Title: Regulations of Cryptocurrency Around the World | Headlines | News | CoinMarketCap
Headings: Regulations of Cryptocurrency Around the World
Regulations of Cryptocurrency Around the World
Cryptocurrency Regulation as of December 2020
Upcoming Changes in Regulations of Cryptocurrency
Why Do Regulations Matter?
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Content: In many countries some regulations regarding that aspects are already in place, e.g., purchases made with cryptocurrencies need to be included in the tax return. Authorities are still working on regulations for digital assets, with a big focus on monitoring transactions and connecting crypto to real-life users with official documents. Therefore, exchanges and services from the crypto industry implement KYC (know your customer) and AML (anti-money laundering) policies to provide transparency in case of legal issues. In 2020, many countries took various steps in introducing new legal framework for financial activities related to cryptocurrencies. Brussels adopted the Fifth EU Anti Money Laundering Directive at the beginning of the year and The European Securities and Markets Authority (ESMA) announced its plan to regulate digital assets until 2022. Additionally, the Royal Bank of India (RBI) recently stated that cryptocurrencies are not banned in the country, which points to further regulations of crypto assets due to growing adoption. Meanwhile, regulations are ongoing in the US and other major economies. The US Crypto Currency Act 2020–2022 was introduced in March and is aimed at providing legal frameworks of digital assets. Why Do Regulations Matter? With regulations in place, both private market participants and big enterprises will have clear rules to follow.