Is 2023 the Year for Cryptocurrency Regulation?
Cryptoscurrenices potential ability to resahpe the current financial system means that they are also, finally, attracting much needed regulatory attention. The increasing regulatory challenges are exacerbated and seen to more pressing by growing public awareness and adoption of cryptocurrenices, both in terms of a store of value, as a payment method and in same cases as securities.
From a U.S. perspective, Newsweek Magazine cited a survey in January 2022 by the crypto firm New York Digital Investment Group, estimating the total number of Americans who own cryptos at 46 million (about 14% of the population).
In the UK, regulators have also found a shift in attitudes towards cryptocurrencies. Less crypto users regard them as a gamble (38%, down from 47%) and more see them as an alternative or complement to mainstream investments, with half of crypto users saying they intend to invest more in the future.
Meanwhile in the EU, as of February 2022, the total market capitalization of crypto-assets increased eightfold in the previous two years to around 1.5 trillion euros now, although around 1 trillion euros below its peak in November 2021.
On top of all this will be the challenge presented by stablecoins, especially what's become known as Central Bank Digital Cryptocurrencies (CDBC) There are some structural similarities between crypto-assets and central bank digital currencies, but CBDCs are best described as the digital equivalent of a country’s fiat currency. As a result, they are often seen as an alternative or competitor to cryptos. The most advanced CBDC thus far is China’s digital yuan. During the 2022 Beijing Winter Olympic Games athletes, coaches and media made digital payments via smartphone apps, payment cards, or wristbands.
The Global Institute for Blockchain Governance 2023 Conference
The GIBG is a non-profit organization comprised of individuals and corporations who together form working groups to address key challenges facing the cryptocurrency and wider blockchain industry and propose regulatory frameworks to aid governments, financial institutions and regulatory authorities in the development of the global digital economy.
Open Exodus are pleased to be attending their upcoming conference in 2023 in Sao Paulo, Bazil (who wouldn't be!
With signicant but nonetheless small steps being taken around the globe in 2022, it's envisaged by the members of the GIBG that 2023 will see hugh sea changes in the cryptocurrency landscape. As always we aim to be at the forefront of these changes and challenges and are looking forward to being an integral part of this conference.
Our partnerships with significant cryptocurrency and blockchain associations is part of Open Exodus’s drive to build a world of opportunities, to instill faith in cryptocurrency and to ensure the growth of all.
