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Posted: May 5th, 2020
The US is one of the countries whereby cryptocurrencies are growing steadily. Although the market is faced with several challenges such as harsh tax laws and policies that are driving cryptocurrency companies overseas. Cryptocurrencies and blockchain technology have grown and several largest companies such as Microsoft, Subway and Overstock have accepted Bitcoin as a form of payment.
States such as Ohio, Wyoming, and Colorado have established laws that promote cryptocurrencies. Colorado passed a bill that encourages the use of blockchain technology in government record keeping. Ohio was the first state to accept taxes in form of cryptocurrencies. Wyoming State exempts cryptocurrencies from property taxation. There are more than 700 cryptocurrency businesses in the US. Cryptocurrencies are becoming popular in the US and more investors are venturing into it.
The UK was less welcoming to cryptocurrency compared to traditional currency. No laws and regulations are regulating the sector. This has led to an increase in fraud and financial crime. According to the cryptocurrency watchdog in the UK, the level of fraud among cryptocurrency investors has tripled. Investors are duped using celebrity endorsement, social media, and luxury items. They are then directed to professional websites. When they make their first investment. They are persuaded to invest more to make more profit. Their account is later closed down and they are never compensated. Industry groups have complained about issues of regulation of cryptocurrencies. The Financial Conduct Authority is currently looking into the matter.
Australia is one of the nations that has positively responded to cryptocurrencies. The government has put in place policies regulating financial crime. Australia is ranked 14th worldwide for Bitcoin trade currencies volume. Industries have accepted cryptocurrencies. This has led to an increase in its market and prices.
Australia is progressively putting in place rules to govern cryptocurrency transactions. The Australian Tax Office is responsible for the collection of all taxes. Bitcoin and other cryptocurrencies are viewed as property. They are subjected to capital gains tax. Australia has not only protected those venturing in cryptocurrency but it has also accepted the implementation of technology.
Australia, the US, and the UK have responded differently to Bitcoin currencies. While Australia and the US have positively accepted digital currencies and cryptocurrency businesses are thriving. The UK cryptocurrency market is lagging due to financial crime and the lack of laws regulating the sector.
Enyi, Jin, and Ngoc Le. “The legal nature of cryptocurrencies in the US and the applicable rules.” Available at SSRN 2995784 (2017).
Peters, Gareth, Efstathios Panayi, and Ariane Chapelle. “Trends in cryptocurrencies and blockchain technologies: a monetary theory and regulation perspective.” Journal of Financial Perspectives 3.3 (2015).
ElBahrawy, Abeer, et al. “Evolutionary dynamics of the cryptocurrency market.” Royal Society open science 4.11 (2017): 170623.
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