Regulations on cryptocurrency continue to be a hot topic across the globe. While the United States is still grappling with uncertainty in the industry, the European Union (EU) has taken promising steps by passing the MiCA regulation for digital assets. This has made Europe a better place for blockchain and crypto startups, as it supports innovation under a fair competition framework. Hong Kong and Dubai have also joined in, publishing draft bills to create safer environments for crypto and digital assets. On the other hand, US crypto companies are exploring offshore options due to the lack of clarity in the industry. In this article, we delve deeper into the latest developments in crypto regulations across the world.
Several major cryptocurrency exchanges, including Kraken and Bittrex, have recently announced their departure from the United States due to regulatory challenges. Meanwhile, Nexo has been hit with a penalty by US regulators, and Binance is also facing regulatory difficulties. These developments have raised concerns about the future of the US crypto market and its ability to compete with more crypto-friendly jurisdictions.
There is a famous saying credited to Winston Churchill ''The Americans will always do the right thing… after they’ve exhausted all the alternatives.'' After witnessing a series of billion-dollar crypto enterprises went bankrupt, the hottest topic is finally the classification of cryptocurrencies.
We might see more unfortunate things in the industry as the fight between Gemini and Digital Currency Group escalates.
5 Jan 2023
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