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Regulations for Bitcoin Across Top BTC Markets
Bitcoin is the original and the top cryptocurrency in the crypto market and is in that course of events traded on large-scale crypto markets across the globe.
Some of the leading cryptocurrency investors and traders are located in the United States, United Kingdom, and China, but how are these countries regulating the trading and operating with Bitcoin to match their laws?
The fact is that, although decentralized and with no central authority and a form of an open-source, peer-to-peer public network, Bitcoin still needs to be categorized within a set of certain rules, which means that it has to be regulated.
Regulations are not only imposing on Bitcoin, but the entire cryptocurrency market is at the beginning of a long and exhausting process of regulative operations under the laws of different countries.
Here is how Bitcoin is regulated in some countries in the world that at the same time represent top markets for Bitcoin.
Bitcoin Regulations in the United States
Bitcoin is not illegal in the United States of America, which means that trading of Bitcoin, as well as owning and investing in BTC is allowed by the law. However, the Securities and Exchange Commission is still not satisfied with the way the rest of the market appears.
Normally, where there is profit there are opportunists waiting to take their chance, so there is a great number of scam coins and so-called “shit coins” that basically worth nothing and are created in form of Ponzi Schemes, also making the entire cryptocurrency market look bad along with Bitcoin.
SEC also stated that Bitcoin is not considered a security, however, there are over 2,000 crypto assets waiting to be regulated.
How is Bitcoin Regulated in the United Kingdom?
The United Kingdom is also one of the top markets for the trading of Bitcoin, so naturally following the interest of the UK, the Treasury Committee was the first to start with the investigation of how cryptocurrencies may affect the safety of the people investing.
Bitcoin trading is not illegal or prohibited in the UK, however, the Treasury, alongside with the Bank of England and the Financial Conduct Authority is regulating Bitcoin alongside the rest of the cryptocurrencies and crypto exchanges.
One of the main reasons for the need to regulate Bitcoin and other digital assets of this kind is to prevent money laundering and over-the-counter funds for terrorist groups as blockchain based transactions cannot be traced back to the owner of the account.
China Playing Wars on Bitcoin
China was once the top market for Bitcoin also the most densely populated country, however, China started harshly on cryptos already back in 2017.
Later on, China went with imposing a rather radical on all issuance of new ICOs as well as warning investors to stay out of cryptocurrency based investments stating that these types of operations are fraudulent.
That is how these regulations led to more prohibitions, placing bans on all cryptocurrency trading and also placing a ban on foreign exchange crypto markets.
Behind the crypto prohibitions, it is said that the government of China actually fears that Bitcoin and other cryptos might devaluate their national currency if allowed to be traded without being regulated.