In 2009, after the launch of the first decentralized cryptocurrency, Bitcoin, and the emergence of other altcoins, many virtual platforms were created mainly for the exchange of decentralized digital currencies. However, their regulation differs from one country to another.
Among the Asian countries, Japan is more amenable to cryptocurrency exchanges, but their regulations mandate the need for cryptocurrency exchanges to have an exclusive license from the Financial Services Authority before they can operate. As for China and Korea, they still adopt an uncompromising stance regarding the operation of cryptocurrency exchanges. China, in particular, has been banning Bitcoin miners and freezing bank accounts of late. Australia, on the other hand, has not released their final regulation on cryptocurrency exchanges. However, the country requires its citizens to disclose their digital assets for capitals gains tax.
The problems most stakeholders and cryptocurrency traders have with cryptocurrency exchanges include its security and high trading fees. Also, the relative newness of some exchanges does not allow the public to have access to specific information such as the names of the owners, locational of the business and other financial data. Because of this, many stakeholders are in favor of regulation for operational certainty and optimum price stability.
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