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Regulatory Approaches To Cryptoassets In Selected Jurisdictions

Regulatory Approaches To Cryptoassets In Selected Jurisdictions Author: Library Of Congress

Date Published: 2:05:50 PM Thursday, 9-July-2020

The Law Library of Congress has previously produced two major multinational reports related to the regulation of cryptocurrencies. The first, published in January 2014, surveyed statements issued by government authorities regarding Bitcoin and similar cryptocurrencies in 41 jurisdictions. That report demonstrated that the debate over how to regulate cryptocurrencies was still in its infancy, with authorities primarily warning the public about the risks of acquiring or transacting with cryptocurrencies. The second report, published in June 2018 and covering 130 countries, revealed that many more jurisdictions had issued statements and guidance regarding cryptocurrencies, and that some countries had enacted or were considering regulations or legislative amendments in certain areas. This included, for example, clearer indications of the tax treatment of cryptocurrencies, the application of anti-money laundering and counter-financing of terrorism (AML/CFT) laws to cryptocurrency exchanges and other businesses engaged in cryptocurrency activities, and new warnings to consumers regarding the risks of investing in cryptocurrencies. The broad survey of the policies of 130 countries was accompanied by detailed reports on fourteen jurisdictions.