December 8, 2023

Over Half of World’s Countries Legalized Cryptocurrency, Report Says

Cryptocurrencies

Cryptocurrencies

A recent report from the analytical platform CoinGecko has revealed that more than half of the world’s countries have legalized cryptocurrency.

The analysis showed that digital assets have been approved by 119 states and 4 UK overseas territories, meaning that over 60% of countries worldwide have legalized cryptocurrencies.

The European region is leading the adoption process, with 39 out of 41 countries (95%) legalizing digital assets. The only exceptions are North Macedonia, where the circulation of crypto-assets is prohibited, and Moldova, whose legal status has not yet been determined.

In the Americas, 24 countries have legalized cryptocurrencies, which accounts for 77.4% of all countries in the region. Bolivia has officially banned digital assets, while Guatemala, Haiti, Nicaragua, Paraguay, Uruguay, and Guyana have not taken a position on this issue.

Similarly, Asia has also shown a high percentage of approval for cryptocurrencies. In this region, 77.7% of countries have legalized the use of digital assets. However, the smallest percentage of global legalization has occurred in African states. Only 38.6% of countries in the region have approved using these assets.

Analysts have pointed out that while some countries have legalized cryptocurrencies, there is still a need for comprehensive regulation of digital assets. Out of the 119 countries mentioned in a report, only 62 (52.1%) have put in place such legislation. However, a significant increase of 53.2% in the number of states that have introduced legislative regulation of cryptocurrencies compared to 2018.

Of the 62 countries leading the way in implementing digital asset laws, 38 are individual states, 22 are part of the European Union, and the remaining four are British overseas territories.

Despite the progress made, experts at CoinGecko have noted that half of the countries that have legalized cryptocurrencies have not yet established a reliable regulatory framework. This raises concerns about investor protection and the lack of clarity for businesses operating in the industry.

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