In our “Legal” section, we cover regulations, compliance issues, and legal developments related to cryptocurrencies and blockchain technology. Here you will find information about crypto laws, government policies, and the regulatory landscape affecting digital assets. Read the “Legal” section on ForkNews to stay informed about the legal side of the crypto industry.
Today in the blockchain industry there is high uncertainty about the status of cryptocurrency. And although the future of Bitcoin largely depends on its legal status, many countries are not ready to formulate their official position regarding virtual money. Japan has demonstrated an intermediate approach. On the one hand, not recognizing cryptocurrency as national money, on the other hand, allowing and taking under state control all operations in the cryptocurrency market.
“Cryptocurrencies are neither prohibited nor permitted in Ukraine,” recalled the head of the cyber police department of the National Police, Sergei Demedyuk, in an interview with journalists from the online publication “Economic Pravda.”
Any regulation of cryptocurrencies must take place at the international level. This statement was made by Bundesbank board member Joachim Wurmeling, explaining that digital currencies are not subject to national rules.
The end of 2017 and the beginning of 2018 was marked by a series of harsh attacks from national regulators in a number of countries around the world. Unfortunately, Brazil is next on the list of “conservatives” who zealously opposed the unregulated circulation of Bitcoin.
UK investors can't get a mortgage. Several lenders refused to cooperate, even after investors converted Bitcoin to fiat and provided proof of income.
Bank Indonesia has taken a strong stance against cryptocurrencies - it recently called on all citizens of the country to refrain from selling, buying or owning tokens.
We continue the series of publications about the legal status of cryptocurrencies in the world. In terms of the degree of freedom, perhaps only Asian countries can boast of an unprecedentedly loyal attitude of the authorities to the issues of regulation of not only Bitcoin, but also other digital currencies. That is why for today’s study we chose Singapore as an example of eastern jurisdictions where the successful development of Blockchain startups has already taken place both de facto and de jure.
Yesterday, the South Korean government said that the plan to ban cryptocurrency exchanges has not yet been finalized. It was also reported that the South Korean Ministry of Justice is working on a bill that would completely ban such exchanges throughout the country, which would significantly complicate the trading of cryptocurrencies.
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