US Leads the Way in Tighter Crypto Regulations Despite Market Turmoil
The crypto market has been experiencing a period of uncertainty, but the US is taking the lead in tightening cryptocurrency regulations. A recent report shows that despite nearly 75% of US adults never using crypto, the number of people expected to invest is set to double in 2023.
Payments via crypto are also predicted to reach the billion-euro mark by 2022, with high double-digit growth rates compared to 2021. Policymakers in the US have been taking steps to incorporate virtual assets into the traditional finance system.
Tightening Regulations in the US
Regulations on cryptocurrency are becoming more prevalent in the US, with the Responsible Financial Innovation Act and the Crypto Regulation Bill, among other regulations, already in place. Despite the growth in the crypto market, the 2022 crypto market collapse had a negative impact on global funding and investment activities related to cryptocurrency and blockchain.
Crypto in the Middle East and Africa
In the Middle East and Africa, countries such as the UAE and Bahrain are making significant progress in adopting cryptocurrency as an alternate payment method. The UAE, in particular, has emerged as a growing crypto hub, with friendly regulations, high adoption rates, and trust in digital currencies. Abu Dhabi is also home to the largest crypto exchange in the US.
Meanwhile, the decentralized finance ecosystem is rapidly expanding in the region, with Lebanon leading the way in DeFi transactions.
African countries, such as Kenya, South Africa, and Mauritius, are also taking policy measures to incorporate cryptocurrencies into the traditional banking system.
Key Companies Mentioned
Companies such as Amazon, Apple, Goldman Sachs, JPMorgan Chase, Mastercard, PayPal, Visa, and Wells Fargo are mentioned in the report.
Source: Research and Markets
