Topic: Which country do you think has gotten crypto-regulations right? (Read 229 times)
Well, I can properly provide a honest vote by getting to know the types of regulations in the various countries you listed. With that, one can make a better judgement about the cojntry who's git it right, but anyways i give my vote to countries that haven't put any strict restrictions on crypto.
AFAIK, Japan and South Korean.
As I can see only if we talk about Asian region , they are open minded and brave enough to legalize cryptocurrency while my government still against with it. So I can use my btc with my own risk !
As I can see only if we talk about Asian region , they are open minded and brave enough to legalize cryptocurrency while my government still against with it. So I can use my btc with my own risk !
Thank you for your contribution, I will take it into account . Have heard of the new ecosystem called civic, is a secure and verifiable identity system, decentralized Blockchain, which came to market in 2017.
The main objective of this ecosystem is to provide security to users in the face of identity theft or fraud, through the use of Blockchain technology, for this the only thing that must be done is to register in Civic.
I share this very good article that gives a very detailed information about what this cryptocurrency is about
https://criptogaceta.com/criptomonedas/criptomoneda-cvc/
The main objective of this ecosystem is to provide security to users in the face of identity theft or fraud, through the use of Blockchain technology, for this the only thing that must be done is to register in Civic.
I share this very good article that gives a very detailed information about what this cryptocurrency is about
https://criptogaceta.com/criptomonedas/criptomoneda-cvc/
Here is a really great free guide to cryptocurrency and exchange regulations in different countries: https://complyadvantage.com/cryptocurrency-regulations-around-world/
Who you think is creating a sustainable framework for cryptocurrencies to thrive?
I think Japan had the most successful regulations for the cryoto currency usage because that is the only country where most of the shops accepts bitcoin and other crypto currencies as a payment option.But in other countries they were still confused that how to categorize the crypto currencies so they were most successful yet. Who you think is creating a sustainable framework for cryptocurrencies to thrive?
If I were to choose multiple choices, I would choose Japan, Singapore, Estonia and South Korea. All these countries can be equally credited as the countries with correct crypto-regulations. But, if I were to pick one, I really prefer Japan's way of regulating upon digital currencies in general.
All their governments happen to know the underlying knowledge about Bitcoin and the Blockchain infrastructure unlike some third world countries like India, whose government outright restricts the usage of any cryptocurrencies without getting to know about them in the first place. Making a decision without any underlying knowledge will lead to poor decisions as mentioned above.
All their governments happen to know the underlying knowledge about Bitcoin and the Blockchain infrastructure unlike some third world countries like India, whose government outright restricts the usage of any cryptocurrencies without getting to know about them in the first place. Making a decision without any underlying knowledge will lead to poor decisions as mentioned above.
If I was Japanese I'd be looking to get the hell out to preserve my wealth.
It's not that bad. If you are not actively trading you won't be hurt in any way. I'm quite sure that these tax rates are partly set up like that to motivate people to spend their coins rather than to cash out and have it not do anything. The more people spend their coins, the more the government receives in tax income from sources not related to traders and whatnot. People there can instantly spend their coins through their BitFlyer app off-chain, which is extremely convenient and makes sure that even during network congestion they can spend as easily as they have always been doing. It's a pretty neat merchant integration if you ask me. Not sure why Coinbase with its dominance isn't doing anything similar.
That's right! Taxation - on Japan's wavelength - appears to be high but this is just teething problems, they will adjust to more normalised rates once they understand what they're dealing with. Just like how Australia eventually adjusted its double taxation. The way Japan's set it up, you're being encouraged not to treat Bitcoin like an investment and/or asset, but to spend it, just the way it was meant to be. Just the way they've recognised it, as legal tender. That'll do a lot more for price-fixators than holding ever will.
The problem with regulations at this early stage is that they can and very likely will change the more governments start to understand this industry.
Any country that is currently deemed crypto friendly may not be that anymore in 2019 or 2020. Japan is the prime example of how fast things can change towards a firmly regulated industry where the freedom of every crypto participant enjoyed is limited significantly, and will be limited even further in the forthcoming months and years.
Once governments find out that fighting against crypto isn't successful, but firmly regulating it is, prepare for what has to come, because it won't be pretty.
Bitcoin has the least to worry about due to its simplistic and open nature. Ethereum and all other utility garbage will face some serious blows, because that's where the expanding industry is coming from.
Any country that is currently deemed crypto friendly may not be that anymore in 2019 or 2020. Japan is the prime example of how fast things can change towards a firmly regulated industry where the freedom of every crypto participant enjoyed is limited significantly, and will be limited even further in the forthcoming months and years.
Once governments find out that fighting against crypto isn't successful, but firmly regulating it is, prepare for what has to come, because it won't be pretty.
Bitcoin has the least to worry about due to its simplistic and open nature. Ethereum and all other utility garbage will face some serious blows, because that's where the expanding industry is coming from.
I'm no patriot, but I think Austria has gotten it quite right. Taxed like gold when used as an investment vehicle, taxed like a currency when used as a currency. And unlike Germany we still have LocalBitcoins, which is nice. Not sure how long Austria will keep these rather liberal laws up though, as the government tends to fuck up when the wrong interests are conflicted with. Also I'm not quite sure why there aren't any Austrian crypto-exchanges yet, seeing how there are at least 2 brokers with a very large distribution network within Austria.
excelente
If I was Japanese I'd be looking to get the hell out to preserve my wealth.
It's not that bad. If you are not actively trading you won't be hurt in any way. I'm quite sure that these tax rates are partly set up like that to motivate people to spend their coins rather than to cash out and have it not do anything. The more people spend their coins, the more the government receives in tax income from sources not related to traders and whatnot. People there can instantly spend their coins through their BitFlyer app off-chain, which is extremely convenient and makes sure that even during network congestion they can spend as easily as they have always been doing. It's a pretty neat merchant integration if you ask me. Not sure why Coinbase with its dominance isn't doing anything similar.
As others have mentioned, it's definitely Japan right now despite the fact that they seem to be taxing at extremely high rates. But at least they are regulating exchanges in the right way, or at least the closest to getting it right.
I have to say as well that Australia, after it got rid of the double taxation on bitcoin, is slowly emerging as one of the more well managed countries when it comes to bitcoin regulation with guidelines and regulations that are definitely a lot clearer and logical than many other countries who may still have double taxation. Bitcoin profits are taxed as the same rate as income tax in Australia, and there is a 50% reduction in CGT if you hold your BTC for more than a year. Only thing though is that bitcoin is still treated as a property, not an actual currency.
There may be other countries as well, however, I'm just not familiar with them. But Australia and Japan are definitely two of the top right now. It doesn't mean that they've got bitcoin regulation completely right, it just means that they are progressive towards the issue and not stagnating and trying to restrict access like other countries such as India.
I have to say as well that Australia, after it got rid of the double taxation on bitcoin, is slowly emerging as one of the more well managed countries when it comes to bitcoin regulation with guidelines and regulations that are definitely a lot clearer and logical than many other countries who may still have double taxation. Bitcoin profits are taxed as the same rate as income tax in Australia, and there is a 50% reduction in CGT if you hold your BTC for more than a year. Only thing though is that bitcoin is still treated as a property, not an actual currency.
There may be other countries as well, however, I'm just not familiar with them. But Australia and Japan are definitely two of the top right now. It doesn't mean that they've got bitcoin regulation completely right, it just means that they are progressive towards the issue and not stagnating and trying to restrict access like other countries such as India.
My personal choice for the moment is still Japan.
As far as I can tell they're really the only ones who are actually forcing exchanges to get their shit together. It looks like most other governments are completely clueless even if they have put a little regulation in place.
In Japan regulation actually means meeting certain standards which is rare thing indeed.
But that tax rate is utterly outrageous. If I was looking for a crypto home Japan would be at the absolute bottom of the list entirely because of that. If I was Japanese I'd be looking to get the hell out to preserve my wealth.
That makes it a bit of a regulatory fail. Regulations should be protecting people. They should also not be incentivising people to go somewhere, anywhere, else.
Here is a really great free guide to cryptocurrency and exchange regulations in different countries: https://complyadvantage.com/cryptocurrency-regulations-around-world/
Who you think is creating a sustainable framework for cryptocurrencies to thrive?
Who you think is creating a sustainable framework for cryptocurrencies to thrive?
No one! The idea of cryptocurrency is based on free market decentralized economics. So cryptocurrency regulation is mainly an enforceable measure to ensure government taxes. Non regulated approach is the best regulation for this crypto economy.
Japan has more structured approach towards the regulation. But the tax rate is exorbitant in Japan so it is not meeting the main objective of the cryptocurrency.
I totally agree with Japan as a choice. They are known to be well-disciplined in complying to regulations and prioritizing fairness and transparency.
Same sentiments on the previous reply before mine::
I think and totally agree that JAPAN has the perfect cryptocurrency regulatory model that represents the future dealings on handling this technology.. This place started it all and admired by many crypto users for its transparent and fairly reasonable regulation..
I would like to be living in this country permanently and making a legalized business on crypto.. That’s a dream and only time//money can knowns when..
As a crypto-enthusiast then living in this kind of country which do have a good handling out when it comes to crypto regulation would really be just like heaven because of the convenience that it can give to us users.I think and totally agree that JAPAN has the perfect cryptocurrency regulatory model that represents the future dealings on handling this technology.. This place started it all and admired by many crypto users for its transparent and fairly reasonable regulation..
I would like to be living in this country permanently and making a legalized business on crypto.. That’s a dream and only time//money can knowns when..
Its not surprising about regulation that do still inline with traditional government system but somehow restrictions or conditions arent too strict compared to other countries that do legalized crypto too.
Same sentiments on the previous reply before mine::
I think and totally agree that JAPAN has the perfect cryptocurrency regulatory model that represents the future dealings on handling this technology.. This place started it all and admired by many crypto users for its transparent and fairly reasonable regulation..
I would like to be living in this country permanently and making a legalized business on crypto.. That’s a dream and only time//money can knowns when..
I think and totally agree that JAPAN has the perfect cryptocurrency regulatory model that represents the future dealings on handling this technology.. This place started it all and admired by many crypto users for its transparent and fairly reasonable regulation..
I would like to be living in this country permanently and making a legalized business on crypto.. That’s a dream and only time//money can knowns when..
I like 0 taxes on crypto in Portugal 
That's not exactly sustainable, as OP asks above. My personal choice for the moment is still Japan. I know the "crypto havens" of the world like Malta, Gibraltar with their blockchain exchanges and regulated markets look extremely attractive right now but there's bound to be backlash from the rest of the world whose homegrown businesses have practically fled and gone to these almost offshore places. Japan's done it slowly, and rightly. Long periods of research and discussion (of course, because of Mt Gox) internally, a lot of debate within the financial industry, and rolled out with careful deliberation from this year, with Bitcoin first recognised as legal tender (that's still not exactly the case in Malta and Gibraltar, for example).
That didn't stop exchange hacks or ICO scams - but it was always going to be a learning curve.
The difference with Japan and the crypto havens also is the legal rights of the consumer seem to be more defined. What happens if consumers lose money or get tricked by an exchange in Malta or Gibraltar? It's not really known yet. In Japan they are looking at insurered deposits, for example.
Crypto-friendly at the moment to me seems either to mean business-friendly or user-friendly, not usually both.
I like 0 taxes on crypto in Portugal
Here is a really great free guide to cryptocurrency and exchange regulations in different countries: https://complyadvantage.com/cryptocurrency-regulations-around-world/
Who you think is creating a sustainable framework for cryptocurrencies to thrive?
Who you think is creating a sustainable framework for cryptocurrencies to thrive?
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