From open arms to full bans: The latest on crypto regulation in Asia

From open arms to full bans: The latest on crypto regulation in Asia


When most people hear about buying Bitcoin (BTC) or other cryptocurrencies, they immediately think of the largest exchanges, most of which are located in Asia. Today, countries such as China and South Korea have become epicenters of blockchain innovation. However, in many countries, it’s still unclear whether cryptocurrencies are allowed, and if they are, what their status is. 

So, here’s how the regulation of the cryptocurrency market in Asia is shaping up and what should be expected from governments in the near future.

China goes digital with the yuan

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Today, China is home to many cryptocurrency projects and exchanges, and yet, crypto has actually been banned for several years now. In 2017, the People’s Bank of China, the nation’s central bank, banned initial coin offerings and cryptocurrency exchanges. Then the Shanghai branch of the PBoC announced its intention to root out the crypto industry in the country, equating the token sales to the illegal placement of securities or fundraising.

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