According to a report by CoinDesk, international accounting firm PwC released a report on Tuesday (19th) stating that more than 40 countries have begun to promote regulations and legislation focusing on cryptocurrencies this year, indicating a more widespread adoption of cryptocurrencies globally may be underway.
PwC’s report shows that 42 countries are involved in various initiatives to develop regulations and legislation related to cryptocurrencies, ranging from discussions to the passage of laws. According to PwC, these regulatory and legislative efforts are divided into four key areas: stablecoin regulation, Travel Rule compliance, licensing and listing guidelines, and the development of cryptocurrency frameworks.
However, according to the report, only 23 countries (including Japan, the Bahamas, and several EU member states) have participated in all four key areas of initiatives. Meanwhile, legislators and regulators in Uganda, India, and Brazil are only focusing on one or two areas, highlighting their conservative attitude towards the cryptocurrency industry.
Among the four key areas, the Financial Action Task Force’s (FATF) Travel Rule receives the most widespread consideration in the countries mentioned in the report, with 40 out of 42 jurisdictions having at least discussed this issue. In contrast, developing guidelines for stablecoin issuance is the least considered regulatory issue by countries.
PwC’s report states that eight countries, including India, Brazil, Turkey, the UAE, and Taiwan, did not discuss legislation on stablecoins in 2023. Among the countries mentioned in the report, Turkey is the only one that has not made any progress on cryptocurrency-related initiatives at the national level.
In a summary of the report released by PwC on Tuesday, it is mentioned that…