As the global popularity of cryptocurrencies and digital assets continues to rise, many see the need for regulation as the key springboard to ensure their practical use; but which country is taking the biggest steps to ensure the safety of cryptocurrencies?
a new fintech knowledge by forex suggests has answered this question for us with a breakdown of the global regulatory landscape around the world.
Your Classified Findings OECD nations on five regulatory factors, including the viability of cryptocurrency ownership, the need for licensed cryptocurrency businesses, tax rates, point-of-sale acceptance rates, and whether the country’s central bank was working on a cryptocurrency project or No.
These deciding factors were used to identify the countries that impose the strictest cryptocurrency regulations, as well as those that are currently lagging behind.
So let’s name names.
Gold stars for Australia, South Korea, the United Kingdom, the United States, Denmark, Japan, and Norway, and this group of countries meets all five factors.
According to the information: ‘Seven OECD countries achieved a perfect score in the categories we analyzed, and all of them legalized the ownership of cryptocurrencies, required a license for the business of cryptocurrencies, taxed cryptocurrencies as an asset and were widely used. to buy goods. ‘.
He continued with: “Their central banks are also developing their own digital currencies, protecting investors by offering less volatile alternatives to traditional cryptocurrencies.”
Fulfilling four of five factors are Chile, Sweden, Turkey, Mexico, Austria, Canada, Colombia, France, Germany, Greece, Israel, Holland, Spain, Belgium, Czech Republic, Estonia, Finland, Ireland, Italy, Lithuania, New Zealand and finally Poland.
The data says that most of these 21 countries missed out on an entire ranking due to a lack of cryptocurrency development present in their central banks.
Turkey is also on the list, and the idea underlines its attitude towards cryptocurrencies as “the most mixed”.
He explains that while cryptocurrency ownership is not illegal in the country, there is currently no supervisory or regulatory authority. “To combat this, the government has required the details of trading platform users to protect them from being scammed,” it continues.
In last place, having fulfilled only three of the five factors, are Mexico, Latvia, Portugal, Hungary and Switzerland.
Insight explains that this decision is due to the fact that most of these nations do not require crypto companies to register with the government or qualify for a license, and such a lack of government oversight is a potential harm to investors.