• The United Kingdom has taken steps to modernise its economy and establish clearer crypto regulations.
• The Central African Republic became the first African nation to legalise cryptocurrencies in financial markets, launching their own CBDC, Sango Coin.
• France has released a report outlining the advantages of cryptocurrencies and blockchain technology, whilst Russia is moving towards creating a ‘cryptoruble’ as its official digital currency.
Crypto Progress in Five Countries
The world of cryptocurrency is rapidly evolving, with more countries taking steps to embrace digital assets and reap the benefits of blockchain technology. Here we explore five countries that have made significant progress in the crypto sector throughout 2022.
Britain can hardly be said to have had an easy 2022, losing its long-reigning monarch, Queen Elizabeth II, and cycling through two prime ministers during the aftershocks of Brexit. Throughout this turmoil, the government doggedly took steps to modernise its economy and establish clearer crypto regulations. The UK introduced the Financial Services and Markets Bill in July 2022 which clarified regulations around stablecoins and introduced Digital Settlement Assets (DSA). This bill enables the UK Treasury to regulate DSAs for a variety of financial activities, including payments and settlements. Britain also took steps to make crypto safer for users in the country with the Economic Crime and Corporate Transparency Bill which grants authorities extra powers to seize illegally acquired crypto assets. Additionally, at the end of the year „designated crypto assets“ were made not subject to UK tax for investments conducted by an investment manager in Britain.
Central African Republic
In May 2022 history was made when The Central African Republic (CAR) became Africa’s first nation to legalise cryptocurrencies within their financial markets. Lawmakers unanimously approved a new cryptocurrency bill that supported crypto payments in all kinds of businesses as well as setting out a framework for paying taxes using cryptocurrency too! Two months later CAR launched Sango Coin – their official central bank digital currency (CBDC). Over $1 billion worth of transactions have already been completed using this new form of money!
France has taken progressive steps towards embracing cryptocurrency into their economy this year too! In June they released a report outlining how French citizens can benefit from using cryptocurrencies as well as what advantages blockchain technology offers them too! These reports concluded that it would create more jobs within France’s fintech industry as well as improve overall security across banking services used by citizens throughout France!
Russia is another country taking great strides forward within their embrace of cryptocurrency this year – working towards creating a ‚cryptoruble‘ as their official digital currency! Russian President Vladimir Putin stated his support for introducing such legislation back in June 2020 but now it looks like those plans are becoming closer than ever before! As one of Europe’s largest economies Russia’s move towards introducing a national cryptocurrency could kickstart other countries doing similar things over time – especially within Europe where regulation around these types of currencies remains quite strict currently!
Japan & South Korea
Lasty we take a look at both Japan & South Korea who have had very positive attitudes towards embracing digital currencies into their economies too! Both countries are amongst some leading innovators when it comes to regulating cryptos; launching initiatives like ‚Know Your Customer‘ (KYC) procedures which aim at reducing frauds related with these types of transactions plus providing more transparency between customers & businesses alike conducting virtual asset trades/exchanges etc… Japan & South Korea also allow citizens access certain public services via blockchain technologies; helping decentralize certain aspects such administrative tasks usually carried out by governments themselves – thus potentially saving on costs & bureaucracy down line too!