The year 2024 is particularly crucial for global blockchain regulation, as the regulatory framework for the cryptocurrency industry is being gradually improved, and crypto assets are integrating into the mainstream financial system.
The approval of Bitcoin and Ethereum ETFs in the United States has accelerated the mainstreaming of cryptocurrencies.
Meanwhile, the new government led by Trump in the United States is about to take office, and the new chairman of the Securities and Exchange Commission (SEC), Paul Atkins, will assume office, signaling that U.S. regulators may adopt a 'disclosure-based regulation' approach in the future compared to the previous SEC 'enforcement-based regulation' model. The establishment of a White House director for artificial intelligence and cryptocurrency affairs also indicates a more friendly, flexible, and innovative regulatory policy for cryptocurrencies.
In Europe, the stablecoin regulation bill (Regulation on Markets in Crypto-Assets) (MiCA) has officially come into full effect, accelerating competition among stablecoins by crypto companies. In the Asia-Pacific region, Hong Kong has also made advancements.
In the month, Bitcoin and Ethereum spot ETFs were approved, and four new members joined the virtual asset exchanges.
In terms of stablecoins, Hong Kong has launched a stablecoin sandbox and stablecoin legislation.
In other parts of Asia, such as Vietnam, the government has released a (National Blockchain Development Strategy). In Russia, cryptocurrency mining regulations have come into effect. Additionally, in the Middle East and North Africa as well as the Americas, the UAE, Qatar, and Argentina have also shown positive policy innovations in cryptocurrency regulation.
As the year comes to a close, PANews has summarized the significant regulatory progress in the global cryptocurrency market. Under different regulatory systems around the world, the cryptocurrency market will present a distinctly different landscape next year.
