๐ Global Crypto Regulation Shifts: From Embracing Innovation to Tightening the Reins ๐
Since 2020, global approaches to cryptocurrency regulation have evolved, with 47 countries easing or simplifying regulations, while 4 countries have either tightened restrictions or outright banned crypto activities.
๐ Countries Easing or Simplifying Crypto Regulations:
๐ช๐บ European Union (EU): In May 2023, the EU introduced the Markets in Crypto-Assets Regulation (MiCA), establishing a comprehensive framework for crypto-assets across member states.
๐ฏ๐ต Japan: Japan recognized cryptocurrencies as legal property, integrating them into its financial regulatory system through the Financial Services Agency, promoting a balanced approach.
๐ง๐ท Brazil: In June 2023, Brazil enacted the Cryptoassets Act, placing crypto asset oversight under the central bank to prevent fraud and money laundering.
๐ฐ๐ท South Korea: South Korea enhanced user protections with the 2023 Virtual Asset Users Protection Act, focusing on transparency and record-keeping.
โ ๏ธ Countries Tightening Restrictions or Banning Crypto Activities:
๐จ๐ณ China: China banned Bitcoin mining in May 2021 to prevent power shortages and imposed a comprehensive ban on cryptocurrency trading and transactions by September 2021.
๐ท๐บ Russia: In November 2024, Russia restricted crypto mining in low-energy regions, especially near Lake Baikal, to prevent power shortages.
๐ฎ๐ณ India: Although India lifted a previous crypto ban in 2020, new regulations are being proposed to create an official digital currency, though implementation has been delayed.
๐น๐ท Turkey: In 2021, Turkey banned cryptocurrencies for payments, citing risks and potential damage to investor interests.
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