Here’s a concise overview of some of the top crypto regulatory developments in 2024:
1. **United States (US) FIT for the 21st Century Act**:
– In 2023, the US made progress toward a regulatory framework for cryptocurrencies.
– Bills like the Financial Innovation and Technology (FIT) for the 21st Century Act and the Blockchain Regulatory Certainty Act aimed to define crypto as a security or commodity, enhance industry oversight, and clarify regulatory roles.
– However, these bills have not advanced further¹.
2. **European Union (EU) MiCA Regulation**:
– The EU introduced the Markets in Crypto-Assets Regulation (MiCA) in May 2023.
– MiCA is the world’s first comprehensive crypto regulation, requiring licenses for companies issuing or trading cryptocurrencies.
– Starting January 2026, all service providers must collect sender and beneficiary information for any transferred amount¹.
3. **Global Perspective**:
– Various countries, including Nigeria, the UK, China, El Salvador, Argentina, and Brazil, have their own regulatory frameworks.
– These regulations impact the global crypto market and provide insights into the evolving landscape⁴.
