The talk about Cryptocurrency always presses a panic button for most countries. This especially stands true for Asian origins. Cryptocurrency is a hot topic in the western continent, but it is yet to get recognition in the easter continent.
When we are talking about Cryptocurrency in Asia, we are talking about two types of countries: one that has accepted Cryptocurrency’s existence with an open hand and the other enforcing a ban.
However, you will find some Asian countries that have taken it a step further by boosting the regulation and are now a bitcoin hub. Here, we will take a look at Bitcoin regulation’s currency position in Asia.
Bitcoin Regulation In Asia
The very first question that comes to our mind is whether Cryptocurrency is legal in Asia or not? Well, for that answer, you have to go through every nation’s law in Asia. Every nation has different laws regarding Cryptocurrency. As the nature and usage of Cryptocurrency changes, so does the law.
Let’s look at what some of Asia’s big nations have to say about Bitcoin and Cryptocurrency.
China is the largest country in terms of population. There has always been confusion regarding Bitcoin regulation in China. Though Xi Jinping has expressed his thoughts on supporting Cryptocurrency, and Beijing is pursuing a project to use the Blockchain technology in the central banking sectors, most Chinese people’s attitude is not in favor of Bitcoin and Cryptocurrency.
Last year, Cryptocurrency was finally realized as a property, which means now people can legally own Cryptocurrency. Even after this, you will find restrictions in the regulation and Initial Coin Offering (ICO).
Despite all these restrictions, people are still willing to use Cryptocurrency for their trades. This willingness has created a market for mining farms, which has become commonplace in China.
India is not any different than China in terms of Crypto regulation and trade. In India, central banking sectors were clear with their announcement that if the whole Crypto regulation does not stop, banks will pull their supporting hands away from Crypto based businesses. This move affected the Crypto trade market in India, and many Crypto trading platforms were out of business overnight.
The government was even planning to issue a draft that might get you in jail for more than 10 years for trading Bitcoin. Fortunately, that never happened. However, Bitcoin’s high lifting performance in November 2020 made the supreme court lifted the ban made by the central banking sectors.
This made the exchange platforms alive again. So, does that make Cryptocurrency Legal in India? Wait, don’t jump to a conclusion. The Indian government is researching for the best solution. Right now, its status hangs in between.
Thailand’s approach has been more friendly compared to other nations. They have taken the whole Cryptocurrency thing very seriously. Recently they have been creating Cryptocurrency guidelines to protect the consumers while ensuring that the country never loses place in the global market.
The steps have allowed major firms to have the license for the Crypto trades and regulation; however, we are yet to see a large scale adaptation even after being legalized. One of the major concerns of this country is money laundering activity, which is quite common in Thailand.
To ensure that people do not take advantage of legalization and follow unauthorized ICO, governments have taken strict measures. That means, if you are caught red-handed with an unauthorized ICO, you might have to pay a $16,000 fine.
Vietnam is one of the Asian Countries that have taken a hard-line approach. According to the recent report made by the Organization For Economic Cooperation and Development, BTC payments are banned in Vietnam. Vietnam has started taking strict measures against the people who are a part of Crypto-related money laundry cases.
This ban can directly affect the company, and Crypto mining equipment cannot be imported. However, 2019 did see the government allowing some of the exchange platforms to carry on their business with certain rules and regulations.
Why Crypto Regulation In Asia Matters?
No matter what we say about Asia based Crypto regulation, two-fifths of the top Crypto exchange platforms are indeed based on Asia-pacific regions. One such platform exist here for Crytocurrency. If you are one of the Asia origin investors, you might find this platform helpful.