Embracing digital assets by governments in 2022: Five eminent examples

The officials found the courage to embrace innovation despite the market breakdown and repeated public attacks on the industry. Crypto’s reputation among regulators and policymakers wasn’t great in 2022. Despite the market breakdown and repeated public attacks, some officials found the courage to embrace innovation. The names on this list are not all new, but some have shown significant progress since the last edition. The following countries have successfully adopted crypto:

Brazil- Despite the fact that Brazil saw mass adoption in 2021, its own regulatory framework did not come until 2022. Jair Bolsonaro, the former president of Brazil, signed a bill legalizing the use of crypto within his country before leaving office. Cryptos aren’t officially declared legal tender, as they are in El Salvador, but it still introduces a legislative definition of digital currencies and a licensing regime for virtual asset services.

The United Kingdom – There’s no doubt that Great Britain has had a tough year. She served the nation for 70 years before passing away in 2022. Boris Johnson and Liz Truss resigned as prime ministers. Crypto regulation, however, was not abandoned by the turbulent government. A national regulatory framework is important even if the fruits of this work aren’t impressive.

El Salvador – This listicle should include El Salvador, whose main breakthrough occurred in 2021. Since revealing the plan to issue “Bitcoin bonds,” the government of Nayib Bukele has been trying to implement it. March was the first delay, followed by September. The government announced in November that it would raise $1 billion and use it to build a city using bitcoins, but no news about the success of the bill has come to light since then.

The Central African Republic- A five-million-person nation on the continent legalized the use of cryptocurrencies in its financial markets in April. By unanimously approving the crypto bill, lawmakers allowed traders and businesses to make crypto payments and make tax payments in crypto. Sango Coin, the central bank’s digital currency, was launched in July to raise nearly $1 billion. The coin has only sold for $1.66 million so far.

United Arab Emirates- A strategic approach has been taken by the United Arab Emirates in creating a crypto regulatory environment and attracting international investors. Earlier this year, Dubai established a legal framework for crypto with an aim to protect investors and achieve much-needed international standards for industry governance. Dubai International Financial Center is the only free zone that is not regulated by the new Dubai Virtual Asset Regulatory Authority (VARA).

On the whole, 2022 was not that bad as far as friendly regulation is concerned. Hong Kong and South Korea may also liberalize their crypto markets in the coming year, making next year even more interesting.

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