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The stablecoin sector experienced impressive growth last year, with its market value reaching an all-time high in 2023. Despite this rapid expansion, only a few countries have addressed legal regulations for the stablecoin market. According to the 2023 Global Crypto Regulation Report published by PwC on December 19th, there is stablecoin legislation or regulation in only six countries as of 2023.
PwC’s Noteworthy Report
According to PwC’s analysis and legal regulatory assessment, these countries are the Bahamas, the Cayman Islands, Gibraltar, Japan, Mauritius, and Switzerland. The report shows that countries that have implemented stablecoin laws also apply all other regulations examined, including Anti-Money Laundering (AML) rules and the Financial Action Task Force’s travel rule, in their legal regulatory frameworks for the crypto market.
The crypto regulation report published by the crypto services firm assessed the status of crypto regulations in 35 countries, including the United States and the United Kingdom. According to PwC’s analysis, countries like the United States and the United Kingdom have not yet completed legislation for stablecoin companies and have not addressed a regulatory framework for cryptocurrencies.
According to the report, 40% of the countries analyzed have not taken any steps towards stablecoin regulation. Among these countries are Denmark, Estonia, France, Germany, Taiwan, and Turkey. While 25% of the jurisdictions examined, including Hong Kong and Italy, have initiated or stalled stablecoin regulatory processes, only about 9% of countries, including the United Arab Emirates, are addressing stablecoin laws.
PwC’s report also highlights three countries, including China, Qatar, and Saudi Arabia, that have banned the use of cryptocurrencies.
Stablecoin Market Continues to Grow
Stablecoin projects are an integral part of the cryptocurrency ecosystem, and Tether is the most traded asset in this field on a daily basis. According to CoinGecko’s data, Tether’s daily trading volume is 23% higher than Bitcoin‘s and is valued at 34 billion dollars. The stablecoin market soared in 2023, reflecting billions of dollars in value to the sector due to sharp growth in Tether and other stablecoin projects.
Tether’s market value surpassed 90 billion dollars for the first time in mid-December 2023, registering a 36% growth since January. According to CoinGecko’s data, the total stablecoin market value reached new historical highs this year, hitting a new record of 131 billion dollars.
