The world is changing; the traditional tales are no more talked about – but what about the most important medium? The currency! Gone are the times when people used to top up their wallets with fresh, crisp notes; today is all about online transactions. That’s where the concept of Cryptocurrency unveils!
Cryptocurrency, often known as Crypto is digital currency that is used to purchase goods and services. Designed to work as a medium of exchange where the individual coin ownership records are maintained in a computerized ledger, this has given rise to a new form of transactions. But with this comes new regulations, all to ensure an economic balance and a secure working environment. Day to day, year to year – different countries come up with their distinct updates to maintain financial stability. Also, and the zero spread brokers trend is commonly seen. Here’s a glimpse through it!
China 2021 | Cryptocurrency Banned
After years of signaling no to bitcoins, here’s a new outlook. As of May 2021, China regulated a ban on the burgeoning digital trade market. But what’s the underlying reason? Crypto has rebounded and is infringing the safety of people’s property. Not only this it is also causing disruption in the normal economic and financial order. With the increases awareness, the cryptocurrency prices have showed an irregular trend and have been either skyrocketed or plummeted.
As per the reports, China has not imposed a regulation on individuals from holding cryptocurrencies but initial coin offerings and crypto exchanges are legally banned. This isn’t just it – investors have been strictly warned not to take part in any speculative crypto trading as well.
Kenya 2021 | Cryptocurrency as Securities
Be it the new rules or the same old ones, the Crypto Regulations haven’t shown much diversification in Kenya. To sum it all up, cryptocurrencies are till date not regulated in Kenya. And to say more about it, they are neither backed up by Government nor by the CBK. The forex brokers Kenya show an outlook to the world of crypto. According to them, it has been said that cryptocurrencies might now be treated as securities and not currencies.
The European Union 2021 | Cryptocurrency all Legal
One of the initial countries to make crypto legal is the European Union – Bitcoins are legal almost everywhere in European Union. The EU has not passed clear laws about Bitcoins as a currency but one thing that is clear is that VAT/GST doesn’t apply in the conversion of conventional currency to the Bitcoin. One important update is that the 5th AML Directive has directed that crypto exchanges will have to follow EU’s anti – money laundering regulations.
Malta 2021 | Just Crypto Exchanges are Legal
Where Malta is considered the leader in crypto regulations, to dismay cryptocurrencies are not legal. But, this isn’t it, crypto exchanges are legal which gives a new horizon to the world of Crypto. The new update talks about how a new segment, Malta Digital Innovation Authority has been setup to regulate crypto policy and ensure the ethical use of this currency!
Cryptocurrencies till date appear as nascent products even after the diversified regulations imposed all around the world. Today’s world is more about digital currencies and with that a look on the hot forex reviews time to time is a necessity!
