How Are Cryptocurrencies Regulated Around the World?

Posted By Firdaus on Jul 1, 2021 |

Cryptocurrencies have made a massive revolution in the world. These past couple of years, their network has recorded a massive surge in popularity as millions of people registered to trade with them. Thanks to their rising popularity, many people and organizations became interested in creating their own digital asset.

Thanks to the fact that cryptocurrencies are still fairly new to the market, their regulations vary from one country to another. Some deem them legal, some consider them illegal, while some don’t even have specific regulations. That is what we wanted to discuss in this article. We’ll be taking a look at the crypto regulation globally, but first, let’s see where can you trade with cryptocurrencies.

Where Can You Trade With Cryptocurrencies?

Since cryptocurrencies are digital assets and they do not have any physical form, logically, the process of trading takes place online. The marketplaces for cryptocurrencies are trading sites. These platforms are extremely secure as they utilize the latest encryption softwares. Users do not have to worry about their security.

Not only that but they are fully optimized for mobile and desktop use. Finally, trading sites use advanced AI systems that collect relevant data on your chosen cryptocurrency from the market and thus, can make accurate predictions on how its price will fluctuate in the near future.

As you are well familiar, most of the cryptocurrencies on the market have a high volatility rate, hence their value is often subject to changes. In some periods, they can rise, but in some periods, they also drop down in value. These systems will help you generate higher revenue.

One of the most reputable platforms of this type is bitcoin-power.com/. To gain access to the services of this platform, you just need to register. The process is very simple and takes a minute. After you’ve verified your account, you will be able to connect with thousands of buyers/sellers from all around the world.

Countries Where Crypto Is Legal

As of right now, the only country in the world where crypto is legal is El Salvador. Recently, the president of this stated that by legalizing Bitcoin, Salvadorans who are leaving abroad will have a much easier option when it comes to sending money to their loved ones back home.

As you may know, El Salvador does not have an official currency and when people are trying to send money back home, they usually pay a lot of fees. El Salvador’s Congress passed this notion as 62 out of the 84 members voted in favour of legalizing Bitcoin.

Countries Where Crypto is Illegal

One of the biggest opponents of cryptocurrencies is China. The funny thing here is that even though the banks and the government of this country do not recognize cryptocurrencies as legal tenders, they are considering creating their own digital currency, which is a bit ironic.

Additional countries where cryptocurrencies are illegal are Russia, Bolivia, Iran, Vietnam, Columbia, and Ecuador.

Unregulated Markets

Finally, some of the unregulated markets where cryptocurrencies are not legal, but not regulated very well are the USA, Canada, and the countries in the European Union. In the USA, cryptocurrencies are not considered as currency, but rather as MSBs. That is why many companies, including those that are considered global brands, are accepting crypto payments.

The Future of Cryptocurrencies

The future of cryptocurrencies is really hard to predict. Cryptocurrencies cut off banks from transactions and thanks to their blockchain, they are highly decentralized and cannot be controlled by the governments. Hence, no one knows whether they will become an official payment method in the future or not.