Compliance With Regulatory Bodies and Blockchain
Cryptocurrency has not had a jolly good ride in some countries and with regulatory bodies in recent times. Some climes have proven difficult, with strict laid down rules for cryptos to abide by or face sanctions. While some cryptocurrency exchanges have decided to abide by the rules and regulations, some others have decided to move to friendlier climes where the rules are suitable.
Some major cryptocurrencies like Coincheck, have fallen prey to scammers, and this has been a cause for concern for government bodies and regulatory organizations. Many countries have been very wary in the past of cryptocurrencies, with some of them not wanting the digital coin on their soil. These regulations are put down to protect investors, checkmate pump and dump schemes that pose as cryptocurrencies, and curtail theft as much as possible. This article will look at countries and regulatory bodies that have put down rules and regulations for cryptocurrency exchanges to comply with.
The Securities and Exchange Commission (United States)
In March 2018, the Securities Exchange Commission (SEC) said that platforms trading digital assets which meet the definition of a security must register with the SEC as an exchange. This means that cryptocurrency exchanges will be meted the same treatment as traditional exchanges.