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- CoinGecko analysis indicated that cryptocurrency is legalized in additional than half of the world’s international locations.
- Europe is within the lead, with 39 out of 41 international locations legalizing cryptocurrency inside their borders.
- Solely 62 out of the 119 international locations the place cryptocurrency is authorized have clear laws in place
The world’s largest impartial cryptocurrency knowledge aggregator, CoinGecko, launched into an enormous analysis venture to determine the place cryptocurrency is authorized versus unlawful. CoinGecko’s findings recommended that cryptocurrency is at the moment authorized in 119 international locations, that means that greater than half of the world’s nations have embraced the expertise.
It’s price noting that 64.7% of the international locations which have determined to legalize cryptocurrency are rising and growing international locations positioned in Africa and Asia. Nonetheless, out of the 119 international locations which have legalized these digital belongings, 16.8% have imposed financial institution bans, limiting banks from interacting with cryptocurrency customers and exchanges.
In the meantime, Europe emerged because the chief in cryptocurrency legalization, with 39 out of the 41 international locations acknowledging its legitimacy. The only exception is North Macedonia, the place cryptocurrency stays unlawful.
Within the Americas, 24 out of 31 international locations have determined to acknowledge cryptocurrency as authorized, with Bolivia being the exception on this case. In Africa, solely 17 out of the 44 international locations have legalized cryptocurrencies, whereas 35 out of 45 Asian international locations have determined to do the identical.
You will need to word that CoinGecko’s analysis discovered that solely 62 out of the 119 international locations which have legalized cryptocurrency have complete laws in place. However, CoinGecko famous that it was an enormous improve from the 33 international locations that had laws in place again in 2018.
Some nations have determined to adapt the already present regulatory framework slightly than set up new laws. Tax legal guidelines and anti-money laundering laws have been among the most favored approaches to dealing with cryptocurrency in lots of international locations.
Two international locations, El Salvador and the Central African Republic (CAR), stood out from the remaining as they’ve adopted cryptocurrency as authorized tender. The report talked about that El Salvador embraced Bitcoin and its expertise and handed the Digital Securities Legislation to categorise Bitcoin as a “digital commodity.”
On the opposite finish of the spectrum, 22 international locations have banned using cryptocurrency inside their borders. Apparently, a few of these international locations, together with Egypt, Nepal, and China, are ranked among the many high international locations relating to cryptocurrency adoption.
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