Law firm Axon Partners in partnership with cryptocurrency consulting company ForkLog Consulting have published an English-language version of their detailed report on regulation of cryptocurrency and cryptocurrency-related businesses in Australia, the United Kingdom, Hong Kong, the European Union, Canada, China, South America, Russia, the United States, Ukraine, and Japan in 2016.
The Russian version of the paper was published in February 2017. It was the first report on global regulation of Blockchain businesses to be published in Russian.
“Throughout the history, when people felt the need to use money, they used all kinds of different, materials including shells, domestic animals, corn, and tobacco. Ancient Spartans used iron money that looked like a bunch of sticks. It wasn’t easy to use these sticks, and they were meant to discourage Spartans from theft, corruption or even accumulating wealth. Another example is Russian Alaska, where walrus hide was used for notes (nobody knows, why). Throughout the ages, mankind has been trying to take a new look at the form and the role of money. Our generation’s task is to finally turn conventional currencies into digital money,” says Dima Gadomski, partner at Axon Partners and co-author of the research.
The authors noted that, while some statements in the document are no longer valid, the research gives insight into the tendencies of cryptocurrency/blockchain-related businesses regulation in 2014 to 2016. It was one of the research’s prime objectives.
“The report analyzes jurisdictions that are most popular with cryptocurrency businesses in terms of regulation. The document’s goal is to paint the most comprehensive picture of regulation, taxation, and possible liability for cryptocurrency-related activities,” says Vlad Likhuta, the supervisor for the research, associate at Axon Partners, and the head of marketing at ForkLog Consulting.
CEO and founder of ForkLog Consulting Toly Kaplan commented:
“Due to their historical background, most countries cannot truly embrace innovation and technological progress. In this context, this summary may be considered as a kind of chronicle of regulatory entropy. And, most importantly, the situation with cryptocurrencies correlates with unsystematic attempts to regulate numerous other innovative phenomena”.
The companies have already prepared another research on cryptocurrency regulation in such jurisdictions as Switzerland, Singapore, Estonia, the U.K., and the U.S.
“The previous research did not cover regulation in countries like Singapore and Switzerland as we expected their authorities to react and enforce some regulation. Those jurisdictions were for a tidbit. Thanks to that, the new report, in my opinion, proved to be quite interesting,” says Ivan Grekov, market researcher at ForkLog Consulting and the supervisor for the new research.
The second research will be covered by ForkLog, the biggest Russian-language media outlet on cryptocurrencies and blockchain technologies as a part of the companies’ joint project. A final document in Russian and English will be prepared at the conclusion of the project.