More than 40 countries have taken aim at advancing crypto-focused regulations and legislation this year, signaling wider cryptocurrency adoption globally may be underway. That’s according to a new report from professional services firm PriceWaterhouseCoopers.
The report, released on Tuesday, said 42 countries have engaged in myriad initiatives to develop crypto-focused regulations and legislation, from holding discussions to passing laws. Those regulatory and legislative pushes are divided into four key focus areas: stablecoin regulation, travel rule compliance, licensing and listing guidance, and crypto framework development, according to PwC.
While the report identified several key areas of consideration for promoting cryptocurrency adoption, some issues proved more popular than others. According to the report, only 23 countries, including Japan, the Bahamas and several EU states, engaged in initiatives across all the focus areas. Meanwhile, Ugandan, Indian and Brazilian lawmakers and regulators focused on just one or two of those areas, underscoring their chillier attitudes toward the crypto industry.
Of the four focus areas, the Financial Action Task Force's travel rule was the most widely considered among the report's countries, with 40 of the 42 jurisdictions at least discussing the matter. By comparison, establishing guidelines for stablecoin issuances was the least considered regulatory issue among the nations.
Eight countries, including India, Brazil, Turkey, the UAE and Taiwan, did not broach the subject of stablecoin legislation in 2023, PwC's report said. Among the countries included in the report, Turkey was the only one to make no progress toward any sort of crypto-related initiatives at a national level.
"Notable advancements have been made in global digital asset regulation," PwC said Tuesday in a report summary. "However, [that] significant progress… indicates that there is still much work to be done."
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