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20 Wash. U. Global Stud. L. Rev. 171 (2021)
Cryptocurrency Regulations in ASEAN, East Asia, & America: To Regulate or Not to Regulate

handle is hein.journals/wasglo20 and id is 177 raw text is: Cryptocurrency Regulations in ASEAN, East Asia, & America: To Regulate or Not To Regulate INTRODUCTION This note compares the current landscape of cryptocurrency regulations in Southeast Asia (ASEAN member states: Brunei, Cambodia, Indonesia, Laos, Malaysia, Myanmar, Philippines, Singapore, Thailand, and Vietnam),' East Asian nations excluding China (Japan, South Korea, North Korea, Hong Kong, and Taiwan), and the United States. The terms cryptocurrency, blockchain, and Bitcoin are all heavily associated with one another, but each refer to distinct things. Part one provides a background on these terms, as well as the recent history of cryptocurrency adoption throughout the world. The main body of this note will categorize these nations into groups based on the type and level of regulations implemented (i.e. a proactive stance implementing regulation and favoring usage of cryptocurrencies, a reactive stance with restrictive regulation, a hesitant stance with slowness to enact any regulation at all, a restrictive stance with a complete ban on usage, etc.). This note also addresses a key question that every nation now faces due to the increased global usage of cryptocurrencies: Should countries regulate their cryptocurrency markets? And if so, how and to what extent should they do so? Finally, Part III argues that the type of regulatory scheme which Japan, Hong Kong, Singapore, and Thailand have utilized (a proactive liberal approach) is the best method. 1 What is ASEAN?, BBC (Nov 13, 2014), https://www.bbc.com/news/world-asia-30015680. 171

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