After years of uncertainty, laws governing cryptocurrency trading are becoming clearer. A number of nations are implementing regulations to guide cryptocurrency development and trading, and to protect investors. The future of cryptocurrency will be shaped by these new regulations. Investors must familiarize themselves with their nations’ laws, and crypto startups hoping to attract users worldwide must comply with the laws of each potential market.
In 2014, Canada was among the first nations to pass a law regulating cryptocurrency trading that required investors to report income earned from trading cryptocurrencies. In August 2017, the Canadian Securities Administrators (CSA) confirmed that it is considering regulating cryptocurrency trading under Canadian securities law, classifying cryptocurrencies as an asset. Canada closely monitors and communicates openly about cryptocurrency developments.
Singapore, Asia’s finance and banking capital, is perhaps the most friendly environment for cryptocurrency trading in a region characterized by strict regulations, as seen in heavy-handed China. Although the Monetary Authority of Singapore (MAS) has issued warnings on cryptocurrency risks, the country embraces cryptocurrency trading, even allowing a Bitcoin trading dispute to be settled within its jurisdiction. Deputy Prime Minister Tharman Shanmugaratnam at one point said that the laws in Singapore make no “distinction between transactions conducted using fiat currency, cryptocurrency or any other novel ways of transmitting value.”
Saifu has eclipsed its competitors in taking steps to combat this regulatory uncertainty, maintaining the highest possible levels of security, transparency, and accountability. Saifu is licensed by the Czech National Bank, with regular audits by venerated accountancy firm Deloitte. The Saifu platform complies with the EU E-Money Directive, the 2009/110/EC EU Payment Services Directive, and 2007/64/EC IFRS standards. Saifu provides regulator reports, internal and external audit results, and other financial information to its investors.
The Saifu team understands that the success of its product will hinge upon gaining the trust of both customers and regulators. Saifu has gone above and beyond to comply with all national and international regulations, and knows this will be the key to its success worldwide.