$BTC USA: SEC actively classifies tokens as securities. Lawsuits against Ripple, Coinbase, and others set precedents.

• EU: MiCA (Markets in Crypto-Assets) regulation establishes uniform rules, including licensing and consumer protection.

• China: Ban on cryptocurrency trading and mining, but active promotion of the digital yuan (CBDC).

• El Salvador: Recognition of Bitcoin as legal tender. An example of a radical approach.