PwC: The number of countries implementing encryption market regulation will increase by 25% in 2023

PwC, in the 43 countries analyzed, 25 countries have passed regulations for stablecoin market management by 2023. Another 10 regions have legislative drafts being developed or under review. However, there are also some governments in certain regions that have not started the process of developing stablecoin market regulatory frameworks. The report states that there are eight such countries, including Brazil, India, the Cayman Islands, Qatar, Turkey, Taiwan, and Qatar.

The 2024 Global Cryptocurrency Regulation Report not only regulates stablecoins, but also reveals the dynamics of global digital asset regulatory frameworks. In 2023, 31 of the 43 countries analyzed implemented legislative regulation of cryptocurrencies. In 36 regions, virtual asset service providers (VASPs) must obtain operating licenses and comply with anti-money laundering (AML) and travel rules.

It is worth noting that the global stablecoin regulatory level has significantly improved in the past year. For example, in 2022, only six countries had regulations for the stablecoin market. This year, the number of countries implementing cryptocurrency market regulation has increased by 25%. The main catalyst for the growth in the number of countries interested in legal use of cryptocurrencies and stablecoins is the passage of the MiCA bill, which will officially take effect in all 27 EU countries in early 2024.