According to a report from CoinDesk, the international accounting firm PwC stated on Tuesday (19th) that more than 40 countries have begun to advance regulations and legislation focused on cryptocurrencies this year, indicating a broader global adoption of cryptocurrencies may be underway.
The report from PwC shows that 42 countries are involved in various initiatives to develop regulations and legislation related to cryptocurrencies, covering discussions to passing laws. According to PwC, these regulatory and legislative efforts are divided into four key areas: stablecoin regulation, Travel Rule compliance, licensing and listing guidance, and the development of cryptocurrency frameworks.
However, the report indicates that only 23 countries (including Japan, the Bahamas, and several EU member states) are involved in all four key areas of initiatives. At the same time, legislators and regulators in Uganda, India, and Brazil are only focusing on one or two areas, highlighting their conservative attitudes towards the cryptocurrency industry.
Among the four key areas, the Financial Action Task Force’s (FATF) Travel Rule receives the most widespread consideration among 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.
The report from PwC states that 8 countries, including India, Brazil, Turkey, the UAE, and Taiwan, did not discuss legislation on stablecoins in 2023. Turkey is the only country among those mentioned in the report that has not made any progress on cryptocurrency-related initiatives at the national level.
In a summary of the report released on Tuesday, PwC stated: