Financial Supervisory Authority of Norway (Finanstilsynet) expressed, “There is a strong need for a legal framework and investor protection if cryptocurrency is to be able to become a suitable form of investment for consumers.”

The authority made this statement in response to the swindling Bitcoin price and the risks it poses to users.

Malta is a leader in crypto regulation. While cryptocurrencies are not legal, crypto exchanges are. To develop existing AML/CTF legislation, Malta was the first to enact a trio of digital assets-related acts like (MDIA, ITAS, and VFA), along with blockchain legislation.

In 2018, the Landmark legislation, known as the cryptocurrency legislation as a new regulatory framework was launched by the Malta government. The Malta Digital Innovation Authority was also set up to look after crypto policy to ensure ethical use of crypto.

The German Federal Financial Supervisory Authority (BaFin) in Germany monitors cryptocurrencies in the payment process. Anyone who is looking to undertake crypto transactions should get approval from the body. 

In 2018, the Mexican government published the Mexican Official Federal Gazette, the Fintech Law which regulates the Financial Technology Institutions (IFTs). This new law was absolutely meant to regulate cryptocurrencies within the financial system of Mexico.

In South Korea, crypto exchanges are legal, but cryptocurrencies are not. Cryptocurrency transactions are exempted from taxes. However, the Ministry of Strategy of Finance are working out plans to impose tax on crypto transactions with the revised tax framework to be launched in 2022.

Canada has been very positive towards crypto adoption. Crypto transactions are legal in Canada and they are treated like a commodity.  Therefore, classified as business income. Firms that deal with cryptocurrencies should register themselves with the Financial Transactions and Reports Analysis Center of Canada (FINTRAC).

Japan’s Financial Services Agency (FSA) governs all cryptocurrency trading platforms in Japan. Japan legalized cryptocurrency in 2017 under the Payment Services Act.

Cryptocurrency in Australia is treated like a property.  It is legal and it is subject to the Anti-Money Laundering and Counter-Terrorism Financing Act 2006 (AML/CTF 2006), section 5, and associated rules.  It is subject to Capital Gains Tax (CGT).

Singapore signed Blockchain and Cryptocurrency Regulation, 2020 to regulate cryptocurrency and accelerate its adoption.

EU being one of the earliest countries to make cryptocurrency legal across the EU does not have specific regulation to be passed by the EU which governs crypto activities.  The 5th AML Directive directs that crypto exchanges follow the EU’s anti-money laundering regulations.

Cryptocurrency is legal in several states.  There are no comprehensive regulations to govern these activities.  The Financial Crimes Enforcement Network (FinCEN) call cryptocurrency as money transmitters. The Internal Revenue Service (IRS) call cryptocurrency as digital property. Cryptocurrency exchanges fall under Bank Secrecy Act (BSA). Also, the US Securities and Exchange Commission (SEC) call cryptocurrencies securities on which security laws are applicable.