As a rule, in all countries of the world, financial services are divided according to the types of organizations that deal with them. So, financial services include banking services, insurance, leasing, brokerage and others. At the same time, the category of microfinance services is singled out separately, which generally copy financial services, but are limited to a certain small amount. All services are regulated by law. In most cases, in order to provide financial services to the public and businesses, it is necessary to pass an exam and obtain a special permit.
- Distribution - through finance, the gross domestic income is distributed and redistributed, due to which the funds are at the disposal of the state, the municipality.
- Control - lies in their ability to track the entire course of the distribution process, as well as the spending for the intended purpose of funds coming from the federal budget.
- Regulatory - state intervention in the process of reproduction through finances (taxes, government loans, etc.). The state influences the reproductive process through the financing of individual enterprises, the implementation of tax policy.
- Stabilizing - providing citizens with stable economic and social conditions.
- Fiscal - allows you to flexibly change the tax policy of the state.
- Stimulating - acts as incentives for the development or closure of certain industries in the economy.
The crypto industry is closely related to the provision of financial services. Therefore, states around the world are actively developing their own laws to regulate them. The developed countries are trying to introduce the most stringent restrictions. For example, in South Korea, Exchange Bithumb abandon users to withdraw their assets to unverified private wallets.In Great Britain regulators imposed stricter rules for DeFi. And in USA regulator considers stricter regulations on selling crypto assets.