Cryptocurrency Regulation: Regulators Act Around the Globe, But Little Consensus
As the price of Bitcoin has reached new highs and other cryptocurrencies and initial coin offerings (ICOs) continue to launch, the crypto space has received attention from around the world, including from regulators. Although some countries have decided to crack down on cryptocurrencies, others have moved to provide refuge for the burgeoning businesses, but with greater surveillance and oversight than is currently required.
In April 2017, Japan became one of the first movers to provide clearer regulatory oversight guidelines on virtual currencies. Three months later in July 2017, the US also began the process of clarifying how regulators would define cryptocurrencies and ICOs. Following these two initiatives, regulators around the world introduced their own interpretations and resolutions around the new products in August and September 2017.