Puzzle Solved on CryptoGame: II-State of play in major countries on the use of virtual currency
CRYPTO GAME 2.0:
In the last part of our blog, we familiarised you all with the history and use of cryptocurrencies in the financial market. Moving on to the next part, let us dig deep into the operation of Cryptocurrencies by the major countries of the world.
Its beginnings were not good, society did not trust much this new form of payment, however, over time that concept has changed. Many companies already use it, they allow the payment of their products and services with these virtual currencies and they even create their own.
Distinguishing the countries, on the basis of their approach to regulating cryptocurrency-
(a) countries that have legalized cryptocurrency by regulating it;
(b) countries that have banned cryptocurrency. Countries like UK, Indonesia, Canada have introduced laws to regulate cryptocurrency trading. Keeping in view the cases of financial fraud and money laundering activities, they have subjected cryptocurrency businesses to their respective AML(Anti-Money Laundering)/CFT norms. Other countries such as the Philippines, Switzerland, Germany, Australia, Netherlands, Thailand, and South Korea have also regulated cryptocurrencies in their state. Switzerland classifies cryptocurrencies as assets and accepts Bitcoins as legal tender in some regions.
Therefore some of the states, require the crypto service providers now to record and verify customers' identity, monitor transactions and file Suspicious Activity Reports (SARs) with local law enforcement agencies.
Although, there are many countries wherein it is illegal to trade in cryptocurrencies, for example, China, Bangladesh, Algeria, Ecuador, Macedonia, Qatar, Morocco, and Bolivia.
The upcoming blog will cover the following remaining topics:-
Crypto Game 3.0: Yester fights and rules on crypto in India
Crypto Game 4.0: Upshot of crypto today, and it's future in India.