10 Countries Actively Regulating Cryptocurrency Despite Global Crisis
Despite the coronavirus pandemic and the resulting financial crisis, at least 10 countries have made announcements regarding cryptocurrency regulation since our last regulatory roundup. They include Japan, Malaysia, Singapore, China, Spain, Germany, India, the Philippines, the U.S., and South Korea.
The world is going through a crisis with an escalating number of covid-19 cases causing economic turmoil in many countries. The International Monetary Fund (IMF) has declared a global recession, noting that at least 80 countries have asked for its assistance. Nonetheless, since our last regulatory roundup, a number of countries have made announcements relating to their cryptocurrency regulations.
During the past week, two countries approved new cryptocurrency exchanges. Japan approved its 23rd crypto exchange while Malaysia followed suit and fully approved a crypto exchange operator even as the country extended the nationwide lockdown.
The Monetary Authority of Singapore has granted a temporary exemption from holding a license to a number of cryptocurrency companies under the new Payment Services Act. Among the companies benefiting from this six-month grace period are Binance, Coinbase, Gemini, Bitstamp, Luno, Upbit, and Wirex.
In Spain, the tax authority has begun sending notices to 66,000 crypto owners. This number represents a massive increase from the 14,700 tax letters the agency sent to crypto owners last year. The letters will be sent until the end of June.