So where are we now on virtual asset (or crypto) regulation almost two years on from when Bitcoin’s stratospheric price rise first propelled it into the public consciousness and mainstream media? Beyond the Financial Action Task Force’s (FATF) latest requirements for “virtual asset service providers”, including trading platforms, to be licensed and supervised in implementing FATF antimoney laundering recommendations, a multinational approach to virtual asset regulation has yet to emerge. Instead, a patchwork of differing regulatory regimes has evolved adopting regulation ranging from complete bans as in China, to Japan’s mainstream regulated virtual asset sector. In between, lie a handful of smaller, newly-minted crypto-friendly regimes such as Malta and Bermuda, and a large number of jurisdictions, including the United States (US), the European Union and Hong Kong, currently sitting on the fence. Keen to avoid stifling financial innovation and losing out to more progressive economies, these jurisdictions have warned investors of potential risks and regulated virtual assets within the existing regulatory framework, but are generally adopting a welcome wait-and-see approach.
Denne historien er fra October 2019-utgaven av Legal Era.
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Denne historien er fra October 2019-utgaven av Legal Era.
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