One of the largest gripes persisting in the world of crypto, is the lack of government clarity towards the nascent asset class. Many that have hosted ‘illegal’ ICOs, justified their actions by falling back on murky regulations. While this excuse may just be way for many to try and avoid repercussions, it is a valid point, nonetheless.
Patience Running Thin
With public cries for great clarity, various governments around the world have been developing their stances towards the industry. In the past week alone, we have been greeted with news pertaining to 3 large economies, and their stances towards crypto.
India was one of the first governments to ban/restrict the use of cryptocurrencies. This initial ban was implemented by the Central Bank of India. In the time since, traders and industry professionals have attempted to have this decision overturned, to no avail. As the industry sits in limbo, with regulators unable to come to a solution, the government has now stepped in. The Supreme Court of India has run out of patience, and implemented a 4 week deadline for the issuance of cryptocurrency regulations.
As India represents the world’s second largest population, any decision made by the government has the potential to swing market sentiment and development.
Vladimir Putin just released a statement, days ago, indicating that a decision on the country’s stance needs to be outline by July 1, 2019. This stance is expected to encompass regulations pertaining to not only BTC, but cryptocurrencies at large, ICOs, and other aspect of the blockchain industry.
While a firm date was not given, the government of Germany has recently issued statements regarding the implementation of blockchain regulation. They have indicated that these regulations will be issued Q2/Q3 of 2019.
Those Ahead of the Curve
While these three governments continue to ponder their choices, various countries have already done so. Here are a few of the more forward-thinking nations.
As can be seen, the topic of cryptocurrencies is a globally discussed one. These countries represent not just one region, but various continents throughout the world.
As one country finalizes their stance towards the industry, and releases updated regulations, the task becomes easier for the second country. These trailblazers will have now provided the next in line with a blueprint on what works – and what doesn’t.
We are seeing now, that various governments are becoming more comfortable with laying out a decision, as they have had time to evaluate the effectiveness of the trailblazer’s decisions.