EU's supervision of virtual currency

1. Japan
   
   among Asian countries, Japan seems to be the first country to support cryptocurrency. On the contrary, in the past few years, China has been cracking down on ICO and closing down the trading business of digital currency exchanges in China. Compared with China's strict restrictions, Japan is undoubtedly far ahead in the field of cryptocurrency
   
   maybe it's because of the anonymous people (or teams?) who developed bitcoin Japan's pseudonym is Nakamoto, so Japan's friendliness to cryptocurrency ranks at the top
   
   after being attacked by hackers, the Japanese based Mt. GOx exchange finally closed down in February 2014, which is still the biggest scandal in the digital currency world. After that, Japan's licensed cryptocurrency exchanges came together to form a new self regulatory organization, which put forward guidelines to legalize ICO and formulated clear instry standards to protect investors, while allowing the instry to grow and continue to innovate
   
   members of this association, called ICO business research group, include members of Parliament, academics, bankers and the CEO of bitflyer. Bitflyer is the largest cryptocurrency exchange in Japan. According to the government study, the legislature may allow potentially profitable ICO and cryptocurrency exchanges to continue trading, but at the same time, it must provide the government with more insight into these activities and enhance transparency

   

   
   nevertheless, as of the end of April, it was reported that Venezuela could offer India a 30% discount if India used petro currency to pay for its crude oil. Bitcoin magazine reported that "Venezuela has assured the buyer that petro currency will have all the functions of legal tender, can pay taxes and can be converted into Venezuelan hard currency, namely Bolivar
   
   while many people are skeptical of petro itself and the Venezuelan government's move to integrate cryptocurrency into its declining economy, others believe that any effort to win the credibility of cryptocurrency is worthwhile. David Garcia, senior vice president and partner of ripio credit network, pointed out that Latin America is going through a transitional period
   
   Latin America is in a difficult situation e to political corruption and economic crisis, and is troubled by high inflation and rapid devaluation of local currency, especially in Venezuela. Garcia believes that innovative ideas and solutions such as blockchain and cryptocurrency are necessary for these countries to develop in a positive direction

   3. Sweden
   
   in 2015, Sweden became the first country in Europe to approve the trading of two kinds of bitcoin exchange traded notes (ETN), which are managed by XBT providers. The Swedish Krona denominated bitcoin tracker one XBT (ST: se0007126024) fund and bitcoin tracker EUR XBT provider (ST: se0007525332) can be traded on Nordic Nasdaq, the main Swedish exchange
   
   since its launch, XBT has been launched in Denmark, Finland, Estonia and Latvia. As of early December 2017, cointegraph announced that Sweden's ETN "is more than 80% of the US ETF". In mid January, CNBC said that Sweden's bitcoin investment project attracted $1.3 billion
   
   in addition, the Swedish central bank has been considering the development of an electronic currency called e-krona to cope with the situation that Sweden is rapidly becoming the first cashless society in the world. However, Sweden's banking sector has hit back. Hans Lindberg, chief executive of the Swedish Bankers Association, said in an interview on April 17: "in terms of e-money, there is already a lot. There are bank cards, credit cards... And other electronic solutions. The most likely scenario in the future is that the Swedish central bank will stick to wholesale business. "< However, James Pomeroy, a global economist at HSBC, believes that Sweden is still likely to become the first country in the world to issue digital currency, which may be launched in the next few years. Venezuela may be ahead in government supported cryptocurrency issuance, but Sweden, a Scandinavian country with stronger economy and more trusted regulators, may still disrupt the existing order of cryptocurrency and even lead the European cryptocurrency instry< Switzerland
   
   4. The Swiss financial market supervision authority is at the forefront in clarifying the regulation of cryptocurrency and supporting ICO. Marc bernegger, a Swiss financial technologist, cryptocurrency entrepreneur and consultant to Swiss real coin, said Switzerland has traditionally been a haven of wealth. To some extent, this benefits from Switzerland's more open financial regulation and a long culture of protecting the privacy of Swiss banking institutions' customers. Bernegger pointed out that Switzerland has been "looking forward" to cryptocurrency assets as part of overall wealth management and is "preparing for changing economic forms."
   
   the surrounding area of Zug in North Central Switzerland is called crypto Valley, which has been called crypto valley since Ethereum ICO was launched in 2014. For cryptocurrency entrepreneurs, developers and investors, cryptovalley is one of the most active ecosystems,

   5. Israel
   
   in Israel, discussions on the regulation of cryptocurrency continue, and legislators are looking for ways to protect investors. Although Israel's banking system has failed to help promote bitcoin related business, Union Bank of Israel, the sixth largest bank in Israel, is being sued by a local cryptocurrency miner for stopping transferring funds from bitcoin exchange to the miner; In addition, Israel's second-largest bank, bank Leumi, was intervened by the district court and the country's Supreme Court when it tried to block the account activity of a local cryptocurrency exchange. This is undoubtedly a major victory for the local cryptocurrency instry
   
   in addition, it has recently been reported that the Central Bank of Israel has been considering the possibility of issuing state supported cryptocurrency for several months. According to the Jerusalem Post, an anonymous source said, "digital shekel can record every transaction through mobile phones, making tax evasion more difficult." If a digital Shekel is introced, its value will be equal to that of an entity
   
   in terms of technological innovation, Israel's start-up corporate culture is at the forefront. Roy meirom, co-founder and vice president of business development of wemark, pointed out that many of the 300 multinational R & D centers operating in Israel are committed to the application of blockchain<
   
   Roy meirom also said that this small middle east country, commonly known as the "start-up country", is rapidly becoming the development center of blockchain< Bermuda
   
   Bermuda, a member of the Commonwealth in the North Atlantic and Caribbean, has been actively seeking the adoption of cryptocurrency related regulations to begin to establish an appropriate framework to promote cryptocurrency business activities, including cryptocurrency exchanges, wallet services and payment providers. Recently, the Bermuda Monetary Authority's virtual currency business act was passed in the house of Commons
   
   Bermuda has carried out relevant legislative activities on ICO in the form of amending the Companies Act 1981 and the limited liability companies act 2016. At the end of last year, Bermuda's prime minister and Finance Minister David Burt set up a blockchain working group, which is divided into two groups: the legal and regulatory Working Group on blockchain and the commercial working group on blockchain
   
   7. Berlin, the capital of Germany, is perhaps one of the EU's most cryptocurrency friendly cities. In 2013, Berlin was called the "bitcoin capital of Europe" by the guardian, and it has always maintained this status. At present, people can use bitcoin to buy apartments in Berlin, make holiday reservations, and pay for meals in various fashionable local restaurants
   
   Thomas Schouten, marketing director of lisk, a Swiss based blockchain application platform, said the application chain has a major contractor office in Berlin. Schouten said Berlin provides a vibrant start-up and technology space with a huge talent pool and vibrant culture, making it easy for companies to attract employees. In addition, he said that Germany and the German government are open to blockchain technology
   
   in 2014, Germany became the first country to accept bitcoin as a currency, highlighting its open attitude. Similarly, board members of the Bundesbank have called for effective and appropriate regulation of cryptocurrencies and tokens. In fact, Joachim wuermeling, director of the Bundesbank, has pointed out the need for international cooperation on this issue:
   to this end, a number of decision makers of the Bundesbank have participated in discussions involving the whole EU region, including stimulating the cryptocurrency instry in the whole EU region through the European block chain partnership "Scientists and engineers in the instry, many of them retired members of Israel's elite military intelligence forces, have transferred to fill the huge talent demand of the instry, and are supported by more and more blockchain start-ups and supporting ecosystems."

2. "because the regulatory capacity of a single country is obviously limited, only by maximizing the potential of international cooperation can virtual currency be effectively regulated."

According to British media, the vice president of the European Central Bank said on the 22nd that bitcoin is not a currency, but a speculative tool