More than half of the world’s countries have legalized cryptocurrency, according to a new report from the analytical platform CoinGecko.
The analysis showed that digital assets were approved by 119 states and 4 UK overseas territories. Thus, over 60% of countries in the world have legalized cryptocurrencies.
At the forefront of the adoption process is the European region, where 39 out of 41 countries (95%) have legalized digital assets. The exceptions were North Macedonia, where the circulation of crypto-assets is prohibited, and Moldova, which has not yet determined its legal status.
In the Americas, 24 countries have legalized cryptocurrencies, accounting for 77.4% of all countries in the region. Bolivia has officially banned digital assets, while Guatemala, Haiti, Nicaragua, Paraguay, Uruguay, and Guyana have not taken a position on this issue.
Asia showed a similar percentage of approval of cryptocurrencies. Here, 77.7% of countries have legalized the use of digital assets. The smallest percentage of global legalization occurred in African states. Only 38.6% of countries in the region approved the use of these assets.
Analysts note that the legalization of cryptocurrencies and the final regulation of digital assets are two different things. Of the 119 countries mentioned in the report, only 62 (52.1%) have prepared comprehensive legislation on this issue.
Compared to 2018, the number of states that provided legislative regulation of cryptocurrencies increased by 53.2%.
Of the 62 countries leading the way in implementing digital asset laws, 38 are individual states outside the blocs, and 22 are part of the European Union. The remaining four are British overseas territories.
CoinGecko experts note that half of the countries that have legalized cryptocurrencies have not implemented a reliable regulatory framework. This raises potential concerns about investor protection and a lack of clarity for businesses operating in the industry, analysts said.