By Jack Pearson
Many countries have tried and failed to introduce sensible regulation for crypto projects – here we look at which countries, who although initially sceptical, have since changed their tune and have since introduced some of the most crucial regulations.
As cryptocurrencies are still relatively nascent, it is likely that projects are to be subjected to more standardised regulatory frameworks in the future. But for now, regulation is still thin on the ground in many countries. Here are three countries we believe have stepped up to the mark after showing initial reluctance to integrate digital assets into their economies.
The US does not have unified regulation on crypto. The Federal Government has dragged its heels on the issue ever since the emergence of cryptocurrencies, however, there are varying degrees of regulation in different states.
In 2014, California became one of the first states to introduce protections for consumers, by ensuring that digital currencies could be used to pay for goods and services.
This is no surprise of course – the sunshine state has long been home to Silicon Valley and a pioneer in new technologies.
By getting ahead of the regulatory curve, California has established itself as a leading place for crypto projects.
Consequently, it is the headquarters of several high-profile crypto exchanges and companies as a consequence, such as Coinbase, Kraken and Ripple.
Further changes are afoot in the US, with Congress suggesting at the end of last year that they may introduce new legislation on the federal level at some point over the course of 2020.
China has also had a mixed relationship with crypto.
The Chinese Government has fully embraced the underlying…