Comparative Review of the Regulatory Framework of Cryptocurrency in Selected Jurisdictions

Abstract

This chapter compares the current legal and regulatory landscape of cryptocurrency regulations of selected countries. Countries have adopted distinct and disparate regulatory approaches in regulating cryptocurrency. Countries such as Gibraltar, Malta, Switzerland, Singapore, and certain states in the United States have enacted proactive, enabling, and industry-specific laws to regulate cryptocurrency. The Philippines and Denmark are relatively forward-looking in their endeavour to regulate cryptocurrency by allowing its utilization and/or trade but with a restrictive and cautious approach. Certain countries have imposed rigorous restrictions or banned the usage or trade of cryptocurrency. With the rapid evolution and emergence of cryptocurrency markets, policymakers are adopting different trajectories to develop a suitable regulatory framework to regulate cryptocurrency. Countries around the world should harness the capabilities of cryptocurrency by devising favourable regulations rather than inhibit the application of cryptocurrency.