Regulations concerning the use and legality of Bitcoin differ from country to country. Although more and more nations recognize its existence, the obvious trend in 2014 showed governments trying to control, if not check, the spread of the cryptocurrency.
The status of cryptocurrency regulation around the world
The main objective seemingly desired by both regulators and the cryptocurrency community with regard to regulation is to strike an effective balance. This ‘balance’ more specifically consists of allowing for essential mechanisms related to areas such as tax and consumer protection to be applied to cryptocurrencies, while at the same time allowing for innovation within the community to continue unimpeded.
As of March 2015, it is immediately apparent from consulting any relevant analytical material that this balance has not been achieved in any major jurisdiction, and far less so internationally. The infographic below gives an outline of current regulatory practices across the world.
For more detailed information on specific areas, refer to the expert comments included following the infographic. Included are statements relating to positive, negative and contested jurisdictions to give an overall impression of the challenges facing cryptocurrency in each scenario.
The above infographics display the results of a survey by CoinDesk of consumer attitudes towards regulation in selected major markets.
