CoinGecko just uncovered a huge leap in cryptocurrency’s worldwide embrace. Picture this: more than 60 percent of countries now see digital money as legit. That’s 119 nations plus 4 spots under UK control tipping their hats to digital coins.
Europe leads in embracing digital assets, with 95% of its countries legalizing them. However, North Macedonia stands out as an exception, where crypto-assets are banned. Moldova remains undecided on their legal status.
In the Americas, 24 countries, accounting for 77.4% of the region, have welcomed cryptocurrencies. Yet, Bolivia is an outlier, having banned them. Several countries like Guatemala and Haiti are yet to decide on their stance.
Asia mirrors the Americas in acceptance, with 77.7% of its countries legalizing digital currencies. In contrast, Africa shows the least enthusiasm, with only 38.6% of countries approving them.
It’s important to note that legalizing cryptocurrencies and establishing comprehensive regulations are distinct steps. Out of the 119 countries that have legalized them, just 52.1% have developed detailed laws.
Since 2018, there’s been a 53.2% increase in countries offering legislative regulation of cryptocurrencies. Of the 62 countries with advanced digital asset laws, 38 are independent states, 22 belong to the European Union, and the remaining four are UK territories.
Despite these advances, CoinGecko experts caution that half of the countries legalizing cryptocurrencies lack a robust regulatory framework. This gap poses risks for investors and creates uncertainty for businesses in the sector.
