{"id":125696,"date":"2020-02-17T22:38:02","date_gmt":"2020-02-17T22:38:02","guid":{"rendered":"https:\/\/cryptoslate.com\/?p=125696"},"modified":"2020-02-20T06:26:19","modified_gmt":"2020-02-20T06:26:19","slug":"global-cryptocurrency-regulation-turning-bearish","status":"publish","type":"post","link":"https:\/\/cryptoslate.com\/global-cryptocurrency-regulation-turning-bearish\/","title":{"rendered":"Global cryptocurrency regulation is turning bearish in these five countries"},"content":{"rendered":"

As the cryptocurrency markets<\/a> are in freefall, global cryptocurrency regulation appears to be turning bearish as well. While one SEC Commissioner<\/a> proposes a \u201csafe harbor\u201d for cryptocurrency projects, the US Secretary of the Treasury announces \u201csignificant\u201d new regulation. So, what gives?<\/p>\n

Top five countries promising stricter cryptocurrency regulation<\/h2>\n

1. Brazil<\/h3>\n

The cryptocurrency scene in Brazil has taken several hits lately. Once thriving and \u201ccrypto-friendly\u201d, the South American country\u2019s IRS imposed stricter cryptocurrency regulation in August 2019.<\/p>\n

According to the Brazilian crypto news site<\/a>, Porto do Bitcoin<\/i>, from that date, all exchanges have had to report all transactions monthly to the Federal Revenue Service \u2014 no matter the amount. They have also been subject to greater compliance burdens.<\/p>\n

Brazilian cryptocurrency exchanges have been struggling to meet the criteria. But this month saw Access Bitcoin exchange closing its doors while another, Latoex, is reportedly in trouble. Former CPO of Access Bitcoin Pedro Nunes said:<\/p>\n

“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.”<\/p><\/blockquote>\n

2. Russia<\/h3>\n

Russia\u2019s stance on cryptocurrencies has been murky at best. The country seems to be sending out mixed signals as to how it wants its cryptocurrency regulation to develop.<\/p>\n

With some of the most active traders in the world, major cryptocurrency exchange Binance\u2019s CEO Changpeng Zhao<\/a> said: \u201cRussia is our key market\u201d a few months ago. Binance also added support for the Russian Ruble<\/a> just last week.<\/p>\n

However, today, according to Russian news site<\/a> RBC, the country is now stepping up its stance on AML. That means clamping down on crypto. The Russian Central Bank highlighted its plans to adjust banks\u2019 roles and their ability to define the criteria for \u201cunusual operations\u201d when it comes to AML.<\/p>\n

In other words? Opening up its authority to freeze cryptocurrency-linked bank accounts.<\/p>\n

3. United States<\/h3>\n

We may celebrate the small victories as \u2018Crypto Mom\u2019 Hester Peirce<\/a> keeps on trying. Yet, it seems the U.S. with its current regime refuses to warm to cryptocurrencies.<\/p>\n

Indeed, as pro-Bitcoin candidate Andrew Yang<\/a> withdrew from the presidential race, we\u2019re left with an anti-crypto misogynist at the helm of the world\u2019s most powerful nation:<\/p>\n

\n

I am not a fan of Bitcoin and other Cryptocurrencies, which are not money, and whose value is highly volatile and based on thin air. Unregulated Crypto Assets can facilitate unlawful behavior, including drug trade and other illegal activity….<\/p>\n

— Donald J. Trump (@realDonaldTrump) July 12, 2019<\/a><\/p><\/blockquote>\n