How New Crypto Regulations Will Affect Its Value in 2023
Instead of “Bitcoin is dead,” think of “Bitcoin is changing.”
Fearing crypto’s volatility and use in illicit activities in light of the FTX collapse, governments and central institutions worldwide are calling for crypto regulations now more than ever.
The issue is that each government has a different stance on the proper regulatory framework for the crypto digital asset class.
Views on Crypto Regulations Across the World
While the United States and the European Union both agree on implementing regulations for the crypto industry, they have had differing views on how these would be implemented throughout the years.
American Views on Crypto
Talks about crypto regulations in the US took a positive approach after US President Joe Biden signed an executive order asking government agencies to examine the benefits and risks of cryptocurrencies on March 9, 2022.
The long-term plan of the Executive Order on Ensuring Responsible Development of Digital Assets is to develop more accurate crypto regulations.
This led to the submission of the Framework for International Engagement on Digital Assets, which seeks to achieve the following:
