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.
“Effective regulation of cryptocurrencies can only occur with maximum international cooperation, since the regulatory power of nation states is very limited.”
After the Chinese government banned crypto exchanges in September 2017, many Chinese traders simply moved their activities to Japan or South Korea. Governments of many countries have already attempted to regulate cryptocurrencies. Of all the countries, it was China that chose the most radical measures, banning crypto exchanges and initial coin offerings. The Chinese government is currently planning to ban all “cryptocurrency-related companies.” The South Korean minister also recently proposed banning crypto exchanges, however, the government, taking into account universal hypeabout cryptocurrencies in the country, such drastic restrictions were not introduced. The US Securities and Exchange Commission (SEC) warned crypto investors several times last year about the risks and has already taken action against several blockchain or cryptocurrency companies. Also, the states Texas and North Carolina recently issued an injunction against a British company that allegedly sold unlicensed securities.
According to https://cointelegraph.com
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