- Regulators in countries all over the world are starting to lean on crypto as they pass laws in favour of digital assets.
- These new kinds of legislation brought in by such countries have been seen as bullish by the community.
Over the past week or so we have seen some incredible strides in cryptocurrency adoption. Regulators in countries all over the world including South Korea, Germany and India have all started to lean on crypto as they pass friendly laws in favour of digital assets.
This new kind of legislation being brought in by such countries has been seen as bullish by the community. These countries, in particular, are being hailed as the nations that will start the crypto revolution for the rest of the world.
Positive news in the cryptocurrency industry is coming strong and fast now - despite the fall in value of the market this week such as in the Ethereum Price. 2020 has given us an insight as to what the crypto revolution could look like for the future. When the official financial regulator in Germany, BaFin released guidelines last week classifying crypto as financial instruments at the start of March, the community responded in a favourable manner.
Another thing that happened last week was the top court in India overturning a ban brought in, in 2018 which had been imposed by the reserve bank of India which essentially stopped banks in the country from servicing crypto companies and platforms.
Nearer to the end of last week, the national assembly in South Korea passed a bill to the Reporting and Use of Specific Financial Information Act. This kind of legislation is ultimately legitimising the trading of digital assets in South Korea.
With all this and many more, things are looking up for the cryptocurrency industry. It seems that if things are going to follow in South Korea’s footsteps with crypto adoption potentially happening a lot quicker than was initially expected all those years ago when bitcoin was created in 2009.
It will be interesting to see how adoption plays out. For more news on this and other crypto updates, keep it with CryptoDaily!