The legal situation of cryptocurrencies under discussion by several governments

The legal situation of cryptocurrencies was positive in the first week of March 2020. Initially, the Supreme Court of India overturned the ban on activities related to Bitcoin and crypto imposed two years ago by the central bank.

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1 The legal situation of cryptocurrencies under discussion by several governments

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Secondly, South Korea has adopted legislation that clarifies cryptocurrency trading in the country. The topic of Bitcoin was also addressed by the Commercial Court of Nanterre, France, which concluded that Bitcoin is non-fungible, similar to other legal forms of money.

Fourth, German regulators have classified Bitcoin as a financial instrument and crypto exchanges as financial services institutions.

These major developments that took place in just one week show that the legal status of cryptocurrencies will improve rapidly in the coming period.

The legal situation of cryptocurrencies under discussion by several governments

Many governments now have regulatory models that can be adopted for their own jurisdictions. Also, cryptocurrency enthusiasts now have a case study in India, where their individual governments decide to ban BTC and crypto trading in their respective jurisdictions.

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In the case of Germany and France, both countries have major financial influence in the European Union.
Their example might persuade other Member States to adopt similar regulatory frameworks when it comes to Bitcoin and crypto trading.

But South Korea is the most advanced when it comes to regulating the crypto industry. The country is joining neighbors in the Asia-Pacific region such as Japan and Australia in recognizing the potential of BTC and other cryptocurrencies as forms of investment.

The pressure exerted by the G20 members on implementing the FATF recommendations regarding digital assets does nothing to help. Countries can no longer ignore the legal status of cryptocurrencies and are forced to give them a well-defined legal status.