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In 2023, inhabitants of 25 nations will have the opportunity to utilize stablecoins for payments as local governments have enacted relevant legislation for this asset class.
As per PwC’s recent report, 25 out of the 43 countries examined have implemented regulations pertaining to the stablecoin market in 2023. Additionally, ten other regions are in the process of developing or considering draft legislation.
Nonetheless, there are areas where authorities have not commenced the development of a regulatory framework for the stablecoin market. Eight countries fall into this category, including Brazil, India, Cayman Islands, Qatar, Turkey, Taiwan, and Qatar, according to the report.
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The Global Crypto Regulation Report 2024 not only addresses stablecoin regulation but also outlines the trends in the global regulatory landscape for digital assets. In 2023, legislative measures for cryptocurrencies are established in 31 of the 43 countries reviewed, and in 36 regions, virtual asset service providers (VASP) must secure a license to operate and adhere to anti-money laundering (AML) and travel regulations.
Importantly, the worldwide level of stablecoin regulation has seen considerable growth over the past year. For instance, only six countries had regulations for the stablecoin market in 2022. The number of nations that enacted crypto market regulations increased by 25% over the year. A significant driver for the rise in countries interested in the lawful use of cryptocurrencies, particularly stablecoins, was the passage of the MiCA bill, which is set to take effect in 27 EU nations in early 2024.
Analysts at the Bank for International Settlements (BIS) regard stablecoins as an unreliable savings option, posing risks to the stability of the money market, and therefore advocate for their regulation. Concurrently, major global organizations, notably S&P Global Ratings and Moody’s, are developing tools to evaluate the risks associated with stablecoins.
Сообщение About 60% of Countries Regulate Stablecoin Market появились сначала на CoinsPaid Media.
