December 20, 2023

PwC Report Highlights Crypto Regulatory Developments in 42 Countries During 2023

A recent report from PriceWaterhouseCoopers (PwC) reveals that over 40 countries have actively pursued comprehensive crypto regulatory frameworks in the past year.

In a noteworthy stride toward global cryptocurrency adoption, more than 40 countries have taken substantial steps to address crypto regulations and legislation in 2023, as outlined in a report by PriceWaterhouseCoopers (PwC) released on Tuesday.

The comprehensive report showcases the engagement of 42 countries in diverse initiatives aimed at crafting regulatory frameworks and passing legislation related to cryptocurrencies. PwC categorizes these regulatory and legislative endeavors into four primary focus areas: stablecoin regulation, compliance with the Financial Action Task Force's travel rule, licensing and listing guidance, and the development of a broader crypto framework.

While the report underscores the multifaceted efforts to advance cryptocurrency adoption, it also highlights variations in enthusiasm among nations. Only 23 countries, such as Japan, the Bahamas, and several European Union states, actively participated in initiatives across all four focus areas. In contrast, legislators in countries like Uganda, India, and Brazil focused on one or two specific areas, indicating a more cautious approach to the crypto industry.

The report identifies the Financial Action Task Force's travel rule as the most widely discussed regulatory issue among the surveyed countries, with 40 out of 42 jurisdictions engaging in discussions on the matter. Conversely, the establishment of guidelines for stablecoin issuances emerged as the least considered regulatory issue.

PwC's report notes that eight countries, including India, Brazil, Turkey, the UAE, and Taiwan, did not address stablecoin legislation in 2023. Turkey stands out as the only country in the report that made no progress toward any national-level crypto-related initiatives.

In summarizing the findings, PwC emphasized:

"Notable advancements have been made in global digital asset regulation throughout 2023, however, there is still much work to be done. This year’s report explores important topics that will shape the future landscape of the industry, including the cost of global operations, global regulatory frameworks and policies, global prudential standards, the influence of the EU’s Markets in Crypto-Assets Regulation (MiCAR), and regulatory developments in over 40 jurisdictions."
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