Getting Around the Difficult Cryptocurrency Regulatory Environment in 2023 and 2024.
Global governments and financial authorities are increasing their oversight of cryptocurrencies like Bitcoin and blockchain technology at the same time that their adoption is speeding up.
But unlike earlier times when regulators could frequently disregard cryptocurrency as a niche curiosity, today’s integration of cryptocurrency into larger financial and economic systems necessitates significant policy attention.
Regulatory Environment: Getting Around the Difficult In 2023 and 2024 NOW
We will look at the quickly changing regulatory environment for cryptocurrencies and blockchain-based applications in major jurisdictions in 2023 and beyond in this in-depth analysis.
We’ll look at potential policy priorities, disagreements, philosophical differences, and geopolitical ramifications that could affect oversight.
We can gain a better understanding of the reasons behind, potential risks associated with, and opportunities presented by regulation for cryptocurrencies as they transition from the fringe into mainstream by examining current proposals under consideration and case studies of prior regulatory actions.
Growing Adoption Is Making Crypto Oversight More Important Regulators need to take notice of the exponential rise in cryptocurrency use, as adoption metrics skyrocket:
By 2022, the cryptocurrency market will have a valuation of over $1 trillion, almost doubling from 2020.
TripleA reports that there are over 300 million cryptocurrency users globally, up from just 35 million in 2018. By 2023–2024, 27% of institutional hedge funds, according to Fidelity Investments, should possess digital assets.
Along with the US dollar, El Salvador accepted Bitcoin as legal tender in 2021.
In response to customer requests, major banks like Citi, JPMorgan, and Goldman Sachs now provide cryptocurrency services. Cryptocurrency has obviously emerged from obscurity to become an asset class requiring supervision policies that balance risks as adoption spreads throughout all industries.
Given irreversible momentum, avoidance is not a sensible strategy. The emphasis shifts.
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