More than 40 countries advancing crypto regulations
According to a recent report from professional services firm PriceWaterhouseCoopers (PwC), over 40 countries have made significant progress in developing crypto-focused regulations and legislation. These efforts indicate a global trend towards wider cryptocurrency adoption. The report highlights four key focus areas for regulatory efforts: stablecoin regulation, travel rule compliance, licensing and listing guidance, and overall crypto framework development.
Varied approaches among countries
The PwC report reveals that out of the 42 countries analyzed, only 23 have engaged in initiatives across all four focus areas. Countries like Japan, the Bahamas, and some European Union states are leading the way. On the other hand, countries such as Uganda, India, and Brazil have focused on one or two areas within the cryptocurrency industry.
Financial Action Task Force’s Travel Rule most discussed
The Financial Action Task Force’s travel rule emerged as the most widely discussed topic among the four focus areas. Forty out of the 42 jurisdictions addressed this matter. Conversely, establishing guidelines for stablecoin issuances received the least consideration among the analyzed countries. Notably, Turkey made no progress on any crypto-related initiatives at a national level.
SEC denies Coinbase’s push for regulatory clarity
The Securities and Exchange Commission (SEC) has rejected Coinbase’s petition for tailored regulations for digital assets. The SEC stated that it already has sufficient authority under current statutes to govern crypto asset securities and address wrongdoing in the industry. This refusal highlights an adversarial relationship between the SEC and players like Coinbase. Earlier this year, the agency sued Coinbase for allegedly operating an unregistered cryptocurrency exchange.
Hot Take: Global Progress in Crypto Regulation with Room for Improvement
More than 40 countries have made significant strides in advancing crypto-focused regulations and legislation this year, indicating a growing global trend towards wider cryptocurrency adoption. However, the PwC report also highlights that there is still much work to be done. While some countries have made progress across all four focus areas, others have taken a more reserved approach, focusing on specific aspects of the cryptocurrency industry. Additionally, the SEC’s denial of Coinbase’s request for tailored regulations demonstrates the ongoing challenges in achieving regulatory clarity in the crypto space. Overall, while progress has been made, further efforts are needed to create a comprehensive and harmonized regulatory framework for cryptocurrencies worldwide.
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