The position of countries in the world to regulate the cryptocurrency in February of 2018

If past 2017, can rightly be called the year of ICO, there will come in 2018, likely will be the year of cryptocurrency regulation. Currently, most countries are trying to deal with the status of cryptocurrencies and to determine how to behave with them in the future. Some States are friendly, others wary. There are those who are hostile to digital currencies. Below is a brief overview of the approaches to the regulation of cryptocurrencies 15 countries in different regions of the world.

The United States and Canada

Today in the United States there is no single approach to the regulation of cryptocurrencies. The Commission on securities and exchange Commission (SEC) warned investors about the risks associated with investing in the digital currency, has banned some ICO and hinted at the need for greater regulation of the cryptocurrency.

The Commission on trade commodity futures (CFTC) became the first U.S. regulator to allow the public trading of cryptocurrency derivatives.

Treasury Secretary Steven Mnuchin (Steve Mnuchin) clearly outlined the priority of Fiat currency over digital. During a meeting of the Economic club of Washington, 12 January 2018, he said that he and other regulators suggest the possibility of using cryptocurrency to launder money. He also said that the oversight Board the financial stability of the United States formed a working group to study the cryptocurrency market. According to Mnuchin, first of all, he «wants to be sure that crypto-currencies are not used for illegal activities.»

January 26, Deputy Secretary of the Treasury Mandelker Sigal (Sigal Mandelker) has confirmed the view of the Minister. At a press conference in Tokyo, she praised the three Asian countries that have established control over trade in the cryptocurrency, saying: «We believe that this regulation must be applied throughout the world.»

Canadian Agency for financial consumer protection does not relate to cryptocurrency «legal tender», excluding from this definition all except the banknotes and coins of the Bank of Canada. However, in regard to the regulation of Canada is not so severe. In fact, the issue of laws regulating the digital currency, it was the most transparent country in our list (except for Switzerland, announced the desire to become a «crypto-state»).

After several weeks of hearings, which included the arguments of the experts Cryptoprotected (Andreas Antonopoulos), the canadian Parliament approved the draft law Bill C-31 on June 19, 2014, representing the world’s first national law on digital currencies. Since then, canadian governments paying enough serious attention to the regulation of cryptocurrencies: August 24, 2017, the Agency called the Canadian securities administrators (CSA) issued a notification stating «possibilities of application of canadian securities law to cryptocurrency and related trade and market operations.»

On the other hand, in January 2018, the Governor of the Central Bank of Canada Governor Stephen Poloz (Stephen Poloz) said that «objection to the term «cryptocurrency», as they are cryptic, but are not the currency… for the most part, it’s not assets…technically they can be attributed to securities». It is also worth noting that, as part of the North American Association of securities administrators (NASAA), Canada participates in the warning Directive Association on the risks associated with cryptocurrencies.

The European Union and the United Kingdom

Despite the fact that due to Bracito in March 2019 the UK and the EU need to part, in the regulation of cryptocurrencies, their views coincide. 4 December 2017 editions of The Guardian and The Telegraph reported that the Ministry of Finance of Britain and the EU plans to do away with the anonymity of cryptocurrency traders.

The European Union plans to impose the requirement that cryptocurrency platform would be required to provide a comprehensive review of their customers and to report suspicious transactions. The UK Treasury follows a similar plans, though clarifies that «currently there is very little evidence that crypto currencies are used for money laundering, although it is expected that this risk would grow.»

Calls for more regulation of the crypto currency reflected in the whole of Europe. On 15 January the Minister of economy of France announced the creation of a working group on the regulation of cryptocurrencies, and the representative of the German Federal Bank has called for the regulation of digital currencies in the world.

Despite the fact that the UK and the European Union has not yet announced final plans, it is expected that this will happen in the spring.


Despite the fact that the use of the cryptocurrency in Japan is growing rapidly in relation to the regulation it cannot be called liberal; it just wins the race, attracting all the best from Asian kriptonyte, while China and South Korea to create a hostile or uncertain environment. Undoubtedly, the attitude of the Japanese government to bitcoin is much more friendly than its Asian neighbors.

On the other hand, in connection with the recent events the enthusiasm of the Japanese may slightly changed today. The January attack on the Japanese stock exchange Coincheck, which lost the funds equivalent to $ 530 caused negative reaction of the community and attracted the attention of the financial services Agency (FSA).


China is taking more measures against the spread of the use of cryptocurrency. After the ban of the ICO, the government ordered banks to freeze the accounts related to cryptocurrency exchanges and imposed a ban on Internet-access to everything one way or another associated with the cryptocurrency trade. After that, once the world’s largest Chinese cryptocurrency exchanges have lost a large part of the turnover and was forced to change the jurisdiction, and the miners also began to look for opportunities to move.

Thus, China was the most strict regulator of cryptocurrency. It’s a strange turn of events, because in 2017 the Chinese bitcoin miners have left more than 70% of the world’s miners, and promotion of cryptocurrency in China took place at a speed much ahead of other countries.

Most likely, the strict measures the Chinese government associated with the orientation of the country in the fight against capital flight and corruption.


Our country is also not yet decided how to implement cryptocurrency regulation. In September last year, the head of the Central Bank of Russia Elvira Nabiullina said that the Bank is against the regulation of bitcoin as a currency (as a means of payment for goods and services), as well as against equating them to foreign currency.

In September, Deputy Finance Minister Alexey Moiseev commented on the fact that the calculations in the digital currencies are not legal.

President Vladimir Putin accepted the Ministry’s position, saying that the cryptocurrency is accompanied by serious risk and can be used to launder criminal money, tax havens, financing of terrorism and the proliferation of fraudulent schemes.

In December 2017 the Ministry of Finance proposed to tax mining of cryptocurrencies. In January of this year Vladimir Putin once again hinted at the need for future regulation of digital currency:

«Today, it is the prerogative of the Central Bank and these powers while the Central Bank is sufficient. But in General, of course, in the future probably will need legislative regulation.»

Two weeks later, on January 25, the Ministry of Finance published a bill entitled «About digital of financial assets». In the case of this law adoption of the cryptocurrency and digital tokens recognized financial assets, however, they will not be considered legal tender on the territory of the Russian Federation. The Finance Ministry has proposed to legislate bitcoin as property in the electronic form and to establish a special procedure for performing transactions with it in territory of the country.

Authorized under the RF President on protection of entrepreneurs ‘ rights and presidential candidate Boris Titov said that the bill is too harsh, and it is better to accept nothing than to accept the draft in its current form.

Consideration of the options proposed bills in the state Duma is already underway, but choosing one of them will take place only in the spring.

South Korea

In the past this country was known for a significant presence of cryptocurrency and at first it even considered for a safe haven, which was supposed to seek refuge after the ban declared by China.

However, in January 2018 among Korean officials had disagreements about the future regulation of digital currencies. Uncertainty and possible negative consequences of regulation caused the drop in the price of the cryptocurrency markets in the Red Tuesday, and also on 30 January, when entered into force the law forbidding trade in cryptocurrency with anonymous accounts. The possible complete ban of cryptocurrency trading was cancelled due to the active opposition of the community.

In addition, it is reported that regulators in South Korea have requested information about the account holders associated with the cryptocurrency trade, six major Korean banks.


Until recently, the financial and banking center of Asia belonged to the regulation of cryptocurrencies is relatively quiet. Monetary authority of Singapore (MAS), as well as many regulators, warned about the risks of speculation in the cryptocurrency markets amid the immense growth of bitcoin prices in December 2017.

9 January 2018, Deputy Prime Minister of Singapore Tharman Shanmugaratnam (Tharman Shanmugaratnam) said that «the country’s legislation does not distinguish between transactions carried out with the use of Fiat currency, cryptocurrencies, or other new ways of transmitting value.»

Head of Finance MAS Aprendo Mohanty (Sopnendu Mohanty)explained that the regulators need to take measures for the protection of consumers in respect of cryptocurrency.


India, whose relation to bitcoin was considered quite controversial this year is much more demanding. The toughening of the positions associated with the same problems, at which point other countries: money laundering, criminal activities, terrorism financing, tax shelter, and the like.

However, the participants of kriptonyte country do not believe that India can actually ban the cryptocurrency market, just as China did.


In light of the financial scandal August 2017 around the Australian Commonwealth Bank, the Australian government decided to follow the example of Japan, the tightening action of the anti-money laundering laws and to introduce measures to regulate digital currencies. Prior to this, the authorities preferred to adhere to a policy of non-interference, but the lack of clear regulation presumably had a negative impact, because at the end of 2017 the Australian cryptocurrency brokers refused to Deposit in Australian dollars. Then the Tax office of Australia hinted at the possibility of future regulation of digital currencies.

On the other hand, among the members of the government are supporters of the cryptocurrency that in August of last year in favour of the Reserve Bank of Australia has adopted a cryptocurrency as a form of money. Thus, further regulation of cryptocurrencies in Australia remains uncertain, but in the future it can be friendly.


Known for its progressive attitude to the banking sector Switzerland adheres to the similar point of view and in the regulation of cryptocurrencies. This Western European country is markedly different from EU countries and demonstrates an open attitude to the cryptocurrency industry.

The Minister of economy recently announced that it would that Switzerland has become «crypto-state», and state Secretary of the Ministry of Finance said: «We want ICO prospered.»

January 10, Switzerland established a working group aimed at «strengthening legal certainty, maintaining unity financial center and ensuring a technologically-neutral regulation of cryptocurrency and ICO».


Venezuela is the world’s largest economy and has a great amount of cryptocurrency investors. However, the views of the state on the analogy worthy of attention, as the government headed by President Nicolas Maduro (Nicolas Maduro) is going to bypass economic sanctions, releasing their own secure cryptocurrency oil «petro».

In early 2017 Venezuela was set at a sufficiently stringent measures, as a result of inflation, a large part of the population turned to using digital currency, ignoring the local currency, the Venezuelan Bolivar. At the end of the year, the government of Maduro has also attempted to apply the regulation to the mining sector.

The issue of own national cryptocurrency can lead to the fact that Venezuela will be one of the most progressive States in the regulation of cryptocurrency (even if it is made only for future use petro).


In the past year, least developed in economic terms, the African country has experienced a crisis which led to the collapse of its official currency. Trade bitcoin in Nigeria is gaining popularity, as the population is increasingly turning to bitcoin.

At the beginning of last year, the Central Bank of Nigeria (CBN) was going to ban digital currency, however, then Deputy Director of the Bank declined from the initial purpose, stating that «the Central Bank cannot control or regulate bitcoin. Similarly, no one can control or regulate the Internet. We don’t belong.» In 2017, the trade of bitcoin in the country has grown 15 times.

In January 2018, the head of the Bank Emefiele Edwin (Edwin Emefiele) reiterated the need for the regulation: «Cryptocurrency or bitcoin is similar to gambling…As a Central Bank, we cannot support a situation in which people risk their savings for the sake of «excitement».


The Governor of the Bank of Ghana Ernest Addison (Ernest Addison) January 22, stated that «bitcoin is not legal tender». Despite the fact that at the moment, Parliament is considering a bill authorizing the use of cryptocurrencies, while the country prefers to believe bitcoin and other digital currencies illegal. The statement of Addison was preceded by recommendations of the Investment Bank of Ghana, Group Ndoum that the Bank of Ghana has invested 1% of its reserve funds in bitcoins.

South Africa

The attitude of the cryptocurrency of South Africa is relatively progressive. In July last year, the government began to cooperate with the blockchain company Bankymoon to create a «balanced» approach to the regulation of bitcoin.

In the past decade, the national currency of the Republic, South African Rand, repeatedly devalued. This year about the regulation of digital currencies the country has been quiet. However, it is likely that the dependence of the South African national currency of China can go on its point of view on the regulation of cryptocurrencies.

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