The legal firm Axon Partners in association with the consulting company ForkLog Consulting has released the English version of the trial report on the regulation of cryptocurrency and cryptocurrency-based businesses in Australia, the U.K., Hong Kong, the EU, Canada, China, Russia, South America, the U.S.A., Ukraine, and Japan in 2016.
The Russian version of the report was published in February 2017. It was the first time when such a regulatory document on cryptocurrency was released in Russian.
According to Dima Gadomski, a partner at Axon Partners and the study contributor, the necessity to change money presentation form is deep-rooted: “Throughout the history, when people felt the need to use money, they used all kinds of different materials including shells, domestic animals, corn, and tobacco. Ancient Spartans used iron money that looked like a bunch of sticks. It wasn’t easy to use these sticks, and they were meant to discourage Spartans from theft, corruption or even accumulating wealth.”
He continued: “Another example is Russian Alaska, where walrus hide was used for notes (nobody knows, why). Throughout the ages, mankind has been trying to take a new look at the form and the role of money. Our generation’s task is to finally turn conventional currencies into digital money”.
The authors marked that some statements placed in the documents have no legal force. But anyway, the study gives a full idea of the business regulatory trends for cryptocurrency and blockchain in the years 2014-2016. It was one of the main goals of the study carried out.
Vlad Likhuta, the supervisor of the study, associated partner Axon Partners and the head of marketing at ForkLog Consulting sated: “The report analyzes jurisdictions that are most popular with cryptocurrency businesses in terms of regulation. The document’s goal is to paint the most comprehensive picture of regulation, taxation, and possible liability for cryptocurrency-related activities”.
Toly Kaplan, CEO and founder of ForkLog Consulting commented:
“Due to their historical background, most countries can’t truly embrace innovation and technological progress. In this context, this summary may be considered as a kind of chronicle of regulatory entropy. And, most importantly, the situation with cryptocurrencies correlates with unsystematic attempts to regulate numerous other innovative phenomena.”
The companies have already prepared one more research on cryptocurrency regulation for Switzerland, Singapore, Estonia, the U.K., and the U.S.
Ivan Grekov, a market researcher at ForkLog Consulting and the supervisor of the new study insists the new reports will be extremely interesting: “The previous research did not cover regulation in countries like Singapore and Switzerland as we expected their authorities to react and enforce some regulation. Those jurisdictions were for a tidbit. Thanks to that, the new report, in my opinion, proved to be quite interesting”.
The second research will be examined by ForkLog, the Russian major media outlet on cryptocurrency and blockchain technologies in terms of the mutual project of the companies. The final version in Russian and English will be prepared for the completion of the project.