According to a report by PricewaterhouseCoopers (PwC), 42 countries around the world implemented initiatives in 2023 to regulate digital assets.
PwC experts identified four main areas of legislation for cryptocurrencies: general rules, stablecoins, licensing, and compliance with the FATF Travel Rule.
However, only 23 states, including Japan, the Bahamas, Switzerland, and several EU countries, have comprehensive standards for all categories.
While Australia is currently considering regulation in these areas, Brazil has only focused on the FATF rules and 35 countries have adopted corresponding regulations.
The report also mentioned that only two jurisdictions – Uganda and Turkey – showed no interest in the control standards proposed by the international organization.
In fact, Turkey has not even initiated discussions for any rule-making in the digital asset industry.
The FATF has expressed dissatisfaction with the slow pace of implementing the Travel Rule in June.
Out of the 35 states that have implemented cryptocurrency regulations, 25 have introduced licensing and registration for industry participants, while stablecoin regulations have been adopted in 25 jurisdictions.
Countries such as the US, UK, and Canada are currently considering regulation of stablecoins, while India, Qatar, and Taiwan have not reached this stage yet.
