on the crypto
In the past three or four days there have been heated discussions about cryptocurrency regulation while India, France and South Korea have gone into action with pro-cryptocurrency regulations. These three countries are part of the global top 5 that has acted to encourage blockchain and crypto regulation since the beginning of 2020.
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Panama
One of the most well-known cryptocurrency havens, Malta, is implementing the AMLD 5 directive, which introduces a series of KYC / AML requirements, including the provision of customer-related information on demand and transactions to authorities. This has seen a series of cryptocurrency exchanges including Debrit and Binance leave Malta in favor of friendlier countries. Panama has become a favorite place for cryptocurrency companies as it has indulgent financial laws that give centralized exchanges the ability to operate freely. Registering cryptocurrency exchanges across the country is quick and easy with only USD 200,000 of license and commission fees.
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France
In fourth place is the last country that entered the crypto world, France. After a series of warnings from the French finance minister about setting cryptocurrency regulations, the country looks set to welcome cryptocurrency in a similar way to what happens with Fiat. A French court recently stated that Bitcoin is a fungible commodity similar to legal currencies. If you want to trade Bitcoin right away, take a look at Bitcoin Pro.
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China
China has been one of the most active countries in developing its own digital currency supported by the central bank. The People's Bank of China (PBoC) is making huge strides in developing a CBDC. China currently has a great need for cryptocurrencies and blockchain technology as it fights against Coronavirus (COVID-19) - to facilitate the process of transporting masks and other security equipment. In addition, the country is gradually adopting digital means of payment using cryptocurrency to avoid spreading the virus through physical money.
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India
India has been one of the largest jurisdictions against Bitcoin (BTC) and other private cryptographic payment systems, completely banning cryptocurrencies. However, in early March, the Supreme Court lifted the ban on RBI, opening up a new world for blockchain and adopting cryptocurrencies in the country. Exchanges are returning to the country with a huge potential market of 1 billion people. Despite the recent ruling, concerns of money laundering and the distribution of powers in central banks' monetary policy persist among the Reserve Bank of India (RBI) authorities.
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South Korea
The number one country that is currently experiencing tremendous growth with regards to blockchain and crypto adoption is South Korea. A few days ago, the Asian tiger completely legalized cryptocurrency transactions leading to a bullish phase in the market almost instantly. During 2019, the government ran a series of tests on blockchain technology while multiple companies in the sector sought partnerships in South Korea.
Is this the beginning of a crypto revolution among governments around the world?
