If this was year 2020 or prior, many countries would find it to be a miracle if it was reported that a country’s regulators are showing leniency towards cryptocurrencies.
However, the situation has changed tremendously in the year 2022. With the year 2021 being the year of reforms and strictness, the year 2022 has shown the true benefit of cryptocurrencies to the entire world.
People have better knowledge of the cryptocurrencies and the cryptocurrency brokers. Before they start investing in cryptocurrencies, they go through the crypto broker reviews before making any decision.
Now, people have the understanding and knowledge to be careful and stay vigilant when investing in cryptocurrencies. Therefore, the regulators from around the world are growing flexible towards cryptocurrencies.
Although the cryptocurrency industry has now come to a point where it is largely accepted by the countries, the situation was not the same for the crypto industry in the past.
Countries from all over the world are growing friendly towards cryptocurrencies that could help the industry thrive all over the world.
Let us have a look at some of the countries that have shown leniency towards cryptocurrency regulations.
In the year 2021, Japan had made its regulations quite strict for the cryptocurrency industries to survive in the country. As a result, one of the major cryptocurrency exchanges “Binance” decided to cease its operations in Japan a couple of years back.
However, Japan is now changing its stance towards cryptocurrency regulations and is showing quite the leniency. As it is becoming a friendly state for the cryptocurrency industry, the adoption level in the country has risen significantly.
Even Binance has resumed its operations in Japan a few months back and the country is now investing heavily in Web3 technology.
The largest LATAM country in the world is also eager to go all out in crypto adoption. The country with a population of over 214 million is adopting cryptocurrencies on a very large scale.
This is the reason why the government of Brazil is aiming to legalize the usage of cryptocurrencies in the country. If the country adopts cryptocurrencies as a legal entity, then it would be a game changer for the industry.
Brazil has one of the largest populations all over the world, which would make things quite promising for the cryptocurrency.
Hong Kong (Indirectly China)
The reason for mentioning Hong Kong here is because according to the think-tanks from all over the world, Hong Kong is the proxy of China.
This means that if China wants to connect with the rest of the world, it does it through Hong Kong. For now, cryptocurrencies are fully banned all over China, be it crypto holding, trading, or mining.
Although the country had officially banned cryptocurrencies in 2017, it acted up its implementation in the year 2021.
This was the year when China fully banned cryptocurrencies and enforced the implementation all over the country. As a result, the entire crypto sector was in a state of turmoil.
Even to this day, the cryptocurrency industry continues to face a downfall and things still do not look good for cryptocurrencies.
However, as the world has realized the importance of adopting cryptocurrencies, China may be realizing that as well.
This is the reason why the country wants to adopt cryptocurrencies again. However, it wants to know exactly how things work out once Hong Kong adopts them.
This is the reason why Hong Kong has recently proposed a new (flexible) bill surrounding cryptocurrencies. If the bill is passed, the crypto regulations in Hong Kong would be favorable for cryptocurrencies.
This would eventually help cryptocurrencies thrive in Hong Kong and if things look good, China may soon lift its ban over cryptocurrencies.