While the United States is dealing with thorny regulatory issues over cryptocurriencies, some jurisdictions abroad have more clarity, though global consensus is far-off.

Group of 20 meetings in the spring about blockchain regulation did not yield much except a recognition that crypto assets are not merely currencies and a July deadline for the organization’s first step toward regulation. The International Monetary Fund recently highlighted the utility of crypto assets, while also cautioning that, depending on how large they grow, they could someday pose risks to financial stability.

Some jurisdictions are further ahead than others, though the tacks they are taking vary widely. John Collins, an affiliate with the Berkman Klein Center at Harvard University and former head of policy for Coinbase, said one of the strictest, and most opaque, is China, which has banned crypto exchanges and so-called initial coin offerings. More welcoming are Switzerland, Singapore and Britain.