40+ Countries Pursued Crypto Rules in 2023, But There’s A Catch
Over 40 countries engaged in some form of crypto regulation or legislation this year, according to a PriceWaterhouseCoopers report published Tuesday. Even though the report signals steadily growing government interest, the analysis indicates major gaps and inconsistencies remain across jurisdictions.
The professional services firm found that despite expanding engagement, crypto oversight is still emerging in fits and starts rather than a coordinated strategy.
- 42 countries pursued crypto rules to varying degrees.
- Travel rules are the most widely discussed regulation.
- Stablecoin guidelines attracted far less focus.
- Turkey is the sole standout with no national crypto initiatives.
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Only 23 countries focused on key crypto areas
The PwC analyzed efforts across 40+ countries, spanning four key crypto focus areas:
- Stablecoin frameworks
- Travel rule compliance
- Licensing and listings
- Crypto Framework
While the report documents widening engagement, it found travel rules dominated discussions while just over half of the assessed countries explored stablecoin guardrails.
“Notable advancements have been made in global digital asset regulation,” PwC researchers said. “However, that significant progress…indicates that there is still much work to be done.”
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The report underscores the fits-and-starts nature of crypto oversight globally. While 23 countries weighed all four regulatory categories, over a dozen governments like India and Brazil remain selective in their engagement.
For cryptocurrencies to fully flourish across borders, coordinating rules and standards remain vital to provide unity. However, some governments appear content with setting their own agendas for now.
One major issue that the cryptocurrency industry faces is the lack of uniform regulation. However, curating such a framework needs a unified stance on cryptocurrencies.
