{"id":37688,"date":"2023-01-01T23:03:39","date_gmt":"2023-01-01T23:03:39","guid":{"rendered":"https:\/\/lydian.io\/?p=37688"},"modified":"2023-01-01T23:03:40","modified_gmt":"2023-01-01T23:03:40","slug":"five-cases-of-governments-accepting-digital-assets","status":"publish","type":"post","link":"https:\/\/lydian.io\/five-cases-of-governments-accepting-digital-assets\/","title":{"rendered":"Five cases of governments accepting digital assets","gt_translate_keys":[{"key":"rendered","format":"text"}]},"content":{"rendered":"
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\n \t<\/i> Read Time:<\/span>6 Minute, 22 Second <\/div>\n\n <\/div>

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The 12 months 2022 has not been the most effective by way of crypto's repute with regulators and policymakers. However even amid the market collapse and repeated public assaults on the business, some officers discovered the braveness to embrace the innovation. Among the names should not new, whereas others confirmed advances important sufficient to be included on this listing. The United Arab Emirates and El Salvador continued to push their crypto agenda, and the UK made nice efforts to put the regulatory foundations, whereas Brazil and the Central African Republic acknowledged cryptocurrencies legally. <\/p>\n

Brazil<\/h3>\n

2021 might have been a 12 months of mass adoption in Brazil, but it surely was 2022 when the nation lastly received its personal regulatory framework. Earlier than leaving his workplace, Jair Bolsonaro, the previous president of Brazil, signed a legislation legalizing using crypto as a cost methodology throughout the nation. The invoice doesn't make cryptocurrencies authorized tender like in El Salvador, however nonetheless introduces the authorized definition of digital currencies and establishes a licensing system for digital asset service suppliers. <\/p>\n

The invoice got here on time. The variety of corporations holding cryptocurrency in Brazil has hit new document highs \u2013 the nation\u2019s tax authority recorded 12,053 distinctive organizations declaring crypto on their steadiness sheets as of August 2022. <\/p>\n

Underneath the picture on the high of the web page, click on Gather or <\/strong>comply with this hyperlink<\/strong>.<\/strong><\/p>\n

In Might, the Brazilian alternate confirmed its intention to launch the primary official product for the cryptocurrency market - Bitcoin (BTC) futures buying and selling. Not like the US, institutional and retail traders at the moment commerce 11 exchange-traded funds (ETFs) with publicity to cryptocurrencies on the Brazilian inventory alternate. <\/p>\n

The UK<\/h3>\n

The UK actually hasn't had a simple 12 months. In 2022, Queen Elizabeth II handed away after serving the nation for 70 years. Two Prime Ministers - Boris Johnson and Liz Truss - resigned. However in terms of crypto, the turbulent authorities has by no means stopped engaged on regulation. And whereas the outcomes of this work could possibly be extra spectacular, the UK continues to be an necessary argument for a nationwide regulatory framework. <\/p>\n

The Monetary Providers and Markets Invoice, launched in July, reaffirmed the UK's intention to grow to be a world cryptocurrency hub. It expanded laws for stablecoins and coined a brand new time period \u2013 Digital Settlement Belongings (DSA). The invoice will empower the Treasury Division to manage DSAs, together with funds, service suppliers and chapter guidelines. The White Collar Crime and Company Transparency Act, launched in Might, proposed \"creating powers to grab and recuperate crypto property extra shortly and simply\" to mitigate the dangers for people affected by ransomware assaults. <\/p>\n

Associated: <\/strong>Indonesia's Crypto Trade in 2021: A Kaleidoscope<\/strong><\/p>\n

This 12 months the UK Web3 neighborhood celebrated an necessary precedent. The Excessive Courtroom of Justice in London, which is closest to the US Supreme Courtroom, has dominated that non-fungible tokens (NFT) represent \"non-public property\". <\/p>\n

At a time when everyone seems to be poking round at non-hosted wallets, the Treasury has scaled again its necessities for amassing knowledge from each the senders and recipients of crypto despatched to non-hosted wallets, except the Transaction carries \u201can elevated threat of unlawful financing\u201d. And by the top of the 12 months, it made all traders an awesome reward by qualifying the transactions of \u201cdesignated crypto property\u201d for the funding supervisor exemption. <\/p>\n

The saviour <\/h3>\n

The nation of El Salvador, whose largest breakthrough got here in 2021, deserves to be included on this listing for not less than its persistence. After unveiling the plan to subject \u201cbitcoin bonds\u201d, Nayib Bukele\u2019s authorities has been making an attempt to execute it ever since. The primary delay got here in March after which repeated in September. In November, Financial system Minister Maria Luisa Hayem Brev\u00e9 launched a invoice confirming the federal government's plan to boost $1 billion and make investments it in constructing a \"Bitcoin metropolis.\" Since then, nonetheless, there was no information concerning the success of the invoice. <\/p>\n