On a global scale, countries are divided in their stance towards blockchain and cryptocurrencies, but in general, governments are still learning more. Western countries are actively regulating them. Germany is the first country that recognizes cryptocurrencies as “private money”. The U.S. Commodity Futures Trading Committee regards Bitcoin as a commodity. New York State has so far issued three BitLicenses.
It is different in Asia. Japan has been very supportive and passed a law in April 2017, officially accepting Bitcoin as a legal payment method. South Korea advocates tighter regulations. In July 2017, it passed a regulatory bill, requiring all crypto investors to have minimally 500 million won in capital. China has also tightened regulations. In September 2017, seven state administrations (including the People’s Bank of China) jointly issued a ban on initial coin offerings and prohibits the exchanging of fiat to cryptocurrencies.