The regulation of cryptocurrencies had been a sour topic for regulators all over the world. The blockchain technology is relatively newer and not many people are well-versed in it, which makes navigating it all the more difficult. Moreover, the crypto sphere is also highly dynamic. Every day newer uses and newer innovations emerge in the market which places regulators at even a more difficult place.
The brutal market crash may have put a lot of things into perspective as regulators in the United States have decided to join hands for a cryptocurrency regulatory body. The new head of the Office of the Comptroller of the Currency, Michael Hsu, revealed that the agency had been in talks with the United States Federal Reserve regarding a regulatory body focused solely on cryptocurrency. The regulatory body is described as an “interagency policy sprint team”.
During a virtual meeting, Hsu discussed the proposition with the Fed vice chairman of supervision Randal Quarles as well as FDIC chairman, Jelena McWilliams. Randal Quarles also disclosed that the Fed had been actively working with other government agencies for the purpose of cryptocurrency regulation.
Asian countries have had mixed stances when it comes cryptocurrencies. Turkey is one of the countries on the forefront of war against cryptocurrency-caused problems. The country has announced a new policy which forces crypto exchanges to inform the Financial Crimes Investigation Board (MASAK) of any cryptocurrency transaction exceeding $1,200. On the other hand, South Korea had launched a crackdown of its own on cryptocurrencies. Major regulatory bodies of the country had joined hands against problems like tax evasion and money laundering that are fueled by cryptocurrencies.
