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MTrading Team • 2023-12-20

40+ Countries Were Involved in Advancing Cryptocurrency Regulations

40+ Countries Were Involved in Advancing Cryptocurrency Regulations

Global cryptocurrency adoption is closer than ever before. 42 different countries worldwide discussed or passed a crypto-focused regulatory framework in 2023. 20 countries have already passed necessary regulations over the past year.

What we see now is an expanding adoption of cryptocurrency worldwide with more than 40 countries advancing the BTC-focused legislation judging by the latest report issued by the PriceWaterhouseCoopers firm.

Released on Tuesday, the report highlights 42 different countries engaged in discussing crypto-focused initiatives to establish favorable legislations and regulations for the global crypto market. 20 of them already meet the necessary laws.

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The three major concerns were discussed. They involved cryptocurrency (stablecoin) regulation alongside listing and licensing guidance for the crypto operators, coins’ compliance with established travel rules, and the overall legislation framework development.

Despite such active engagement, only half of all countries were focused on all aspects of the framework. The Bahamas, Japan, and some EU states were the most active in discussing all actual issues together with 20 more countries. Oppositely, Brazil, India, and Uganda had their lawmakers and regulators mainly concentrated on 1-2 initiatives across the entire focus area. We can say that these countries showed a lower interest in the framework and the crypto industry in general.

The vast majority of participants actively discussed crypto travel rules established by the Financial Action Task Force. The minority was involved in talking over licensing and regulatory guidance for stablecoins. According to the report, Turkey was the only country on the list to ignore any kind of crypto-related discussion at a national level.

Nevertheless, the global market is expecting a wider cryptocurrency adoption underway.

May the trading luck be with you!