Worldwide Cryptocurrency Regulation Turns Bearish

The crypto markets are in a freefall and the worldwide cryptocurrency regulation seems to be turning bearish as well.
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One of the SEC Commissioners proposed a safe harbor for crypto projects and the US Secretary of Treasury announced more cryptocurrency regulation. So what can we expect? Let’s read in the cryptocurrency regulation news today.

The cryptocurrency scene in Brazil got hit the hardest especially recently since the IRS agency imposed stricter cryptocurrency regulation back in 2019. Brazil was known as the crypto-friendly space but according to the crypto news site Porto do Bitcoin, all of the exchanges now have to report the transactions to the federal revenue service and they have to follow more compliance rules no matter the amount of the assets transferred.

The Brazilian cryptocurrency exchanges had a hard time following the criteria and many shut down. Former CPO of Access Bitcoin exchange Pedro Nunes said:

 “After the rules of the Federal Revenue, we noticed a significant decrease in the volume traded within our market. We also feel that the market has cooled for smaller exchanges.”

The worldwide cryptocurrency regulation changes can be seen in Russia as well since the country seems to be sending out a lot of mixed signals as to how it aims to develop cryptocurrency regulation. Some of the most popular exchanges such as Binance added support for the Russian Ruble a while ago but today, the country steps up on its AML stance. This means clamping down on crypto as well.
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The United States has a strict regime towards crypto as well and denies it to warm up to crypto. The pro-bitcoin presidential candidate Andrew Yang withdrew from the presidential race and the current president is not really a fan of bitcoin and crypto in general. Steven Mnuchin explained to the Senate Finance Committee that they are preparing new requirements for cryptocurrency and said that ‘’we will be seeing a lot of work coming out very quickly’’:

 “We want to make sure that technology moves forward but, on the other hand, we want to make sure that cryptocurrencies aren’t used for the equivalent of old Swiss secret number bank accounts”

Another development in the cryptocurrency regulation comes from Belgium as the Financial Services and Markets authority reveled the new plan with the government to enforce greater regulation on digital currencies for transactions. The senator Jean-Paul Servais stated that the industry is growing rapidly and urged the lawmakers to establish a legal framework for sale, purchase, and use of cryptocurrencies.