Regulators across the globe have no choice but to respond effectively to the nascent cryptocurrency and blockchain industry. South Korea’s tax authorities recently issued an update on how they plan to impose taxes on capital gains made from digital asset investments. They also acknowledged that it’s quite difficult to determine exactly how much taxpayers might owe because it’s still not as easy to track crypto transactions when compared to monetary transfers made with fiat currencies.

Meanwhile in Canada, the nation’s reserve bank is considering developing its own virtual currency. The Marshall Islands, Sweden’s Riksbank, and even regulators in the US have been moving forward with plans to roll out their own central bank digital currencies, or CBDCs.

The crypto space has been heavily criticized for being loosely regulated or lacking a proper regulatory framework altogether. But part of this might have to do with digital currency startups not having the proper software tools needed to implement appropriate regulatory guidelines and policies. For this very reason, regulatory technology or Regtech startups like CoolBitX have raised millions of dollars to develop special software which makes it easier to comply with the Financial Action Task Force’s (FATF) regulations. 

If you are deeply involved in the crypto and Fintech space, like I am (I write 12 articles every single day on these topics, 7 days a week, work as a consultant, and teach people how to write about crypto), then you will definitely be able to put the pieces of the puzzle together. What I mean by this is that there’s definitely a ton of positive development work going on. I have started to stay away from negative crypto twitter politics and rivalries, and focus now focus more on getting actual work done. That’s helped me learn more and gain a better understanding of the blockchain space.