The worldwide cryptocurrency and blockchain regulatory framework is undergoing constant changes, backed by big perspective differences, resulting in friendly and anti-crypto laws.

As such, this article will cover 3 recent developments on the crypto regulatory trend, being carried out in Iran, Russia and Malta.

Iranian Crypto Miners Are Threatened with Power Cuts

Not long ago, Iran’s Deputy Energy Minister has shared his opinion on digital currency mining, and states that miners should be charged higher rates for their power usage. At that time, he also mentioned that subsidies should be cut to zero.

Unfortunately, the situation has gotten worse. Based on this, Iran’s state-sponsored power company, Tavanir, has warned cryptocurrency miners that they will be detected and that power cuts will be carried out. The argument behind this threat is that Iran’s power consumption has reportedly increased by 7% on a yearly basis, due to the vast increase in local crypto mining operations. Additionally, a new framework that makes utilizing the national power grid for mining operations has been implemented.

At this moment in time, many of the worlds countries have opened up to the cryptocurrency market, whereas some have also introduced laws meant to regulate the industry. As such, the number of crypto-friendly countries is steadily growing.

Despite this aspect, recent reports indicate that India’s stance against digital currencies is slowly, yet surely getting worse. With this in mind, an inter-ministerial panel, put in charge with drafting up a regulatory framework for the cryptocurrency market, has reportedly proposed 10 years jail punishment for anyone connected to Bitcoin and other digital currencies.

Despite the increased popularity of cryptocurrencies, the mining industry is still struggling in several countries. As part of this article, we will cover two recent developments that have taken place in Russia and Iran.

Russia Planning to Introduce Administrative Penalties for Crypto Miners

With this in mind, recent reports indicate that the Russian State Duma is currently debating whether administrative responsibility should be introduced for the local digital currency mining market. According to Anatoly Aksakov, the chairman of the Duma’s Financial Market Committee: “I note that any operations with cryptocurrency that are contrary to the Russian legislation will be considered illegitimate. This means that mining, organizing issuance, circulation, creating exchange points for these tools will be prohibited. Administrative liability in the form of a fine will be incurred for such actions. We believe that cryptocurrencies created on open blockchains such as bitcoins, ethers, and others are illegitimate tools.”

Despite the risks associated with Initial Coin Offerings, the trend has become extremely popular in areas throughout the world. In an effort to reduce the risk of fraud, money laundering and tax avoidance, several countries have banned ICOs.

South Korea was one of these, as the Financial Services Commission, a government department in-charge with financial policies and supervision, banned domestic ICOs in September 2017. Now, recent reports indicate that the South Korean National Assembly has proposed the idea of lifting the ban placed on domestic ICOs.

Leaving aside the massive growth in value for Bitcoin in 2017, the digital currency is off to a rocky start in 2018. This is mostly due to increased volatility, given the end of the holiday season, alongside with several world events, with direct consequences in the bitcoin price.

Therefore, on the 9th of January, the bitcoin price plunged by roughly 13.5%, which is approximately $2,000, following news that South Korea is actively planning to ban digital currency trading within the country.

Digital currency regulation represents an issue that numerous governments throughout the world are dealing with, as the cryptocurrency ecosystem continues to evolve. In the case of Malaysia for instance, there are more and more talks about how and if bitcoin should be regulated, alongside with whether it should be banned entirely.

To put things better into perspective, reports suggest that the Central Bank is now taking a couple of cues from China, following a couple of statements that haven’t been positive towards digital currencies and possible regulation in the future. It is interesting to see how things changed, judging by the fact that in 2014, the BNM stated that: “The Bitcoin is not recognised as legal tender in Malaysia. The Central Bank does not regulate the operations of Bitcoin. The public is therefore advised to be cautious of the risks associated with the usage of such digital currency.”

During the last couple of months, numerous countries have expressed their opinions on digital currencies, such as Bitcoin. Not long ago, there’s been news related to bitcoin from both Venezuela and India, and it’s not positive.

In Venezuela, it seems like the authorities are becoming tired of hearing about the digital currency, and trying to regulate it. In fact, during the last couple of weeks, authorities in the country have managed to arrest a total of 8 bitcoin miners, who were later accused of stealing energy and cybercrime, whereas others were simply selling ASIC mining hardware. Not only this, but the main bitcoin exchange in Venezuela was also forced to close its doors down to future customers, and close their bank accounts as well.

During the last couple of months, members of the bitcoin community have been direct witnesses to the evolution of the bitcoin price, based on financial events going on in China. In fact, the digital currency and China’s economy have been linked numerous times in the past, but recent reports indicate that this link can influence price, but it cannot make or break Bitcoin.

The recent price behaviour of the digital currency has sparked numerous question, regarding whether bitcoin has the potential of surviving in case it loses its support from China, which makes up a high percentage of bitcoin traders and mining at this moment in time. These questions have arrived especially after numerous reports stating that the Chinese government is tinkering with the idea of adopting a strict regulatory framework for the digital currency.

While Bitcoin has seen a massive growth in popularity in areas from all around the world, it seems like some Governments are still strongly against mass adoption and use of the digital currency. One such example is Columbia, which, according to recent reports, has just declared Bitcoin illegal, thus joining another handful of nations that have taken the same step.

The announcement was made at the beginning of 2017, by the main regulatory agency operating in Columbia, known by the name of Superintendency of Corporations. It seems like the action may have been taken to stop the growth of Ponzi-based investment clubs that operate via digital currencies. In fact, the operators of these investment clubs encourage people throughout the country to invest in bitcoin, and promise huge returns, yet this is not always the case, especially when investing in a Ponzi scheme- in fact, some of these schemes have gotten to the point of being hilarious, considering the fact that some promise a 100% return on the initial investment.

During the last couple of months, Bitcoin has become more of a taboo subject over in Russia, especially due to the numerous government tries to discourage the use of the digital currency. Regardless of this, recent reports indicate that there is some room for improvement.

With this in mind, Russian authorities are reportedly considering the idea of abandoning the efforts to institute criminal penalties for those who use the cryptocurrency within the country. Surprisingly enough, it seems that representatives from the country's Central Bank, government bureaus and the Ministry of Finance agree with the idea, and have become more supportive Bitcoin.