The Currency Analytics
By Dan Saada
Controls on cryptocurrency are becoming tougher than before. India, Japan, South Korea, China, and Singapore are getting stricter about cryptocurrencies.
While the Reserve Bank of India is not mandated to regulate crypto assets with the existing law, the current mandate provides for the RBI to assess the exposure of the crypto…
Japan amended the Payment Services Act way back in 2017 and provided for the legalization of the cryptocurrency.
The Fintech Center established by the Bank of Japan conducts research on how they can improve the existing financial services and structures.
In South Korea, the Central Bank listed the FSB as the regulator. The Bank of Korea researches about the development of crypto assets and works on the impact of the assets…
In Singapore, the Monetary Authority of Singapore performs regulatory functions. Singapore has been in the cryptocurrency space for quite some time.
China banned cryptocurrencies in 2017, despite having been an avid promoter of the crypto during the early years of Bitcoin.
Cryptocurrency regulation across the world is highly inconsistent. The existing legislation might not be final as the cryptocurrency industry is evolving.