Countries like South Korea and Thailand, both of are looking to establish new cryptocurrency regulations that would allow for cryptocurrency trading to still take place. This, comes off the back of other countries such as Japan that have already rolled out successful regulations which are proving to be very fruitful for the cryptocurrency industry in the area.
Latest in the news might be the country of Chile, as Central Bank of Chile governor Mario Marcel is considering developing a regulatory framework for cryptocurrencies in order to monitor risks and to essentially keep a close eye on the industry. As it stands at the moment in Chile, cryptocurrencies have no regulation attached to them and can be traded freely.
According to reports, Marcel has said,
“Incorporating regulation will allow having a registry of participants in these activities and thus have information to monitor the associated risks. These activities could be developed under more robust standards and mechanisms, especially in terms of market transparency, consumer protection, and prevention of money laundering and terrorist financing.”
However, in a statement, Marcel reiterated the central bank of Chile’s hesitation about cryptocurrency, claiming “regulation could provide a false ‘sense of security’ that could lead the public to underestimate the risks associated with [cryptocurrency].”
In an ideal world, like Japan, Chile will turn to exchanges and the currencies themselves to ensure they are operating legally and safely, this in turn promises to reduce crime and most importantly, reduce the risk that traders and investors are exposed too.
In March of this year, two Chilean cryptocurrency exchanges, Buda and CryptoMKT asked the Association of Banks and Financial Institutions (ABIF) to “make its position transparent” after a number of Chilean banks shut down their accounts just for dealing with cryptocurrencies.
In April, Buda filed legal action to one of the country’s appeals court to protest the unexpected closure of their bank accounts. The action would prove successful, with Chile’s anti-monopoly court ordering two of ten banks to re-open Buda’s accounts.
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