February 21, 2017 – The first independent Russian-language report on legal regulation of cryptocurrency and cryptocurrency business in Australia, the UK, Hong Kong, the EU, Canada, China, South American nations, Russia, the USA, Ukraine, and Japan is published. The report was drawn up by the Axon Partners law firm and cryptocurrency consulting company ForkLog Research.
“The report analyzes the most popular jurisdictions for running a cryptocurrency business in terms of government regulation,” says Vlad Likhuta, the research coordinator, associate at Axon Partners and legal research analyst at ForkLog Research. “The paper’s goal is to put together the most comprehensive picture of basic aspects of legal regulation, taxation, and possible liability for running a cryptocurrency business.”
The report notes that cryptocurrencies are used by both individuals and legal entities in most countries. Furthermore, in some jurisdictions cryptocurrency is now a part of civilian circulation.
The report analyzes both legal acts and formal and informal statements from regulators, and thus outlines the general trends of possible changes in the course of regulation. The researchers note that the paper in question is the first of its kind for any of post-Soviet nations.
“Governments smoothly put cryptocurrencies under control, thus turning the concept of decentralization into nonentity. Any centralized regulation of a decentralized system is a paradox by definition. It’s like informal persons aspiring to receive formal recognition,” Alexei Geraschenko, economy expert, essay writer and professor at Kyiv-Mohyla Business School, commented on the report.