will die as a sacrifice for mass adoption via government regulation.” – Easton Nguyen<\/p>\n","protected":false},"excerpt":{"rendered":"

Link “ The growth of\u00a0cryptocurrency\u00a0from speculative investment to a new asset class has prompted governments around the world to explore ways to regulate it. United States In the United States, the Biden administration clarified crypto use and regulation in 2022, paving the way for the digital dollar.” The U.S. announced a new framework in 2022 that opened the […]<\/p>\n","protected":false},"author":112,"featured_media":14649,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[22],"tags":[],"class_list":{"0":"post-14648","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-science-tech"},"_links":{"self":[{"href":"https:\/\/desis.osu.edu\/seniorthesis\/index.php\/wp-json\/wp\/v2\/posts\/14648","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/desis.osu.edu\/seniorthesis\/index.php\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/desis.osu.edu\/seniorthesis\/index.php\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/desis.osu.edu\/seniorthesis\/index.php\/wp-json\/wp\/v2\/users\/112"}],"replies":[{"embeddable":true,"href":"https:\/\/desis.osu.edu\/seniorthesis\/index.php\/wp-json\/wp\/v2\/comments?post=14648"}],"version-history":[{"count":16,"href":"https:\/\/desis.osu.edu\/seniorthesis\/index.php\/wp-json\/wp\/v2\/posts\/14648\/revisions"}],"predecessor-version":[{"id":14807,"href":"https:\/\/desis.osu.edu\/seniorthesis\/index.php\/wp-json\/wp\/v2\/posts\/14648\/revisions\/14807"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/desis.osu.edu\/seniorthesis\/index.php\/wp-json\/wp\/v2\/media\/14649"}],"wp:attachment":[{"href":"https:\/\/desis.osu.edu\/seniorthesis\/index.php\/wp-json\/wp\/v2\/media?parent=14648"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/desis.osu.edu\/seniorthesis\/index.php\/wp-json\/wp\/v2\/categories?post=14648"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/desis.osu.edu\/seniorthesis\/index.php\/wp-json\/wp\/v2\/tags?post=14648"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}