Five Countries Where Crypto Regulation Changed the Most in 2019

One of the impediments to the adoption of blockchain and crypto technologies in the world are the regulations governing their introduction into the world of business.

Many experts believe the year 2019 has seen a significant improvement in many countries in regard to blockchain regulation, with the attitude toward digital money shifting dramatically in recent years.

"Some countries now consider them legal tender, while many viewing cryptocurrencies as commodities. Governments around the world are keenly aware of the problem that the technology is rapidly outpacing the laws that govern it."

The German government passed a bill in November that allows banks to sell Bitcoin and other cryptocurrencies, as well as grant custody over them, by the end of 2020.Though the law is still at the draft stage, it has been met with significant enthusiasm from local businesses, as it would allow banks to streamline crypto operations and give them the authority to safeguard user assets on the basis of their experience and established risk mechanisms.

The U.S. is seen as a trendsetter in terms of blockchain and cryptocurrency adoption, and most other countries in the world act in hindsight to the economic giant across the Atlantic.

Despite the seemingly libertarian approach and progressive attitude toward blockchain technology, cryptocurrencies are banned as a means of settlement in Iran.Honorable mentionsAs the leading countries' stances on the crypto market have changed in 2019, other regions also have a part to play in impacting cryptocurrency and blockchain adoption.

Jessica Renden, head of operations at cryptocurrency exchange Cointree, referred to Japan and New Zealand as the main countries that are setting trends in the crypto regulation market in 2019.

"The New Zealand tax authorities have confirmed that bitcoin and several other coins are approved as salary payment alternatives, subject to employment contracts set out by employers. Earlier this year the Japanese government passed a bill to incorporate cryptocurrency into regulation and to date have 21 approved registered crypto exchanges."

Cryptocurrency regulation trend moves onExperts predict that in the next couple of years, more countries will make significant changes in their crypto regulation.

While sharing an opinion on this matter to Cointelegraph, Kiselevich said that he sees numerous countries around the world making big steps toward launching and implementing both crypto and blockchain technologies, adding that, "It looks like a trend that might be followed by a lot of countries later."