Comparative Review of the Regulatory Framework of Cryptocurrency in Selected Jurisdictions

Abstract

This chapter compares the current legal and regulatory landscape of cryptocurrency regulations of selected countries. Countries have adopted distinct and disparate regulatory approaches in regulating cryptocurrency. Countries such as Gibraltar, Malta, Switzerland, Singapore, and certain states in the United States have enacted proactive, enabling, and industry-specific laws to regulate cryptocurrency. The Philippines and Denmark are relatively forward-looking in their endeavour to regulate cryptocurrency by allowing its utilization and/or trade but with a restrictive and cautious approach. Certain countries have imposed rigorous restrictions or banned the usage or trade of cryptocurrency. With the rapid evolution and emergence of cryptocurrency markets, policymakers are adopting different trajectories to develop a suitable regulatory framework to regulate cryptocurrency. Countries around the world should harness the capabilities of cryptocurrency by devising favourable regulations rather than inhibit the application of cryptocurrency.

The current state of crypto-market in the USA: regulation and future prospects in the context of the need to develop energy efficiency and achieve the Sustainable Development Goals

“…Today, many world powers use cryptocurrencies that have recently emerged as a subject of intense multi-dimensional scientific discussion on their theory [23,24], relations to bitcoin [17] and monetary sovereignty [8], philosophical and political aspects of cryptocurrencies [3] as well as their cultural aspects [32] and legal aspects [31] (including comparison of crypto regulation in various jurisdictions [15]), their commercial adoption [21] and the possibility of crypto replacing banks [6]. The United States has one of the largest numbers of crypto users in the world and accepts cryptocurrencies as a means of payment in shops, restaurants, hotels, and theaters; even some salaries are paid in crypto.…”