The situation with the attitude of the authorities to cryptocurrencies is similar to a pendulum. At first, they simply tried to ignore Bitcoin, then began to take tough measures to regulate the cryptocurrency market. It looks like the situation is turning around again. The authorities realized that too much control hinders the development of blockchain and fintech to grow.
Just a few interesting news came from the American province. The fact that the SEC imposes extremely tough ways to control the cryptocurrency market hinders the development of the industry. At the same time, it is in the USA that the most vacancies in search for experts in the field of blockchain are now posted.
According to US law, cryptocurrency and digital financial assets are equated to property, and transactions with it are subject to securities markets laws.
But the further development of fintech companies was stopped. Restrictions do not allow to issue tokens without attracting the attention of the supervisory authority. And this is associated with significant material costs and a long waiting period. Thus, the SEC has been unable to agree on the use of Bitcoin-ETF contracts at the largest trading floors of the country for almost a year.
Now regional authorities are at the forefront of confronting tough regulatory measures. Colorado authorities have approved a bill that removes consumer tokens from the Securities Act.
Colorado government actively controls the market for digital financial assets. In 2018, they stopped the activities of several ICOs that did not comply with legal requirements.
Now a number of tokens will be used to purchase goods or services, while issuers will not have to worry about their registration as securities. The law comes into force on August 2, and it will allow attracting new investors to the region.
In Connecticut, they offered to give the blockchain the power of a legal document. That is, it acquires the same rights as contracts signed on paper. Earlier, similar laws were passed in Arizona and Ohio. Now the exchanges will be able to keep registers of shareholders in digital form, and it is difficult to overestimate all the prospects for new rules.
In Germany, intensified work on the creation of comprehensive legislation in the field of cryptocurrency. The Ministry of Finance of the country finally expressed its position on the methods of their regulation. It suggested that it should refuse to control tokens and not treat them as securities.
Cryptocurrencies are recognized as a unique asset, with their own information storage technologies. And do not need constant supervision. However, the authorities want to streamline the procedure for ICO. It is the primary capital raising that causes the most complaints now.
It seems that a wave of distrust of cryptocurrency by the authorities has once again been broken. Only this time the reason was regional competition. Opposition to development inhibits the flow of new investment and the development of technology. That negatively affects not only reputation, but also tax deductions.