About 25 Countries Have Passed Stablecoins Legislations: PwC Reports
In a recent publication made by PriceWaterhouseCooper (PwC), about 43 countries were analyzed based on their stance on Stablecoins regulations, and about 25 countries have been confirmed by the research firm to have implemented some legislation to guide the Stablecoin industry in 2023, according to the report.
The Stablecoins industry, an essential segment of cryptocurrency innovation, has been witnessing massive growth and adoption globally over the last few years. Significantly, the industry reached new all-time highs earlier this year, with the likes of USDT and USDC leading the charge. However, with the significant growth of the sector comes intense global attention, prompting financial regulators worldwide to come up with legislation for the industry.
25 Out Of 43 Implement Stablecoins Rules
According to the fresh crypto regulation news released by PwC’s analysis and research department, about 43 countries, including the United Kingdom and the United States, were analyzed based on the status of crypto legislation. Meanwhile, the firm stated in its report that only about 25 nations have implemented clear legislation on stablecoins in 2023, excluding the US and the UK.
The report, which was released recently, listed Switzerland, Portugal, Germany, Sweden, Japan, Spain, France, Bahamas, Greece, and Estonia among other prominent countries that have stablecoins regulations in place.
Moreover, the report stated that the majority of the countries that have implemented their stablecoin rules have also imposed other regulations that were reviewed, such as the Travel rule introduced by the Financial Action Task Force (FATF), registration or licensing, cryptocurrency regulatory framework.
Some Countries Delay Stablecoin Rules Implementation
In addition, PwC explained further in its report that some countries like the UK, the US, and Canada have not concluded their national legislation on Stablecoin, nor have they figured out their regulatory standards for the digital assets industry. However, the report also stated that some countries with friendly crypto policies, such as the United Arab Emirates and Singapore, have reportedly implemented all regulations relating to cryptocurrencies except for stablecoins.
Furthermore, the report said about 8 counties, which represents 18% of the total number of countries analyzed, have not come up with anything in Stablecoin legislation at all; they include Turkey, Brazil, Bahrain, India, and others like them.
Meanwhile, about 23% of the whole analyzed countries have initiated the process of formulating their stablecoin regulation, and they include Singapore, Hong Kong, and Australia. Moreover, the report showed that they are actively committed to adopting the global stablecoin rules.
Stablecoins Continue To Grow Globally
For context, stablecoins are a key component of the cryptocurrency innovation, with the highest adoption rate after Bitcoin, the primary crypto. Some of the prominent examples of stablecoins are Tether stablecoins USDT and Circle Stablecoins USDC, which are the two most traded crypto assets according to daily price records.
Furthermore, statistics revealed that Tether (USDT) has a daily transaction volume of about $34 billion, which is more than 23% higher than the daily trading volume of Bitcoin and other prominent crypto assets.
In addition, the stablecoin market witnessed a significant increase this year as it added billions in market cap value and transactions volume as a result of the massive adoption that some of the coins received, especially Tether and Circle. For instance, price data revealed that the market capitalization of Tether stablecoin rose surprisingly high for the first time above $90 billion in December 2023, which is about a 36% growth rate since January.
Moreover, price data revealed that the total market capitalization for all stablecoins has impressively broken new highs since this year started. It reportedly recorded a whopping $131 billion market cap. These series of massive improvements shown this year have prompted some crypto speculators to suggest that the stablecoin industry would continue to grow bigger in the future. They added that stablecoins would be used as payment settlement more than Visa in 2024.
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