December 25, 2023
By Anjali Kochhar
This year has seen major advancements in the adoption of laws and regulations pertaining to
cryptocurrencies in more than 40 countries, suggesting a growing worldwide trend in this direction.
These countries have launched a number of measures to create laws and regulations that are especially suited to the cryptocurrency sector, according to a recent report from the professional services firm PriceWaterhouseCoopers (PwC).
According to the PwC research, the regulatory efforts are mostly concentrated on four main areas: the establishment of the overall crypto framework, licensing and listing guidelines, travel rule compliance, and stablecoin regulation.
The paper notes that while there are many factors to take into account when trying to encourage the adoption of cryptocurrencies, some have received more attention than others.
Only 23 of the 42 countries examined—including the Bahamas, Japan, and numerous states of the European Union—have taken action in all four emphasis areas.
However, legislators and authorities in nations like Brazil, India, and Uganda have demonstrated more circumspect approaches, concentrating on just one or two sectors of the bitcoin market.
The most talked about travel rule was the Financial Action Task Force’s
The travel rule of the Financial Action Task Force was the most talked about item among the four emphasis areas, with 40 out of 42 jurisdictions at least discussing the issue.
Compared to that, the least thought-out regulation matter among the examined nations was the establishment of stablecoin issuance criteria.
Additionally, the paper emphasized that in 2023, stablecoin legislation was not addressed in eight countries: Taiwan, Brazil, Turkey, India, UAE, and Malaysia.
In contrast to the other countries in the report, Turkey notably made no headway on any national crypto-related projects.
Coinbase Pushes for Regulatory Clarity, but SEC Denies It
Coinbase recently submitted a petition to the Securities and Exchange Commission (SEC) asking for the adoption of specific regulations for digital assets, but the SEC rejected it despite attempts being made globally to regulate the crypto business.
Following thorough analysis, the SEC declared that the proposed rulemaking was not required at this time, and Coinbase’s petition was turned down.
According to reports, SEC Chair Gary Gensler stated in a statement that the securities regulator already has the power under existing laws to oversee assets backed by cryptocurrency and investigate misconduct in the fledgling sector.
The SEC’s resolute rejection of the cryptocurrency industry’s regulation demands highlights the growing hostility between the watchdog and companies such as Coinbase.
The agency filed a lawsuit against Coinbase earlier this year on the grounds that it ran an unlicensed bitcoin exchange.
About the author
Anjali Kochhar covers cryptocurrency stories in India as well as globally. Having been in the field of media and journalism for over three years now, she has developed a sharp news sense and works hard to present information that goes beyond the obvious. She is an avid reader and loves writing on a wide range of subjects.