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Crypto

Global Crypto Acceptance: Report Reveals Cryptocurrency Legalized In 119 Countries

Ronaldo Marquez
by Ronaldo Marquez
1 year ago
·
Posted in Crypto News
Trusted Editorial content, reviewed by leading industry experts and seasoned editors. Ad Disclosure

A recent report by CoinGecko sheds light on the global status of cryptocurrency, highlighting the legalization, regulation, and adoption trends across different countries. 

The report reveals intriguing insights into the widespread acceptance of digital assets, the regulatory landscape, and the countries that have embraced or banned their usage.

95% Of European Nations Recognize Legitimacy

According to CoinGecko’s findings, cryptocurrency is legal in 119 countries and four British Overseas Territories, indicating that more than half of the world’s countries have embraced cryptocurrencies. 

Notably, 64.7% of the countries that have legalized digital assets are from emerging and developing economies in Asia and Africa.

Europe emerges as a leader in legalization, with 39 out of 41 analyzed countries (95.1%) recognizing its legitimacy. On the other hand, North Macedonia remains the only European country where cryptocurrency is illegal, while Moldova’s stance is yet to be clarified.

Related Reading: BREAKING: Terra Founder Do Kwon’s Extradition To The US Approved

In the Americas, 24 out of 31 countries (77.4%) acknowledge crypto as legal, with Bolivia being the sole exception. Several American countries, including Guatemala, Guyana, Haiti, Nicaragua, Paraguay, and Uruguay, have yet to establish their official stance on digital assets.

Africa has seen fewer countries legalize cryptocurrency, with only 17 out of 44 (38.6%) recognizing its legitimacy. Meanwhile, in Asia, 35 out of 45 countries (77.7%) have embraced these assets.

Cryptocurrency Regulations On The Rise?

Per the report, out of the 119 countries where cryptocurrency is legal, only 62 (52.1%) have comprehensive regulations in place. This marks a significant increase from 2018 when only 33 jurisdictions had regulations. 

According to CoinGecko half of the countries with established regulations are advanced economies, while the other half comprise emerging and developing economies.

Crypto
Digital asset’s regulation laws increase. Source: CoinGecko

Furthermore, the report notes that instead of creating new regulations, some countries have adapted existing frameworks, such as tax laws and anti-money laundering regulations, to include cryptocurrencies.

Major advanced economies like France, Japan, and Germany have successfully implemented regulatory frameworks. However, countries like Italy, the United States, Canada, and the United Kingdom face challenges in establishing comprehensive regulations due to the involvement of multiple government bodies and regulatory complexities.

El Salvador and the Central African Republic (CAR) are the only countries that have legalized digital assets. El Salvador made history by legalizing Bitcoin as a legal tender, but CoinGecko notes that adoption remains relatively low.

25 Nations Navigate The Gray Area Of Regulation

A total of 25 countries are categorized as “crypto-neutral,” refraining from assigning a definitive legal status to cryptocurrency usage. Among these countries, most have implicitly banned or expressed significant concerns and restrictions, while Uruguay adopts a cautiously optimistic approach, actively assessing crypto pilot projects and proposing a regulatory framework.

22 countries have explicitly banned digital token use and transactions within their borders. The majority of these countries are located in Africa, with North Macedonia (Europe) and Bolivia (America) being the exceptions.  Despite the bans, the report suggests that some of these countries, including China, Egypt, Nepal, and Morocco, show significant levels of adoption.

Related Reading: Big Blue’s Big Move: IBM Reveals Cutting-Edge Crypto Cold Storage Tech

Overall, the adoption of digital assets as legal tender remains limited to only a few countries. As the industry continues to evolve, regulatory frameworks and global consensus will play a crucial role in shaping its future and adoption.

Crypto
The 1-day chart shows the total crypto market cap’s sideways movement over the past few days. Source: TOTAL on TradingView.com

Featured image from Shutterstock, chart from TradingView.com 

Editorial Process for bitcoinist is centered on delivering thoroughly researched, accurate, and unbiased content. We uphold strict sourcing standards, and each page undergoes diligent review by our team of top technology experts and seasoned editors. This process ensures the integrity, relevance, and value of our content for our readers.
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Ronaldo Marquez

Ronaldo Marquez

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Ronaldo is a seasoned crypto enthusiast with over four years of experience in the field. He is passionate about exploring the vast and dynamic world of decentralized finance (DeFi) and its practical applications for achieving economic sovereignty. Ronaldo is constantly seeking to expand his knowledge and expertise in the DeFi space, as he believes it holds tremendous potential for transforming the traditional financial landscape.

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