With an emerging awareness and sharp judicial analysis cryptocurrency and the bleeding technology behind it, Blockchain tech is able to prove its significance whilst establishing a strong foothold in various countries.
The burgeoning interest of this asset class made elevated governments to announce new changes and experiment with decentralized currencies in a growing industry.
Malaysia after Swiss, Estonia, Gibraltar, Japan, and last, but not, least Malta recently become a convinced country which is ready to set standards for sale of bitcoin and token exchanges in the nation.
Lim Guan Eng, Malaysian Finance Minister echoed such a convincing stance during the announcement of Malaysian Budget 2019. The government mentioned the positive outlook towards the adoption of the new industrial segment which has the potential to change the economy unprecedently.
Although, if we look at the indications released after the 19th meeting of the Financial Stability and Development Council (FSDC) of India which held under the Chairmanship of the Union Minister of Finance and Corporate Affairs, Shri Arun Jaitley while reviewing the current global and domestic economic situation and financial sector performance there was a mention about the 2018–19 budget to devise an appropriate legal framework to ban use of private cryptocurrencies in India and encouraging the use of Distributed Ledger Technology.
These changes are certainly showing the wannabe shrewd and uncalculated nature of the government and impression of the jittery situation which is surrounding in the country. If the situation will not get a positive clarity the nation will soon lose the young talents, crypto entrepreneurs, and innovative platform through which the country can supersede other competitive counterparts. It seems government still not clear about the importance of the new industry.
Many of the innovations under blockchain will move away from India, making many institutions in India feel restrained to use the public blockchain, as it will also involve the use of cryptocurrencies.
Not only there is a huge chance for India, to become technologically poorer since blockchain technology has many applications in the fields of farming, education, health, banking, real estate, etc.
It’s been seven months after the Reserve Bank of India (RBI) regime for the local banks to terminate all the operations with persons or legal entities that are involved in cryptocurrency. The Indian crypto industry instantaneously as a response to the central bank’s move filed a complaint against the RBI in the Supreme Court. The latter continued to uphold RBI’s ban, consequently deferring the hearings and still, decisions are pending amidst the hopes by the citizens.
Crypto Progression Stir Ukraine Government
In Ukraine, The Ministry of Economic Development and Trade have introduced a new state policy in the field of digital assets wherein 5% tax will be charged from cryptocurrency individuals and other big entities which itself is a significant move to create a regulatory framework and clear conditions for how digital assets can be used in Ukraine.
However, the new policy will be put in full effect by 2021–2022. In the broad sense, the new move is to legislate activities related to cryptocurrencies. Activities such as taxation, use of banking activities, ICOs, and ITOs which at present falls in the shadow and often leads to negative consequences for stakeholders.
The Ukraine and Malaysian government confirmed their plans to establish a regulation to legalize cryptos in the region which is a clear sign that eventually the unsure and questionable governments will also be forced to think positive and synchronize the legal standards with the existing ones to curb AML issues whatsoever if any, noticing the interest of the populace for the development and growth.
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