Regulations Directly Affecting Crypto Exchanges, Businesses and Individuals

Crypto Regulations Progressing Worldwide

cial Supervisory Authority (BaFin) published guidelines in English on March 30 regarding how companies can apply for its authorization to offer a crypto custody service. The new German crypto regulation went into effect in early January and companies had until March 31 to submit their intent to operate a crypto custody business. They now have until Nov. 30 to submit their complete application.

BaFin published instructions in English for businesses wanting to offer a crypto custody service in Germany. The deadline for them to submit a complete application for crypto custody authorization is Nov. 30.

India is also working on cryptocurrency regulation despite the fact that there is a draft bill that seeks to categorically ban all cryptocurrencies except state-issued ones. The government is reportedly discussing the matter with the central bank. Furthermore, a state official has been discussing hosting educational events with the founders of India Crypto Bulls, the organizer of a crypto roadshow to take place in 15 major Indian cities.

A number of countries have warned about cryptocurrency investment schemes. In the Philippines, the Securities and Exchange Commission (SEC) has issued several warnings, including one on Bitcoin Revolution. The United States has also been involved in several crypto-related cases. For example, the U.S. SEC recently charged two individuals for allegedly defrauding hundreds of investors with an alkaline water-backed cryptocurrency. The commission is also involved in an ongoing battle with Telegram.

Another country that likes to issue warnings about cryptocurrencies is China. The National Internet Finance Association (NIFA), a self-regulatory organization initiated by the People’s Bank of China (PBOC), published a notice on Thursday regarding the risks associated with cryptocurrency. The association specifically warned of fake volumes at crypto exchanges. Meanwhile, the PBOC has reportedly completed the basic development of the nation’s central bank digital currency and is now drafting legislation for its circulation.

Last but not least, South Korea has also started a pilot program for its national digital currency. The country’s central bank, the Bank of Korea, announced the launch of this pilot program on Monday, April 6. The system will be set up and tested throughout the year. This announcement followed the approval of the bill by the Korean government to regulate cryptocurrencies.

What do you think about these countries pushing ahead with crypto regulations amid the crisis? Let us know in the comments section below.