Cryptocurrency Regulations: A Global Perspective

Cryptocurrency have been able to offer a lot of opportunities for a lot of individuals and even brands and companies out there. This has also helped to increase the massive attention it is witnessing most especially all around the globe. The crypto space have been able to carry out a lot of transactions with ease and with total transparency. We have had a lot of coins like the Ethereum, bitcoin and many more even including the Altcoins that have been able to gain massive attention. But even with that there is a common issue that it is facing.

There is this particular issue that the crypto space is actually facing that is preventing the massive adoption of it all around the world and globe. Of course you cannot deny the fact that there are some countries that have been embraces the presence of crypto space in their country space which is something beautiful. But at the same time I have also come to discover that there are some countries that have not yet been fully convinced about the adoption of the crypto space and so It is facing a lot of issues with the regulatory bodies.

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One major reason why the crypto space or generally the digital asset built within the crypto space is actually facing issue is the fact that there is not yet a. Legal system and framework that have been established which can help to regulate the use of those digital assets. We all know that the crypto space is a big innovation for us most especially in the aspect of the financial world but at the same time the consumer protection should be achieved and that is why the Regulatory bodies are having issues with it also.

Whether we like it or not, I will say we need cryptocurrency regulations and I am not actually saying this in a bid to tarnish the image of the crypto space but that is just the truth. Yes the crypto space gives us a lot of advantages but also there are disadvantages it comes with and one of them is the aspect money laundering, the above rof tax evasion and generally fraudulent activities. And that is why there is high necessity for us to have a good and well structured regulatory Frameworks to be put in place so that we can have to have a transparent cryptocurrency ecosystem.

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When it comes to the approach that several counties have towards the crypto regulations, it actually differs based on the the nation. For country's like USA, the regulatory bodies and policy on the crypto space is not as strict as other countries. Counties have Canada, their regulation is also strict but not as strict against the crypto space but to encourage the adoption of the crypto space. Those regulations bodies helps to fight against money laundering and many more. For countries like mine which is Nigeria, currently now it is looking like the government are putting up policies to fight against the adoption of the crypto space. So it varies based on the country and their regulatory bodies that exist.