New digital currency regulations
Since its inception, blockchain technology promised to change the world, however, except for an expanded field of use, there wasn’t too much impact on legislation in many countries where changes were expected sooner. Nevertheless, as the quite water run deep, we now witness changes in crypto world that encompass the “real world” as well.
Governments are trying to impose new regulations that should prevent criminal use of cryptocurrency in terms of financing terrorism, human trafficking, or illegal drug businesses. After EU’s FATF issued a series of regulations, the Pakistani government followed with their own regulation to prevent money laundering.
Key players in crypto legislation
Malta is the leader of the crypto revolution with its national blockchain research program, crypto-friendly legal framework, and regulated cryptocurrency exchange market. Although the IMF claims that becoming a “blockchain island” will only attract money laundry operations and criminal entities, the government of this European island country sees things differently and aims towards further development and regulation of cryptocurrency, so it could become a more comprehensive part of their daily lives.
Next to Malta, there is Singapore, with their efforts to maintain a working crypto exchange market, while considering cryptocurrency as goods that fall under Goods and Service taxation. Valuable additions to this team of crypto-friendly nations are also Japan and South Korea.
Using crypto in a fiat world
So far, the use of cryptocurrency is nothing more than a sign of good will that e-commerce business owners show towards their crypto-enthusiastic customers. Furthermore, the number of private exchange markets has begun to rise recently, allowing people to invest fiat currency and buy crypto or trade one cryptocurrency for another.
There is no global standard when it comes to use of crypto, however. The world is rapidally becoming more inclusive when it comes to crypto, so we can only hope that these menial issues will soon be gone and crypto will become a standard part of financial relations.
The effects of new tendencies on other industries
When governments turn their focus towards crypto, it sends a clear signal to business entities that they should start making their future plans with the digital money on their minds. For now, crypto payments are available with retail business brands, crypto gambling websites, such as https://fortunejack.com/, and other commercial institutions.
However, we also see the rise of exchange markets, and a growing number of financial experts claim that blockchain contracts will change the business world forever. The world is changing, and so should we. The fact that governments are trying to put a frame around cryptocurrency, means they have accepted the truth that blockchain is here to stay. We should all keep both eyes open and watch carefully how the events unfold in the future.