Jakarta, CNBC Indonesia – Some developed countries are starting to soften to acknowledge the existence of the crypto industry in their country. Recently, the UK has begun to recognize the existence of these digital assets.
Even so, cryptocurrencies that are more recognized still tend to be of the same type of crypto stablecoindue to its almost similar nature to major currencies, are generally denominated in dollars.
Earlier on Sunday (27/3/2022), the British government planned to release regulations regarding the cryptocurrency market. This is done to control the flow of digital currency funds.
Four sources told CNBC International that the rule will focus on a type of digital coin (token) known as stablecoin. They say this regulation will tend to benefit the industry by providing legal clarity for a sector that has so far been largely under-regulated.
“British Treasury Secretary Rishi Sunak is expected to make an announcement in the coming weeks about a new regulatory regime for crypto,” the source was quoted as saying Sunday.
The source added that London has so far shown a willingness to understand the complexities of the crypto market and the so-called stablecoin. The UK Treasury has also been in discussions with a number of companies and trading groups such as Gemini.
Prior to the UK, several had declared and created rules to support crypto-related transactions. As for some of these countries, namely the United States (US), Japan, South Korea, the Philippines, El Salvador, and Ukraine.
1. United States of America
In early March, the US government gave the crypto industry the green light. The reason is, US President Joe Biden has signed new rules regarding crypto and gave his executive order on March 9.
According to the White House fact sheet, the rules call for federal agencies to take a unified approach to digital asset regulation and control.
“Ensuring adequate oversight and protection of systemic financial risks posed by digital assets,” Biden said in the report CNBC InternationalThursday (10/3/2022).
There are at least six things that become the main focus, namely consumer and investor protection, financial stability, illicit activities, US competitiveness on the global stage, financial inclusion and responsible innovation.
In his instructions again, Biden said that the US must maintain its leadership in technology in the midst of rapid growth.
“Build a framework to drive U.S. competitiveness and leadership, and leverage digital asset technology,” Biden said.
Even though they have acknowledged the existence of crypto, in fact the US government still tends to support tokens stablecoinnamely Tether and USD Coin.
In addition, this executive order is also addressed to the US central bank (Federal Reserve / The Fed) to research the central bank digital currency project (central bank digital currency/CBDC).
The land of Sakura is a paradise for Bitcoin Cs. This increase in status was obtained after China banned digital currency transactions last year, both domestically and overseas citizens to use Bitcoin as a means of payment.
In Japan, every Bitcoin Cs exchange agency must register and obtain permission from the Financial Services Agency (FSA) authority. The referee of this financial institution also has the authority to directly inspect all exchange exchanges that are licensed.
In fact, the Japanese Financial Services Authority (FSA) in October 2018 has granted the status of self-regulatory for the cryptocurrency industry (cryptocurrency). This allows the Japan Virtual Currency Exchange Association to monitor and penalize any violations.
The FSA approval gives industry associations the right to set rules to protect customer assets, prevent money laundering, and provide operational guidelines. Associations must also monitor compliance.
3. South Korea
The Ginseng Country has also required all exchange institutions to obtain permission from the South Korean financial services authority (South Korea). You can even transact using a bank account.
But in February 2018, the new rules were rolled out. In this rule, Bitcoin cs transactions using bank accounts must use real names. The exchange agency must also create its own account that separates the company’s account from the customer’s account.
The authorities also forced exchange agencies to be more transparent by reporting all transactions and sharing data with other exchanges in South Korea. Its purpose is to track suspicious transactions.