The Overview Of Global Crypto Regulation!

What we see with current attempts to regulate crypto is nothing else but a joke!

All regulators seem to focus largely on one thing - who can have access to crypto and who can not!

In America is the SEC trying to make everything a security so no regular American can access crypto! In the UK it is the FCA trying to block exchanges with regulation so British people can no longer participate in a free market and to be forced to use regulators favorable exchanges on the terms they set! China and India an outright ban but it is not banned…

What regulators should really do?

What regulators should really do but largely not doing is to focus on regulation that provides guidelines what projects/startups and exchanges can do in order to gain funds, how they can advertise, what information they can say, what changes they can do in terms of roadmaps, how staking redistribution is done, lock up priories, lending and borrowing, anonymity of founders, etc. This is the type of regulation crypto industry really needs, because here is the reason majority of people got rekt: 1. to scams, 2 due to projects providing misleading information! 

The UK Regulation

I saw there is something happening around misinformation In the UK, but it still is very generalized and unclear

Here you can find all links to documents relating regulation in the UK: https://www.gov.uk/government/news/uk-sets-out-plans-to-regulate-crypto-and-protect-consumers but from what I saw is that they are more focused on who can operate in the UK. They have to be FCA approved (so you know their friends who comply only) 

The fact is Boris Johnson’s brother left as Binance advisor and now Binance is leaving UK - the regulation is all politics at the moment!

EU - Regulation in progress…

The EU regulation seem to lack any of what I have mentioned. The paper looks really like - a lot to read but nothing interesting or straight to the point, as if they missed all the bull-runs, scams that had happen and wild range of projects misinformation in order to gain funds then change the roadmap as they please! 

You can read it here: https://www.europarl.europa.eu/RegData/etudes/BRIE/2022/739221/EPRS_BRI(2022)739221_EN.pdf

The US Regulation - Security, security, security…let’s make everything governmental and a security!

Crypto does not need to be labeled what is a security and what not! 

Really, current regulation in the US is all about who can have access to crypto and how they can access it that’s all what regulators are largely doing! The US if pushing to take control of crypto and make everything governmental!

You can read about this here: https://www.whitehouse.gov/briefing-room/statements-releases/2022/09/16/fact-sheet-white-house-releases-first-ever-comprehensive-framework-for-responsible-development-of-digital-assets/

India - Regulation?

I couldn’t really find any official document (or I was’t sure which one it could be) but multiple sources in google search state that India is trying to ban crypto but faces hurdles in doing so! So we can safely say there is no focus on actual regulation.

China - From Anti Crypto To Crypto HUB.

As we all know by now China has completely banned crypto in 2021 however it is very bizarre as now it become the focus in crypto community because Hong-Kong becoming Chinas crypto HUB! For me this is basically an attempt to attract workforce and loads of capital to the country! Hong-Kong use to be under British control until recently as they have now returned it to China. And now China will do what the British did but on their own terms! Was China crypto ban a lie? They said it is banned but it isn’t and never actually was? Or maybe the ignorance of crypto ban by Chinese people was so large that it was impossible to actually enforce it?

Africa - Crypto regulation 50/50

I am going to quote here the source is the IMF!

Basically:

Only one-quarter of countries in sub-Saharan Africa formally regulate crypto. However, as our Chart of the Week shows, two-thirds have implemented some restrictions and six countries—Cameroon, Ethiopia, Lesotho, Sierra Leone, Tanzania, and the Republic of Congo—have banned crypto.

Australia and Oceania

Australia seem to be at consultation stage welcoming feedback to further shape the regulation: 

You can read about this here:

https://treasury.gov.au/consultation/c2023-341659

The rest like New Zealand, Indonesia seem to be at exchanges and trading stage of regulation.

South America

Bolivia is to be the only country that has banned crypto.

El Salvador has made Bitcoin a legal tender. 

The rest is mostly at the trading stage of regulation or do we accept it or not?

Conclusion?

Well, we can see that regulating crypto globally is a tough challenge!

Everybody has their own ways of doing and looking at things. When it comes to an actual industrial regulation, the UK seem to have the closest outline for regulating crypto industry.

Note:

Although, I did my research in a vast space of information, I can not quadrante all the informationto be correct. If you know more details or links to reliable, official sources, feel free to place them in the comment section and I will include them hare!  

You might have also noticed there is some sort of fame status when it comes to regulation by country. Most of us watchers are focused on the regulation happening in the US, China and Europe. 

The Way To Global Adoption Is DeFi - Regulation?

DeFi is the way to do it although some DeFi project already turn centralized and decide to Block users from specific countries - “Orca” is a good example - they shouldn't be labeled as DeFi project any more as they plan to block all US users from trading on their platform!

Can DeFi be regulated?

It certainly can but but it would have to be regulated by global DeFi body which currently does not exist. 

The AI might be regulating DeFi in the future

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