The legalization, regulation, and adoption trends of cryptocurrencies in various nations are highlighted in a recent CoinGecko research that provides insight into the state of cryptocurrencies worldwide.
The research offers fascinating insights into the legislative environment, the nations that have approved or prohibited the use of digital assets, and the general acceptance of these assets.
95% of European Countries Acknowledge Legitimacy
CoinGecko’s research shows that 119 nations and four British Overseas Territories have legalized cryptocurrencies, meaning that over half of all nations have adopted them.
Remarkably, rising and developing economies in Asia and Africa account for 64.7% of the nations that have legalized digital assets.
Europe stands out as a leader in legalization, since 39 of the 41 nations examined (95.1%) acknowledge its validity. But, Moldova’s position is still unknown, leaving North Macedonia as the sole nation in Europe where cryptocurrency is prohibited.
24 of the 31 countries in the Americas (77.4%) recognize cryptocurrency as lawful; Bolivia is the lone exception. A number of American nations, such as Haiti, Guatemala, Guyana, Nicaragua, Paraguay, and Uruguay, have not yet made their official positions on digital assets clear.
Fewer African nations have legalized cryptocurrencies; only 17 out of 44 (38.6%) acknowledge their validity. In the meantime, 35 of 45 Asian nations (77.7%) have welcomed these resources.
Regulating Cryptocurrencies Is Increasing
Only 62 (52.1%) of the 119 nations where cryptocurrencies are legal have complete rules in place, according to the research. Compared to 2018, when there were only 33 jurisdictions with regulations, this is a notable growth.
CoinGecko states that advanced economies make up half of the nations with established legislation, and emerging and developing economies make up the other half.
The research also points out that some nations have included cryptocurrency into pre-existing frameworks like tax laws and anti-money laundering legislation rather than establishing new ones.
Significant developed economies have put in place regulatory structures with success, including Germany, France, and Japan. But because of the many government agencies involved and the complexity of regulations, nations like Italy, the US, Canada, and the UK find it difficult to create thorough regulations.
Only two nations—El Salvador and the Central African Republic (CAR)—have authorized digital assets. Although El Salvador made history by allowing the use of Bitcoin as legal cash, CoinGecko observes that usage is still very low.
Twenty-five countries negotiate the regulatory gray area
Twenty-five nations are classified as “crypto-neutral,” meaning they do not provide a clear legal framework for the use of cryptocurrencies. While the majority of these nations have openly opposed cryptocurrencies or voiced serious worries and limits, Uruguay takes a cautiously hopeful stance, actively reviewing pilot projects in the field and putting forth legislative measures.
The use of digital tokens and transactions within national borders have been expressly outlawed in 22 nations. With the exception of North Macedonia (in Europe) and Bolivia (in America), most of these nations are found in Africa. According to the survey, some of these nations—China, Egypt, Nepal, and Morocco—show notable adoption rates in spite of the bans.
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