Category: Asia

The legislative landscape for cryptocurrencies in Pakistan prior to 2023 presents a nuanced picture of cautious regulatory approaches, evolving government stances, and growing public interest in the realm of digital finance. As a developing economy with a large and technologically adept population, Pakistan’s journey towards cryptocurrency regulation is reflective...

As of 2023, the legislative landscape for cryptocurrencies in Cambodia was characterized by a lack of official recognition and legal status, along with warnings from authorities regarding the risks associated with unregulated digital currencies. Regulatory Overview and Legal Status The National Bank of Cambodia (NBC), along with the Securities...

Overview As of the end of 2022, Turkmenistan’s approach to cryptocurrency regulation remained largely undefined, with the government maintaining a neutral stance on digital currencies. Lack of Specific Cryptocurrency Laws Neutral Government Stance: Turkmenistan had no explicit law banning or supporting the use of cryptocurrencies like Bitcoin, Ethereum, Litecoin,...

As of 2022, Kuwait had a distinctive stance on cryptocurrencies that was primarily characterized by prohibitive measures. The country’s financial authorities, including the Ministry of Finance and the Central Bank of Kuwait (CBK), had established a firm stance against the recognition and use of cryptocurrencies in official commercial transactions....

Prior to 2024, India’s approach to cryptocurrency regulation underwent significant developments, marking a shift towards a more structured and vigilant regulatory environment. The country’s actions reflected its efforts to balance the innovative potential of digital assets with the need to mitigate risks and ensure financial stability. Integration into Anti-Money...

In the period leading up to 2023, Armenia’s approach to the regulation of cryptocurrencies was characterized by a lack of specific legal frameworks, yet with an openness to the use and trading of digital currencies. This stance represented a cautious yet non-restrictive approach to an increasingly digital financial world....

Bahrain, as part of its ambition to become a leading FinTech hub in the region, implemented comprehensive regulations to govern and license crypto-asset services. This proactive stance towards cryptocurrency regulation was spearheaded by the Central Bank of Bahrain (CBB), reflecting the country’s commitment to fostering a secure and innovative...

Prior to 2024, Oman’s approach to cryptocurrency regulation was evolving to adapt to the growing interest in digital assets among its residents. The Sultanate’s financial market regulator, the Capital Market Authority (CMA), undertook significant steps to establish a regulatory framework for virtual assets. Emerging Regulatory Framework Capital Market Authority’s...

Singapore’s approach to cryptocurrency regulation prior to 2024 was marked by a structured system governing digital payment token (DPT) providers under the Payment Services Act (PSA). The PSA, introduced in 2019, established a cohesive regulatory framework for DPT service providers in Singapore, overseen by the Monetary Authority of Singapore...

A Grey Legal Landscape Tajikistan’s approach to cryptocurrencies prior to 2024 can be characterized as cautious and largely undefined. The nation neither explicitly legalized nor banned cryptocurrencies, creating a grey area in its legal framework. This ambivalence placed Tajikistan among the least proactive countries globally in terms of crypto...