PwC publishes comprehensive 2023 crypto regulation report
PricewaterhouseCoopers (PwC), the global audit and consulting firm, has released a comprehensive report on the worldwide regulation of the crypto industry in 2023. The analysis of 42 countries delves into legislative initiatives surrounding digital assets at both the discussion and implementation levels.
The report highlights four crucial aspects within crypto legislation: the development of general regulatory rules, licensing procedures, adherence to the Financial Action Task Force’s (FATF) Travel Rule, and concerns pertaining to stablecoins. Notably, only 23 nations have enacted comprehensive legislation covering these areas. Among them are European Union member states, the Bahamas, Japan, and several others.
Australia is currently in the process of deliberating the regulation of digital assets, while Brazil’s regulatory focus is primarily on adhering to FATF rules. Uganda and Turkey have displayed no interest in conforming to the standards proposed by this international organisation.
A significant emphasis in the report is placed on the integration of the FATF standards. Approximately 40 countries engaged in discussions on this topic.
PwC experts have emphasised the limited global interest in formulating regulations for stablecoins, revealing that only 25 countries have established standards for them. The USA, Great Britain, and Canada are actively discussing regulatory matters in this sphere, while eight countries, including Turkey, India, Brazil, and the UAE, have not addressed the establishment of a regulatory framework for stablecoins in 2023.
The report also mentions countries that have imposed bans on cryptocurrency usage. These are Qatar, China, and Saudi Arabia.
PwC analysts have underscored the fragmented nature of global norms concerning digital assets, emphasising the need for substantial efforts to create cohesive standards in this field.