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The regulatory environment around crypto assets/currencies has been considered a no man’s land since bitcoin’s inception in 2009(1). Not only was there a lack of clarity around the applicability of existing regulations, but also there were no regulations that expressively applied to crypto assets due to their novel features.
As bitcoin and other crypto assets/currencies picked up traction, legislators and regulators decided to take several measures. While some regulators placed an outright ban on transacting with bitcoin, others clarified the status and requirements for companies dealing with crypto assets.
In the last five years, due to the increased use of crypto assets, there have been significant efforts to pass legislation and issue guidance to...
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