Out of 35 countries analyzed by PwC, only six jurisdictions had stablecoin regulations in place in 2023, including Switzerland and Japan.
The industry of stablecoins — or cryptocurrencies like Tether (USDT) and USDC (USDC) — has seen impressive growth over the past year, with the market value hitting new all-time highs in 2023. Despite this rapid expansion, only a few countries have started regulating the market, according to a new report.
Only six countries had stablecoin legislation or regulation in place in 2023, according to the PwC Global Crypto Regulation Report 2023 published on Dec. 19. These countries are The Bahamas, The Cayman Islands, Gibraltar, Japan, Mauritius and Switzerland, according to the PwC’s analysis and regulatory assessment.
The countries that enacted stablecoin laws have also enforced all the other reviewed regulations, including a crypto regulatory framework, Anti-Money Laundering (AML) rules and the Financial Action Task Force’s Travel Rule, the report notes.
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Source: https://cointelegraph.com/news/stablecoin-laws-only-6-countries-2023