The Financial Stability Board rejectes calls to regulate cryptocurrencies like Bitcoin

The Financial Stability Board ( FSB ), which coordinates financial regulation for the G20 countries, on Sunday rejected calls by several countries for cryptocurrency regulation.

The FSB, however, stressed the need for greater international coordination in monitoring these rapidly evolving technologies, which still represent a tiny sector equivalent to less than 1% of global gross domestic product.

"The first assessment of the FSB is that currently, these crypto-assets do not pose a risk to global financial stability," said Mark Carney, president of the FSB, in a letter to finance ministers and governors of central banks, which will meet in Buenos Aires on Monday and Tuesday.

Below we have put together a list of major countries status on cryptocurrency regulation

Argentina

- No government regulation

Australia

- No government regulation

Brazil

- Financial assets not recognized, direct investment prohibited

Canada

- Taxation

China

- Coin trading prohibited, ICO prohibited

England

- No government regulation

European Union

- Agreed to more stringent rules to prevent money laundering and terrorist financing in Bitcoin and other virtual currency exchanges

France

- Warnings about regulatory readiness (not disclosed in detail), 'risk of speculation and manipulation’

Germany

- It is a legitimate financial instrument and may be taxable, but requires additional licenses and permits.

India

- Not accepted as a means of payment, regulation of money laundering and illegal activities

Indonesia

- No government regulation, prohibited from banks

Italy

- Some central banks consider issuing cryptocurrencies

Japan

- Taxation, payment instrument recognition

Mexico

- Preparing taxation

Republic of South Africa

- No government regulation

Russia

- Cryptocurrencies regulation legislation, ICO prohibition, while allowing legislation, can run a legitimate exchange

Saudi Arabia

- Some regulations will be introduced but not prohibited

South Korea

- No anonymous account transactions (real name system), tax preparation in progress

Turkey

- No government regulation

USA

- ICO Prohibited, Money Laundering & Illegal Act Regulations, Cryptographic Exchange Tradition License Scheme

If we have missed a particular country from the list, please let us know in the comments.