Nearly half of the countries in the world have legalized crypto assets.
Of the world's top ten economies, nine already support crypto assets. Except for mainland China, Taiwan, Hong Kong, and Macau all support the development of cryptocurrencies.
Here are some of the world’s major economies and their support for cryptocurrency development:
At present, there are great differences in the regulatory attitudes and policies towards cryptocurrencies around the world. Some countries are open to cryptocurrencies and have introduced corresponding supportive bills and regulatory frameworks. The following is an introduction to the situation in some countries:
1. El Salvador
Supportive policies: El Salvador passed legislation in 2021 to become the first country in the world to recognize Bitcoin as legal tender. This decision is intended to stimulate investment and help those who do not have access to traditional financial services.
The bill: The Bitcoin Act allows Bitcoin to be used as an official currency alongside the U.S. dollar.
2. Switzerland
Supportive policies: Switzerland has a friendly attitude towards cryptocurrencies, especially in the canton of Zug, home to Crypto Valley.
Bill: The Swiss Financial Market Supervisory Authority (FINMA) has developed a regulatory framework for cryptocurrencies, allowing the issuance and trading of crypto assets.
3. Singapore
Supportive policies: The Monetary Authority of Singapore (MAS) introduced the Payment Services Act to provide legal status for cryptocurrency services.
Act: The Payment Services Act regulates activities related to digital payment tokens, including cryptocurrencies.
4. United States
Supportive policies: The United States has different regulatory attitudes towards cryptocurrencies at the federal and state levels, with some states such as Wyoming being more friendly to cryptocurrencies.
Bills: Wyoming has introduced several bills supporting blockchain and cryptocurrency, such as the Digital Assets Presence Act and the Corporate Stock Offering Act.
Trump’s presidential campaign has embraced crypto assets for fundraising, raising more than $50 million through cryptocurrencies.
5. Canada
Supportive policies: Canada has an open attitude towards cryptocurrencies and allows cryptocurrency exchanges to operate within a regulatory framework.
The bill: Cryptocurrency exchanges in Canada will need to register with the financial regulator and comply with anti-money laundering (AML) and counter-terrorism financing (CTF) regulations.
6. United Arab Emirates
Supportive Policies: The UAE, especially Dubai, is open to cryptocurrencies and is committed to becoming a global cryptocurrency hub.
Act: Dubai World Trade Center (DWTC) announced to become a crypto zone and regulator for cryptocurrencies and other virtual assets.
7. European Union
Supportive policies: The EU is advancing a regulatory framework for cryptocurrencies to promote innovation and protect consumers.
Bill: The European Commission has proposed the Markets in Crypto-Assets Regulation (MiCA), which aims to provide unified regulatory rules for the issuance and trading of crypto-assets.
8. South Korea
Supportive policies: South Korea is open to cryptocurrencies and actively promotes the development of blockchain technology.
Bills: The South Korean government has introduced a series of policies and bills to support the development of blockchain and cryptocurrency while ensuring market transparency and security.
9. Japan
Supportive policies: Japan is one of the first countries to regulate cryptocurrencies, allowing cryptocurrency exchanges to operate in compliance with the regulatory framework.
Acts: Japan’s Funds Settlement Act and Financial Instruments and Exchange Act regulate cryptocurrency exchanges and related activities.
10. Hong Kong, China
Support policy: In 2023, cryptocurrency transactions in Hong Kong, China will be officially legal, but they must comply with relevant regulations.
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