Cryptocurrency Regulation in EL SALVADOR
El Salvador is the first country to use Bitcoin as legal tender. The move led to large-scale protests due to fears the cryptocurrency would bring instability and inflation to the impoverished Latin American country.
The president of this South American country, Nayib Bukele believes that Bitcoin will reduce poverty, and lead more people into digitalization.
Cryptocurrency Regulation in the United Kingdom
In the United Kingdom, they have not formulated any unique legislation for cryptocurrency. However, the United Kingdom considers cryptocurrency to be property and not a legal tender.
Financial Conduct Authority (FCA) regulates the licensing and authorization of cryptocurrency-related businesses including cryptocurrency exchanges.
The FCA has a stringent set of rules, which all seeking a license have to comply with in the UK.
Like any other country, the UK also gains taxes gains from cryptocurrency trading. Cryptocurrency exchanges should comply with corporate tax rules in the UK.
Cryptocurrency Regulation in China
China has forever been manipulating strictly regulating and limiting cryptocurrency activity for several years. In 2017, it banned exchanges operating in China. It also banned initial coin offerings through which were offering tokens and raising large sums of money all around the world.
Recently, China has changed its stance on cryptocurrencies radically. Those running Crypto infrastructure including exchanges had to move out their operations from the country. The country is developing a digital version of currency and is testing the centrally regulated crypto coin.
China is not friendly to cryptocurrencies.
The PBOC has stated that all crypto-related activities are illegal in China, including services like offering trading of digital assets, order matching, token issuance, and derivatives.
Cryptocurrency Regulation in Thailand
Thailand is named to be the first jurisdiction in Asia that did issue a legislation which specifically addresses cryptocurrencies and digital assets
Thailand has a selective ban on cryptocurrency trading. The ban targets meme coins and NFTs.
The law prohibits crypto exchanges in the country from listing utility tokens and certain types of cryptocurrencies. This course includes Meme tokens, Fan tokens, non-fungible tokens (NFT), and Digital tokens. While there has been a country-wide increase in trading activity, Thailand’s Central Bank has planned to introduce crypto regulation rules to minimize risks in their trading.
In Thailand, cryptocurrency does not have a legal status. It is defined as just a type of electronic data unit which is developed on an electronic network with the purpose of being a medium of exchange for goods, services or rights.
Crypto-related profits from the trading of digital currencies are taxed at 15% in Thailand.
Julie is a renowned crypto journalist with a passion for uncovering the latest trends in blockchain and cryptocurrency. With over a decade of experience, she has become a trusted voice in the industry, providing insightful analysis and in-depth reporting on groundbreaking developments. Julie's work has been featured in leading publications, solidifying her reputation as a leading expert in the field.
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