A recent report from professional services giant PwC sheds light on the regulatory efforts of over 40 countries in 2023. While many are working on guidelines for stablecoins, there’s a mix of approaches and priorities leading to significant inconsistencies and gaps in these efforts.
The report outlines four primary areas where regulatory attention is concentrated:
While some nations like Japan, the Bahamas, and segments of the EU are adopting a holistic approach, addressing all four areas, others such as India, Brazil, and Uganda are prioritizing specific aspects. This diverse landscape underscores the varied strategies nations employ in crypto regulation.
Notably, the FATF’s travel rule garners significant attention, with 40 out of 42 surveyed jurisdictions actively discussing its implications. In contrast, the topic of stablecoin frameworks receives less universal engagement, with nations like India, Brazil, and Turkey notably absent from the discourse.
Turkey’s lack of progress in any crypto-related initiatives stands out, illustrating the spectrum of regulatory engagement worldwide.
This Might Interest You: SEC’s 5-Point Playbook for Regulation: FY 2023 Highlights
The report underscores the pressing need for international collaboration to streamline crypto regulations. The existing patchwork of approaches introduces uncertainties for businesses and may impede wider cryptocurrency adoption. Achieving a cohesive global framework demands consensus on the fundamental characteristics and associated risks of cryptocurrencies.
Recently, Tron founder Justin Sun stepped in with emergency funding for TrueUSD (TUSD) after its…
Cardano (ADA), a cryptocurrency noted for its scalability and performance emphasis, is rapidly declining with…
Story Highlights The Bitcoin price today is . The BTC price could hit a maximum…
Ripple has once again unlocked a massive 1 billion XRP, the second time in a…
Following President Trump's Tariff announcement that shook the markets across the world, the crypto market…
Pi Coin, once one of the most hyped cryptocurrencies, is now in deep trouble. After…