A recent report by CoinGecko provides insights into the global status of cryptocurrency, including its legalization, regulation, and adoption across different countries. The report reveals that cryptocurrency is legal in 119 countries and four British Overseas Territories, indicating that over half of the world’s countries have embraced digital assets. Notably, the majority of countries that have legalized cryptocurrencies are from emerging and developing economies in Asia and Africa. Europe leads in legalization, with 39 out of 41 analyzed countries recognizing its legitimacy. In the Americas, 24 out of 31 countries acknowledge crypto as legal.
The report also highlights the rise in cryptocurrency regulations. Out of the 119 countries where cryptocurrency is legal, 62 have comprehensive regulations in place. This marks a significant increase from 2018. Some countries have adapted existing frameworks to include cryptocurrencies instead of creating new regulations. Major advanced economies like France, Japan, and Germany have successfully implemented regulatory frameworks, while others face challenges due to regulatory complexities.
Additionally, the report categorizes countries into “crypto-neutral,” explicitly banned, and legalized categories. It notes that adoption remains relatively low even in countries where digital assets are legalized. The future and adoption of cryptocurrencies will depend on regulatory frameworks and global consensus.
Hot Take: The Global Status of Cryptocurrency: Legalization, Regulation & Adoption Trends
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