A few other countries—Cuba, Panama, Paraguay and Ukraine—have also made moves towards adopting crypto as legal tender, to avoid hyperinflation and the crippling effects of dollarization the use of a foreign currency alongside domestic currency. Plus, companies are increasingly accepting BTC and other cryptocurrencies as payment.
These platforms host non-fungible token NFT projects and marketplaces. In this situation, you are using crypto as cash to buy cool digital artworks and more. It is primarily used as a value store or wealth-building asset. However, the number of scenarios where you can use them as cash is steadily increasing. These same products will first be used by professionals with a clear added value of removing counterparty risks while ensuring fluid settlement processes and a clear valuation framework. Crypto is being regulated, not banned, by authorities that matter Serious actors in the ecosystem are willing to respect compliance and regulation, in part because it will unlock the potential for more mainstream adoption and also help keep bad actors out of the space.
The European Union has recently drafted and approved Markets in Crypto Assets MiCA legislation , a critical new set of cryptocurrency regulations set to take effect in This landmark legislation, combined with the expansion of existing anti-money laundering laws, is positioning the E. In the United States, the regulatory framework is lagging in development, but the introduction of the bipartisan Responsible Financial Innovation Act sponsored by Senators Cynthia Lummis and Kirsten Gillibrand is a step in a promising direction.
The Securities and Exchange Commission and the Commodity Futures Trading Commission are still competing for jurisdiction to decide whether crypto assets should be defined as securities or commodities. But at the end of these disputes, there will be clear regulations to guide companies built on blockchains, and investors looking to buy more digital assets. The U. Singapore is another regional hub that established itself early as a safe place for digital asset innovation, though the country is anticipated to introduce harsher regulatory measures for retail investors in the future.
Due to the borderless nature of digital assets, countries are choosing not to ban crypto and instead implement regulatory guardrails to protect investors, while ensuring a fertile ground for innovation. It may take some time, but sensible regulation will benefit market participants greatly by targeting cryptocurrency-based crime, instilling more stability in the market, and addressing the technical complexities around securing and transacting digital assets.
Final thoughts Cryptocurrency — and the blockchain technology underpinning the industry — is going through its own refining moment. It highlighted the need for regulations and the importance to build products that bring real value to the community.
By Jeremy Koven on September 14, Which cryptos will survive in the long term?
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