The post Crypto Across Borders: A Look at International Regulatory Strategies appeared on BitcoinEthereumNews.com.

The word “Crypto” originates from the Greek word “kruptós” meaning hidden or secret. Cryptocurrency is a form of digital currency that exists in a digital form curated to act as a medium of exchange using cryptography. Crypto has stood distinctive from other forms of currency owing to the usage of a decentralized infrastructure to record transactions and issue new units instead of a central issuing authority or regulatory authority. This distinctive trait has made crypto be labeled as a speculative instrument. However, the growth of crypto from a speculative investment to a new asset class has led Governments across the world to explore ways to regulate it.  Here is the summary of digital currency regulatory landscapes across the world: USA    Cryptocurrency regulation in the United States is controlled by multiple government agencies that oversee digital assets, with no formal rules in place yet. Key agencies include the SEC, CFTC, FTC, Treasury Department, IRS, OCC, and FinCEN. Cryptocurrency sales are regulated if they qualify as securities or involve money transmission. The CFTC regulates market manipulation in crypto assets as commodities. US regulators aim to facilitate digital currency adoption by financial institutions. The Infrastructure Investment and Jobs Act, passed in 2021, introduced provisions requiring digital asset brokers to report transactions exceeding $10,000 to the IRS. It aims to enhance transparency in crypto transactions. The SEC and CFTC assert jurisdiction over different aspects of the crypto market based on the classification of cryptocurrencies as commodities or securities. Ongoing congressional discussions aim to resolve this regulatory conflict. Future regulations in the US may apply the “Wash Sale Rule” to cryptocurrencies, impacting tax deductions. The government is also considering regulations related to crypto banking, stablecoins, and disclosure requirements. China The People’s Bank of China (PBOC) has outrightly banned the exchange of cryptocurrencies in the country…

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Filed under: News - @ October 26, 2023 5:24 am