Crypto Regulation Varies Widely Across the Globe

Cryptocurrency regulation varies widely across the globe. According to Atlantic Council data from its cryptocurrency regulation tracker, 45 of 75 countries studied have fully legalized cryptocurrencies, while 20 have partially banned them and 10 have generally banned them.

Twelve G20 countries, representing over 57% of the world's GDP, have fully legalized cryptocurrencies with regulation under consideration in all G20 countries. The data also shows that adoption rates are weakly correlated with regulatory restrictiveness, even for countries with partial or general bans in place.

The Travel Rule has been implemented in 85 of 117 jurisdictions, according to the Financial Action Task Force (FATF). However, only 47 of 99 more advanced jurisdictions require certain DeFi arrangements to be licensed or registered as a Virtual Asset Service Provider (VASP).