PwC Report: 42 Countries to Deliberate or Enact Cryptocurrency Regulations by 2023

PwC Report: 42 Countries to Deliberate or Enact Cryptocurrency Regulations by 2023

PwC Report: 42 Countries to Deliberate or Enact Cryptocurrency Regulations by 2023

According to a report by CoinDesk, PwC, an international accounting firm, stated in a report released on Tuesday (19th) that more than 40 countries have initiated regulations and legislation focusing on cryptocurrency this year, indicating a potential wider adoption of cryptocurrency globally.

PwC’s report shows that 42 countries have participated in various initiatives to develop cryptocurrency-related regulations and legislation, ranging from discussions to passing laws. According to PwC, these regulatory and legislative efforts can be categorized into four key areas: stablecoin regulation, compliance with the Travel Rule, licensing and listing guidelines, and the development of cryptocurrency frameworks.

However, according to the report, only 23 countries, including Japan, the Bahamas, and several EU member states, have participated in initiatives in all four key areas. Meanwhile, legislators and regulators in Uganda, India, and Brazil have only focused on one or two areas, highlighting their conservative approach towards the cryptocurrency industry.

Among the four key areas, the Financial Action Task Force’s (FATF) Travel Rule received the most widespread consideration among the mentioned countries, with at least 40 out of 42 jurisdictions discussing this issue. In contrast, the development of stablecoin issuance guidelines is the least considered regulatory issue among countries.

PwC’s report states that eight countries, including India, Brazil, Turkey, the UAE, and Taiwan, have not discussed the issue of stablecoin legislation by 2023. Among the countries mentioned in the report, Turkey is the only country that has not made any progress in cryptocurrency-related initiatives at a national level.

In a summary of the report released on Tuesday, PwC stated: [Please note that the ending of the news article is missing, so it cannot be translated.]