Experts at Forex Suggest analyzed the crypto regulatory landscape around the world to reveal where there are the most stringent regulations.
Countries with the most stringent crypto regulations
In 2021, crypto experienced exponential growth that led the total market capitalization to peak at over $3 trillion in November.
This fact has certainly put the world of cryptocurrencies, which still appears to be as poorly regulated and regulated as the world of traditional finance, at the center of political and regulatory institutions and organizations.
Today there are more than 16,000 individual cryptocurrencies in circulation, led by Bitcoin.
Total daily trading volumes are now estimated at over $200 billion across more than 400 platforms.
Despite a market crash that has cut volumes and capitalization in half, digital assets are increasing their adoption, especially in certain less developed countries with high inflation rates.
The year 2021 has also been a year of profound transformation for digital assets, and this has led to an increasing focus on passing stricter regulations to prevent the sort of Wild West, which has led to a growing number of frauds and scams thanks precisely to cryptocurrencies.
And in this context, the research carried out by the analytical firm Forex Suggest, which analyzed the various regulations on digital assets in the different countries that are the most restrictive and strict, takes on a certain relevance and interest.
The results of Forex Suggest’s analysis
The picture that emerges is one of a regulatory landscape that is still too divided and varied, one that still needs to be fine-tuned in order to really be able to effectively counter what are still the many fraudulent and criminal acts.
The detailed research conducted by Forex Suggest’s experts reads:
“We’ve looked into factors including the legality of owning cryptocurrency, whether cryptocurrency businesses need a licence to operate and whether currency revenues are taxed to find out the countries with the most protections for investors.
We’ve also taken a look at some of the biggest crypto cons over the last two years and provided some helpful tips on protecting yourself against potential scams.”
The ranking was compiled by following certain parameters related to the various rules adopted in the cryptocurrency market among the various countries surveyed.
According to the findings of the research, 7 countries, namely Australia, Japan, South Korea, Norway, Denmark, the United Kingdom and the United States would be the only ones to have reached the maximum expected score.
According to the company, these countries would have achieved the highest score in all the categories considered, which cover the legalization of cryptocurrency ownership, the requirement for a license to trade cryptocurrencies, whether or not the central bank has already started a state digital currency project, the taxation regime of cryptocurrencies as a resource, and finally their use for purchasing assets.
21 other countries, including Italy, would instead be deficient in only one of the five categories considered while in the others they would have fulfilled the demands contained in the research conducted.
Generally speaking, the issue of crypto regulation is a central topic of international political discussion.
Recently, the European Parliament approved the MiCA, the new law that will not come into force until the end of 2023.
In the United States, President Biden has recently given a clear direction to Congress to meet as soon as possible and get their hands on precise regulation on the subject.
The post The ranking of countries with the most stringent crypto regulations appeared first on The Cryptonomist.
