Envisaging Global Regulations on Cryptocurrency

Abstract

We live in an extremely fast-paced and opportunity-rich world. Every step provides an opportunity to innovate and challenge the conventional methods. Cryptocurrencies first appeared on the scene nearly a decade ago. And, since its inception, it has played a pivotal role in advancing the global financial infrastructure. The breakthrough made by cryptocurrencies has been so encouraging that many countries have considered incorporating them into their financial infrastructure. Despite their rapid growth and numerous benefits, they are still widely misunderstood. There is a widespread belief that cryptocurrencies are associated with risky investment schemes, terrorist funding, and laundering of ill-earned money. As a result, we require a proper framework to govern these cryptocurrencies. This research paper aims to provide readers with an overview of the impending and existing global regulations & regulatory frameworks for cryptocurrencies. Additionally, this piece of work shall also talk about the various illicit activities that are conducted through using cryptocurrency and regulations in the pipeline to combat the same. And lastly, this paper shall also briefly analyse the taxation policies of different nations and compare the same.