42 Different Countries Discussed or Passed Crypto Regulations, Legislation in 2023: PwC

More than 20 countries have passed comprehensive crypto regulatory frameworks over the past year, a PwC report shows.

AccessTimeIconDec 19, 2023 at 5:21 p.m. UTC
Updated Jan 26, 2024 at 4:24 p.m. UTC
10 Years of Decentralizing the Future
May 29-31, 2024 - Austin, TexasThe biggest and most established global hub for everything crypto, blockchain and Web3.Register Now

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."

Edited by Nikhilesh De.

Disclosure

Please note that our privacy policy, terms of use, cookies, and do not sell my personal information has been updated.

CoinDesk is an award-winning media outlet that covers the cryptocurrency industry. Its journalists abide by a strict set of editorial policies. In November 2023, CoinDesk was acquired by the Bullish group, owner of Bullish, a regulated, digital assets exchange. The Bullish group is majority-owned by Block.one; both companies have interests in a variety of blockchain and digital asset businesses and significant holdings of digital assets, including bitcoin. CoinDesk operates as an independent subsidiary with an editorial committee to protect journalistic independence. CoinDesk offers all employees above a certain salary threshold, including journalists, stock options in the Bullish group as part of their compensation.

Elizabeth Napolitano

Elizabeth Napolitano was a news reporter at CoinDesk.


Learn more about Consensus 2024, CoinDesk's longest-running and most influential event that brings together all sides of crypto, blockchain and Web3. Head to consensus.coindesk.com to register and buy your pass now.


Read more about