Highlights

  • US, EU have legalised crypto but classify it as 'property' and security not a currency
  • China after big welcome in 2017 saw a complete ban this year on the digital token trade

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Crypto Bill: A look at how the world is regulating cryptocurrencies

A look at cryptocurrency regulations in major economies and groupings and see how India may compare.

3,000,000,000,000 that's the marketcap of global cryptocurrency trade. As India looks to regulate the booming crypto trade in the subcontinent, here is a look at how the world is dealing with digital token deluge-:

United States

Cryptocurrency is legal in the states, but there is no comprehensive regulation to govern crypto activities. For now, bitcoin (BTC) and ether (ETH) are categorized as ‘commodities’ and taxed as ‘property’ by the IRS.

The US Securities and Exchange Commission (SEC) puts across cryptocurrencies to be securities on which security laws are very much applicable and cryptocurrency exchanges fall under the regulations for the Bank Secrecy Act

Also Read | Crypto Bill: The govt looks to ban private crypto, $10 billion in investments await Winter Session

The European Union

EU has been in the limelight as it is one of the initial countries to make cryptocurrency legal but there is no specific regulation passed by the EU that governs crypto activities.

Taxation on cryptocurrencies also varies by country, ranging from 0% to 50%. The EU has recently rolled out the latest anti-money laundering directives to be followed by crypto exchanges to ensure no wrongdoing.

Also Read | Crypto Bill: A ban in the works sends crypto prices crashing in India

China

The Mainland's dealings with cryptocurrencies has been a roller-coaster ride.From the most welcoming to one of the most restricted crypto-markets in the world. In June 2021, it banned the mining of cryptocurrencies, leading to about a 40% fall in global mining operations. China is focusing on promoting it's Digital Yuan as a priority post the ban.

Also Read | Winter session of Parliament: Modi govt to table bill to regulate cryptocurrency

South Korea

In South Korea, crypto exchanges are legal but not cryptocurrencies. Cryptocurrency transactions are expected from taxes. However, the Ministry of Strategy and Finance has laid out its plan of imposing a tax on crypto transactions with a revised tax framework to be launched in 2022.

Also Read | Now, you can pay for your pickles with cryptocurrency

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