The cryptocurrency fundamentals provider, CoinGecko, reveals in its report that over half of the world’s nations, totaling 119 countries and 4 UK overseas territories, have embraced the legalization of cryptocurrencies.
European countries are Leading this global adoption, with 95% permitting digital assets. Notably, North Macedonia prohibits crypto, and Moldova has yet to define its stance.
In the Americas, 24 out of 31 countries have given the green light to cryptocurrencies, constituting 77.4% approval. Bolivia outrightly bans digital assets, while other nations like Guatemala and Paraguay remain undecided.
Asia mirrors this approval rate, with 77.7% of countries endorsing digital currencies. However, African nations lag behind, with only 38.6% embracing cryptocurrency use.
It’s crucial to distinguish between legalization and comprehensive regulation. Of the 119 countries, only 52.1% have established comprehensive legislation for cryptocurrencies. Since 2018, there has been a notable 53.2% increase in states with regulatory frameworks.
However, concerns arise as half of the legalized countries lack a robust regulatory structure, potentially posing challenges to investor protection and business clarity within the industry.
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