Differences in the Regulation of Cryptocurrency Services Across Countries
I’m trying to get a handle on the regulation of crypto services in different countries, because we’re currently in the process of choosing a jurisdiction to launch our project. And here’s what’s interesting: an acquaintance of mine has already worked with several countries and says that the requirements can vary drastically. In some places, everything is relatively simple, while in others, you have to go through a whole bunch of checks even before you launch. As a result, I’m a little confused—is there any kind of universal approach at all, or does it all depend heavily on the country?
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There really isn’t a single standard here; it all depends heavily on the specific jurisdiction. In some countries, the focus is on registration and basic oversight, while others require full-fledged licenses, strict compliance, and ongoing reporting. This is especially true for VASPs—in some places it’s a mandatory requirement, while in others it’s just part of the regulatory framework. When I was researching this myself, I came across Gofaizen & Sherle, which explains exactly how these licenses work in different countries. A colleague of mine initially chose a less regulated jurisdiction to get started faster, and then later considered expanding into more heavily regulated markets. Overall, this is a fairly common approach.