Regulations, Laws and Practices

Abstract

This chapter presents the aspects of blockchain regulations, misuse of the industry by mischievous players, and how the industry and governments around the world have been evolving towards embracing new laws and regulations for business focusing on delivering blockchain applications, cryptocurrencies and initial coin offerings. The blockchain industry has seen rapid growth in recent times as many new ­applications based on distributed ledger technology hit the market. The situation regarding blockchain and cryptocurrency in the US is complicated. Although it is legal to use virtual currencies, their status remains confusing. On the south side of the US border, Mexico published a legal framework passing a law for fintech companies that includes cryptocurrencies in September 2018. On the African continent, cryptocurrencies have legal but unregulated status in South Africa, but the law of the state restricts their use.