PwC: In 2023, more than 40 countries regulated cryptocurrencies

In 2023, 42 countries worldwide implemented initiatives in the regulation of digital assets, according to a report by PricewaterhouseCoopers (PwC).

PwC experts divided crypto regulation into four main areas:

• general rules;
• stablecoins;
• licensing;
• compliance with Travel Rule from FATF.

Only 23 countries, including Japan, the Bahamas, Switzerland and a number of EU member states, have enacted comprehensive norms across all categories.

In Australia regulation of the above areas is under review. In Brazil, authorities’ attention was drawn only to FATF rules, and 35 countries have adopted corresponding regulation.

The normative controls proposed by the international body did not attract the interest of only two of the jurisdictions mentioned in the report — Uganda and Turkey. Lawmakers in the latter have not yet begun discussing any regulatory initiatives for the industry.

In June the FATF expressed dissatisfaction with the slow pace of implementing the Travel Rule.

Licensing and registration for participants in the crypto industry have also been introduced by 35 states, while norms for the stablecoins sector have been adopted by only 25 jurisdictions. Regulation of ‘stablecoins’ is being considered in the United States, the United Kingdom and Canada. In India, Qatar and Taiwan, they have not yet reached this stage.

PwC noted that global norms for the digital assets industry remain fragmented and there is a lot of work ahead in this area.

«Choosing the right jurisdiction for registration is not a trivial matter. When evaluating options, crypto companies should consider several factors, including regulatory maturity, operating costs, availability of talent and the reputation of the country», the firm’s experts stressed.

As reported, Solana co-founder Anatoly Yakovenko linked the decline in blockchain developers in the United States to regulatory pressure on the industry.