Government and Cryptocurrencies
The U.S. government has been actively addressing digital assets and cryptocurrencies. President Biden issued an executive order emphasizing responsible development and consumer protection. Regulators, like the Securities and Exchange Commission, have taken enforcement actions against major exchanges. Additionally, the Department of the Treasury proposed regulations to collect identity data for transactions involving self-hosted wallets. While the government aims to mitigate risks, its approach remains a topic of ongoing debate.
Cryptocurrency regulations vary globally. Here's a snapshot of recent developments:
United States: While efforts to create a regulatory framework have stalled, bills like the Financial Innovation and Technology (FIT) for the 21st Century Act and the Blockchain Regulatory Certainty Act aim to define crypto as securities or commodities and expand industry oversight.
European Union (EU): The EU introduced comprehensive cryptocurrency regulations in May 2023, known as the Markets in Crypto-Assets Regulation (MiCA).
Global Trends: Among the 60 countries studied, 32 fully allow cryptocurrencies, 19 partially ban them, and 8 generally ban them. In the G20 countries, representing 50% of global GDP, crypto-assets are fully legal, but regulatory development lags in both emerging-market and advanced economies.
Keep in mind that regulations continue to evolve, so staying informed is crucial! 😊