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China is not the one nation to ban cryptocurrencies.
In actual fact, one other 50 international locations have positioned bans on crypto, according to a report from the International Authorized Analysis Directorate of the Legislation Library of Congress. Ther publication was first reported by Decrypt.
The November report discovered the variety of international locations banning crypto “elevated considerably” because the analysis first got here out in 2018.
Now, 9 international locations have an absolute ban, which makes crypto unlawful, and 42 have an implicit ban, which prohibits monetary establishments from coping with crypto. That brings the present whole to 51 international locations — greater than twice as many as in 2018 when simply eight international locations had an absolute ban and 15 had an implicit ban.
Algeria, Bangladesh, China, Egypt, Iraq, Morocco, Nepal, Qatar, and Tunisia are the international locations which have outlawed crypto, in line with the report. China, the world’s second largest economic system, roiled crypto markets with its clampdown earlier this 12 months.
Although the nation has been making strikes towards digital belongings for years, its crackdown on monetary establishments transacting crypto and on crypto mining in Might and June brought on a steep drop within the worth of cryptocurrencies. By the point it banned all crypto transactions in September, consultants stated the ban was already priced in for bitcoin.
Tim Frost, CEO of fintech platform Yield App, instructed Insider beforehand that there is “no scarcity” of different international locations embracing crypto, offsetting strikes by international locations like China which were hostile towards digital belongings.
The crypto market has ballooned to greater than $2.5 trillion this 12 months, in line with CoinGecko information, and briefly eclipsed $3 trillion this quarter. With explosive progress, extra international locations are bringing crypto into the tax regime, in addition to enacting legal guidelines meant to counter cash laundering and the financing of terrorism, the report discovered.
The report marked the US, which remains to be grappling with how finest to manage the market, as having each tax legislation and anti-money laundering and terrorism financing legal guidelines in place.
