German authorities decided to develop a regulatory framework and develop a strategy of cryptocurrency regulation before July 1, 2019. This is stated on the government website. Back in mid-February, it sent requests to commercial organizations to share their vision of the situation.
At the beginning of 2018 in Germany, cryptocurrencies were recognized as legal tender. This means that Bitcoin transactions with other digital financial assets are not taxed.
In some other countries, for example in the USA in 2015, the cryptocurrency is recognized as a commodity. It follows from them that for receiving income from its turnover, individuals and commercial organizations are required to pay taxes.
Formerly, the German authorities regulated the circulation of cryptocurrencies at the mercy of international law. Until now, there are no clear rules for buying and selling tokens in the country. The head of the Central Bank Joachim Wuermeling said that digital financial assets should not be regulated by a separate law, but by the rules of international laws.
However, it has now become clear that approaches to blockchain are very different in different countries. Japan fully legalized the process of selling and exchanging, China and India took the path of prohibitions. In Russia, they preferred not to notice this asset, and each buyer acts solely at his own peril and risk.
Russian President Vladimir Putin instructed the State Duma and the government to develop legal regulation of cryptocurrency by July 1, 2019. The law "On digital financial assets" began to be created in the spring of 2018, but its adoption was constantly postponed.
In Australia, there are more than 250 official cryptocurrency exchanges, and their number in Japan does not exceed 16. While the FSA has more than 100 applications under consideration.
This contradiction does not end there. Thus, in Sweden, work is underway to create a national cryptocurrency, and the British authorities are wary of the blockchain. Before the end of 2018, they were going to adopt stricter regulatory rules. Then a spokesman for the Treasury announced this. However, nothing of the kind happened.
At the meeting of the G-20 heads in Buenos Aires, a concerted decision was made to develop common measures to regulate the market for cryptocurrencies and the blockchain. This was entrusted to FATF, the international organization for the fight against money laundering.
It is expected that in the middle of 2019 it will present a vision of regulating the cryptocurrency market. It is noteworthy that just before this time, Germany and Russia decided to create their own rules and regulations.
Although the authorities of these countries declare that they are working in close cooperation with the FATF, such haste raises many questions. Perhaps they just felt their lag in the development of the blockchain, or see them as an untapped potential. Such a race of cryptocurrency legislation can significantly change the balance of power.