Over Half of the World’s Countries Legalize Cryptocurrency, Reports CoinGecko
A recent report from CoinGecko reveals that more than 60% of countries around the world have legalized cryptocurrencies. According to their analysis, digital assets are approved in 119 states and 4 UK overseas territories.
Regional Breakdown: Europe, Americas, Asia, and Africa
The European region leads the way in cryptocurrency adoption, with 39 out of 41 countries (95%) legalizing digital assets. The exceptions are North Macedonia and Moldova.
In the Americas, 24 countries (77.4% of the region) have legalized cryptocurrencies. Bolivia has banned them, while others like Guatemala and Haiti have not taken a stance.
Asia follows a similar trend, with 77.7% of countries legalizing digital assets. The lowest percentage of legalization is seen in African states at 38.6%.
Difference between Legalization and Regulation
It’s important to note that while many countries have legalized cryptocurrencies, comprehensive legislation is still lacking in most cases. Out of the 119 countries mentioned in the report, only 62 have implemented comprehensive regulatory frameworks.
This represents a significant increase compared to 2018, with a growth rate of 53.2%. Among these leading countries with digital asset laws, 38 are individual states, 22 are part of the European Union, and four are British overseas territories.
Potential Concerns for Investor Protection and Business Clarity
CoinGecko experts express concerns about the lack of reliable regulatory frameworks in half of the countries that have legalized cryptocurrencies. This raises potential issues regarding investor protection and creates uncertainty for businesses operating in the industry.
Hot Take: The Global Trend Towards Cryptocurrency Legalization
The report from CoinGecko highlights the growing global trend of cryptocurrency legalization. With over 60% of countries legalizing digital assets, it is evident that cryptocurrencies are gaining mainstream acceptance.
However, the lack of comprehensive regulatory frameworks in many countries raises concerns about investor protection and business clarity. It is crucial for governments to establish clear and robust regulations to ensure the safe and responsible use of cryptocurrencies.
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