In our “Regulation” section, we cover laws, policies, and regulatory decisions affecting cryptocurrencies and blockchain technologies worldwide. Here you will find updates on government actions, compliance requirements, and legal frameworks shaping the crypto market. Read the “Regulation” section on ForkNews to stay informed about how regulation impacts the digital asset industry.
Pakistan's central bank said on Friday that cryptocurrency is not legal in the country and has banned banks and other financial service providers from servicing clients carrying out cryptocurrency transactions. The regulator said that persons using cryptocurrency to transfer funds outside Pakistan will be held accountable.
The UK's financial regulator said on Friday that firms offering services related to cryptocurrency derivatives must comply with all legal provisions or face severe sanctions.
An official at the Central Bank of Japan recently said that although digital currencies have not yet achieved their goals of “cheaper remittances” and “supporting socially significant projects”, the bank believes it is very important to try to use them
Australia is committed to raising security and consumer protection standards in the crypto space. The government recognizes that blockchain technology has the potential to change many aspects of the current financial system. As part of its support and adoption of progressive approaches to exchange control, AUSTRAC's powers were strengthened through legislation passed in December 2017
A recent Twitter poll targeting crypto enthusiasts showed a majority of people react negatively when asked about taxes on their cryptocurrency. Only a fifth of survey participants indicated that they had already completed their returns and filed taxes.
In general, market capitalization fell by $100 billion over the week, with many cryptocurrencies losing more than 13%. This isn't the first time cryptocurrencies have experienced such significant losses, and it certainly won't be the last.
The governments of many countries are puzzled by the problems of regulation and taxation of transactions with digital currencies. The main point remains the question of what definition to give to the cryptocurrency itself. Today, each country is trying to solve approaches to taxation of transactions with cryptocurrencies differently, adapting new realities to internal current legislation.
The Vice Governor of the People's Bank, Fan Yifei, said this while presenting the agenda for the upcoming economic development conference, which is to be held soon. He highly appreciated the analytical work of the Central Bank’s group of experts in studying the technologies and risks of operating cryptocurrencies in the jurisdiction of the PRC.
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