People’s Bank of China underscores global efforts to regulate cryptocurrencies.
U.S., EU, UK, Singapore, and Japan adopt unique regulatory approaches.
Hong Kong implements a dual licensing system for virtual asset operators.
The People’s Bank of China has released its 2024 Financial Stability Report, spotlighting global crypto regulation efforts. The report details that 51 countries and regions have implemented bans on cryptocurrency activities. At the same time, others have introduced new laws or revised existing regulations.
Global Crypto Regulation Efforts in 2024
In the United States, the SEC historically rejected over 20 applications for spot Bitcoin exchange-traded funds (ETFs) between 2018 and 2023. However, January 10, 2024, saw the approval of the first 11 Bitcoin spot ETFs in the United States.
Following the approval, the SEC chairman cautioned the investing public. He noted that the approval should not be seen as an endorsement of Bitcoin or related products, urging investors to be vigilant.
Meanwhile, in Europe, the Crypto Asset Market Regulation Act (MiCA) has been passed. This act represents the world’s first comprehensive framework f…
The post China’s View on Global Crypto Regulation: Key Takeaways appeared first on Coin Edition.