Over Half of the World's Countries Legalize Cryptocurrency

In a groundbreaking revelation, CoinGecko's analysis shows that a staggering 119 countries and 4 overseas territories of the United Kingdom have given their approval for cryptocurrencies. This means that over 60% of the world's nations now embrace the use of digital assets.

Europe stands at the forefront of cryptocurrency adoption, with a remarkable 95% of its countries (39 out of 41) legalizing digital assets. North Macedonia remains an exception with a ban on crypto assets, while Moldova is yet to determine its legal status in this regard.

In South America, 24 countries have welcomed cryptocurrencies, accounting for 77.4% of the region's total. Bolivia has officially prohibited digital assets, and several countries including Guatemala, Haiti, Nicaragua, Paraguay, Uruguay, and Guyana have yet to take a stance.

Asia mirrors the same level of approval for cryptocurrencies, with 77.7% of countries legalizing digital assets. However, the African continent shows the lowest global adoption rate, with only 38.6% of countries approving the use of these assets.

It's important to note that the legalization of cryptocurrencies and the establishment of comprehensive regulatory frameworks are two distinct matters. Among the 119 countries mentioned in the report, only 62 (52.1%) have implemented comprehensive cryptocurrency legislation.

Comparing the current situation to 2018, there has been a remarkable 53.2% increase in the number of countries implementing cryptocurrency legislation.

Out of the 62 countries leading in cryptocurrency regulation, 38 are standalone nations not affiliated with any blocs, while 22 are part of the European Union. The remaining four are overseas territories of the United Kingdom.

Despite the widespread legalization, CoinGecko's experts note that half of the countries that have legalized cryptocurrencies lack a reliable regulatory foundation. Analysts raise concerns about investor protection and the lack of clarity for businesses operating in the industry.

While challenges persist, there is optimism that more countries will join the cryptocurrency legalization trend and establish robust regulatory frameworks in the future. The recent example set by El Salvador, which launched a "Citizenship for Investments" program, offering residency and a path to citizenship for those investing one million dollars in Bitcoin, showcases the potential benefits of embracing digital assets.