2023’S Crypto global regulation perspective : The UK Law Commission considers digital assets as falling within the existing property framework, and it sees smart contracts as operating similarly to traditional contracts, suggesting that English law can accommodate their use without reform. In the US, regulators apply existing derivative rules to crypto derivatives, with restrictions on those falling outside the current framework. The EU introduced the Markets in Crypto Assets (MiCA) bill in May 2023, establishing a comprehensive regulatory framework for digital assets to foster innovation while ensuring market stability and investor confidence. In contrast, China has taken a strict approach, banning all crypto transactions since September 2021, making cryptocurrency derivatives inaccessible to Chinese investors.
Other offshore countries like British Vigin Islands, Dubai and Cayman islands come out with detailed Virtual Asset service providers regulations bringing the activities of VASPs under one roof
