Countries around the world are passing crypto laws — but the U.S. is the top cop

[GDI]

Regulators around the world from Europe to Asia ramped up efforts to bring about formal laws for digital currencies in 2023 — but it was the U.S. that took some of the harshest legal actions against major players in the industry.

In a year that saw crypto heavyweight Binance ordered to pay more than $4 billion to U.S. authorities and its former CEO’s guilty plea, along with high-profile lawsuits against five crypto companies by the Securities and Exchange Commission, regulators overseas have been equally busy both adopting new legislation — and pushing for more — to rein in the sector’s bad actors.

Here’s the state of play globally for crypto regulation and enforcement in 2023 — and a look at what to expect in 2024.

U.S. tops the list globally for enforcement

The U.S. has proven to be one of the most active enforcers of penalties and legal action against crypto companies this year, as authorities looked to counter bad practices in the industry following the collapse of Sam Bankman-Fried’s crypto empire — including his FTX exchange and sister firm Alameda Research.

read more https://www.cnbc.com/2023/12/31/state-of-crypto-regulation-in-2023-eu-laws-approved-but-us-is-top-cop.html [nofollow]

[Fenix]

The circulation of cryptocurrency, the activities of cryptocurrency exchanges and exchangers, will sooner or later be regulated by states. There is still a lot of chaos and abuse in the cryptocurrency market, so general regulation will benefit it.
And in order for cryptocurrency to be legally used by citizens, it is necessary for states to enshrine its status in their laws. Cryptocurrency has existed for 14 years, its volumes are growing, so it is not surprising that the state is finally paying more and more attention to it. The good thing is that states do not ban cryptocurrency, but are trying to regulate its circulation. But at the same time, cryptocurrency will inevitably lose some of its anonymity and confidentiality.