As cryptocurrencies become more popular, regulations in the world require more research on the part of governments, new laws are continually being applied or modified. Keep in mind that most digital currencies are not replaced by central governments, which means that each country has different standards.

Global regulations

Bitcoin – It is a legal currency as long as there is no regulatory entity that controls transactions worldwide, although this may depend on each country.

During the past G-20, the closest thing that was mentioned on this issue is that “cryptocurrencies carry a risk but they should not be prohibited”. In that sense, it was confirmed that the cryptoactives at the moment are not some kind of risk for global financial stability, at least for the moment.

On the other hand, it was also pointed out that compared to the financial sector as a whole, cryptocurrencies are nothing more than a small exchange space, so to date there is not much to worry about the most relevant economic institutions of the region. planet.

Governments like Venezuela on the other hand intend to fix economic problems with its recent launch of PETRO, a blockchain-based cryptocurrency supported by oil.

This interest in using these cryptographic technologies to rescue economies is one more confidence in the blockchain. It will be time that will define whether these new tools helped Venezuela or not.

United States

At the moment, the United States is the second market with the highest volume of Bitcoin. The interesting thing is that the regulators within this territory differ in terms of the definition of Bitcoin and other cryptocurrencies.

Beyond the above, a very strong and in-depth work is being done to determine each of the characteristics of this market and how to work with it. In this way, the emphasis has been made more than anything in the ICOs for the existing risk of being a scam, as in some digital assets that do not comply with certain credibility regulations.

In other cases, it is stated that Bitcoin should be considered as a Commodity, but it seems that this is a vision that many followers do not find.

The Committee on Banking, Housing and Urban Affairs of the United States Senate held a hearing to discuss the regulation of cryptocurrencies. The chairmen of the American Securities and Exchange Commission (SEC) and the Futures Commodity Marketing Commission (CFTC) spoke about their written testimonies, which were published on February 5. Jay Clayton and Christopher Giancarlo, the presidents of the SEC and CFTC respectively, answered questions about blockchain technology, cryptocurrencies and initial coin offers (ICOs).

With increasingly stringent regulations emerging in China and South Korea, many expected the worst. Fortunately, the session showed an optimistic tone.

Speaking about the value of Bitcoin, Giancarlo mentioned that Bitcoin is important for the development of blockchain technology, since “if there were no Bitcoin, there would be no DLT (distributed database technology).”

When asked about the initial offers of currencies, Clayton pointed out that there are no ICOs registered with the SEC. The SEC’s main concern is to stop the fraudulent ICOs. Last week, the SEC closed the ICO of AriseBank, which was not registered with banking regulators. AriseBank managed to raise 600 million dollars before it will be closed.


Mexico is the first country to launch an Act to Regulate Financial Technology Institutions (Fintech). After being published on March 9 in the Official Gazette of the Federation, what follows is the development of the secondary laws that will accompany and detail it. But in what way will it regulate the world of cryptocurrencies? Here we will explain it in detail.

The Fintech Law does not deal directly with cryptocurrencies, but with those institutions that operate them. At a general level, it addresses four areas of the country’s financial system: virtual assets (such as digital currencies), financial advice, crowdfunding and electronic payments. In digital finance, it has introduced new elements as a definition of a virtual asset and who can manage them.

On the other hand, the Bank of Mexico (Banxico) is the one that has been established in the Fintech Law as the tutelary body of the cryptoactive exchange houses, who will have to apply for a license to operate as such, and who authorizes the cryptocurrency in your list of virtual assets. The virtual exchange houses, for purposes of the law, are Financial Technology Institutions, explained Guraieb, who holds a law degree from the Instituto Tecnológico Autónomo de México (ITAM).

The exchange houses are obliged to provide information to their customers about the risks involved in the operations, the volatility of the value of the assets and the technological, cybernetic and inherent fraud risks.


After having officially initiated the presale of the petro (national cryptocurrency designated by the government of the Caribbean country), the Superintendence of Cryptoactives and Related Venezuelan Activities (Supcacven) published on the page the Manual of Acquisition of License for exchange houses. The document lists the requirements to set up an exchange and details the procedure for applying for an exchange house license.

In its introduction, this license acquisition manual that regulates the activity of the cryptocurrency exchange houses in the Caribbean country, characterizes those intermediary entities and emphasizes the obligation to be subject to the legislation of the Supcacven.

Mining not derived from the activity of the National Government or its decentralized entities is known, until now, as the mining of cryptocurrencies other than petro. This is why it is presumed that the government license will be required to exchange houses that operate both with petros and with any other digital currency that is issued or mined under the supervision of the government or its decentralized entities. In the case of the remaining cryptocurrencies, they would be excluded from the exchanges that obtain the government license.


Policies for exchanges – Exchanges are defined as legal if they are registered as part of the Japanese financial services agency.

It is worth noting that Japan is the largest market that exists for Bitcoin, since at least, the daily volume that is exchanged of digital currencies is part of this market.

In addition to the above, we must bear in mind that some hacks have been made in Japan, but despite the above, was the first country to adopt a national system for the regulation of cryptocurrencies, even before the exchanges were such a situation. common as in the current market.

European Union

According to estimates, around 4% of the daily volume exchanged in the cryptocurrency sector is made in euros. On the part of the leaders of the European Union, the biggest concern is the possible money laundering that is carried out through cryptoactives, which is why from this territory virtual exchanges and electronic library providers are invited to include be under the Money Laundering Directive.

As interesting data, the case of Estonia that tried to consolidate a cryptocurrency supported by the State itself, denominated as Estcoin, but which on the part of the President of the European Central Bank was not a viable possibility, is highlighted. In addition, a list of 15 exchange sites was developed in France that were banned in March.

United Kingdom

Policies for exchanges – They are legal, but they must be registered with the Financial Conduct Authority. The above is requested to prevent money laundering or financing of terrorist groups.

From the United Kingdom it is emphasized that cryptocurrencies are a space of total speculation and that for that reason we must be very careful when interacting with this market. In addition, the authorities indicate that in one way or another over time it is very likely that the cryptoactives end up accepting the legal norms and responsibilities that are typical within the current financial sector.

South Korea

Policies for exchanges – It is legal, but in the case that anonymous bank accounts are used to carry out virtual exchanges, it is considered as forbidden. In addition, it is necessary to register with the Financial Services Commission of South Korea.

About 4% daily exchanged in Bitcoin comes from South Korea. There have been several occasions where everything has indicated that South Korea was against the presence of cryptocurrencies, but after a few days it is finally confirmed that the exchanges are legal, as long as people respect the ruling. by the law.

In conclusion, to date the government has said that it has no plans to ban Bitcoin or the exchanges that are made with it and the same applies to ICOs or futures. Anyway, there is no conclusion as such at the moment.


Technically, exchanges with Bitcoin in China are illegal. During the year 2017 the government made the decision to prohibit the ICOs and also to definitively end the domestic exchanges of cryptocurrencies.

During the month of January 2018, one of the most important bankers in China told the authorities that it was also important to prohibit exchanges with virtual currencies for both people and businesses that offer related services.

Anyway, activity in cryptoactives has focused on alternative paths such as mining. In this way, the Chinese authorities are currently focused on how to end this practice, but there is something accurate to date.


Policies for exchanges – Exchanges are legal, but can be considered as an element that is part of the regulatory environment of the Monetary Authority of Singapore.

It is estimated that 0.02% of the daily volume exchanged with Bitcoin corresponds to the Singapore dollar, but what is really key in this country is that it has emerged as one of the most relevant in terms of proposing ICOs, where for example 15 of the largest occurred in Singapore.

In spite of the above, Singapore has positioned itself as a very friendly place for cryptocurrencies compared to other regions, so there is no very strong prohibition and even in a potential way it is feasible that they wish to end up accepting them. Of course, the anonymity provided by Bitcoin is still seen as a problem.


Policies for exchanges – They are legal. The government of India has issued warnings on several occasions but there is no regulation of exchanges as such.

It is important to note that India is moving steadily towards making cryptocurrencies illegal within its territory and the same is being sought with exchanges. In this way, the measures that are to be applied for the elimination of cryptoactives within this country are different, since it is considered that they can be a platform to finance illegitimate activities.


Policies for exchanges – Legal, although it is necessary to register with the Supervisory Authority of the Financial Market of Switzerland.

Undoubtedly, Swiss regulators have earned a well deserved reputation for being the friendliest in the world when talking about cryptocurrencies. In this regard it is noted that four of ten of the largest ICOs have been proposed from this country, even to be defined at times as Crypto Valley.

In any case, the Swiss entities have been in charge of establishing very well defined lines of work for the ICOs, since they are considered as the main inconvenience within the cryptoactive sector, but beyond that, the authorities seek that the country can be positioned in a short time as a crypto.

Finally, it is worth noting that the President of the Swiss National Bank, Thomas Jordan, at the time said that he saw Bitcoin more as an investment than as a currency.

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Is bitcoin and litecoin mining legal in UAE? · June 2, 2018 at 3:40 pm

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