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Regulations

Here are major cryptocurrency markets from Asia-Pacific, the Americas & Europe, into 3 groups based on the level of regulations:

NOT REGULATED 

  • Hong Kong
  • United Kingdom
  • Australia – Digital currencies such as bitcoin are not regulated by Australian Securities and Investments Commission under the Corporations Act. This means that the business does not need to hold an AFS license to provide its wallet.

PLANNING TO REGULATE

REGULATED

Japan

Virtual currency is defined by the following criteria:
(i) property of value,
(ii) usable for payment to unspecified persons,
(iii) purchasable from and sellable to unspecified persons and
(iv) transferable by electronic processing devices

Virtual currency exchange services are defined by the following criteria:
(i)the sale, purchase, or exchange of virtual currencies.
(ii)intermediary, agency or delegation services in relation to the act of (i).
(iii)management of customers money or virtual currency in connection with the acts of (i) or (ii).

Virtual currency exchange services providers must meet certain registration requirements and register (applicants):

(i) must be a stock company
(ii)have a specific asset base
(iii)have an internal organization sufficient to pursue its business appropriately and accurately.

 

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