Global #crypto businesses

Japan continues to lead in crypto regulation and adoption, maintaining its reputation as a global front-runner in digital asset oversight.

Singapore solidified its position as a leading hub for digital assets in 2024, while Hong Kong faced challenges in its bid to attract crypto businesses.

The crypto landscape has evolved significantly in 2024, with numerous countries embracing digital assets and creating favorable environments for crypto businesses.

In a significant enforcement action, Dubai’s Virtual Assets Regulatory Authority (VARA) announced on Wednesday that it has issued cease-and-desist orders and imposed fines on seven entities operating without the necessary licenses and violating marketing regulations.

As the cryptocurrency market continues to evolve, certain countries are emerging as prime destinations for crypto businesses in 2024. A recent report by Social Capital Markets identifies Dubai, Switzerland, and South Korea as the top three countries, thanks to their legal clarity, favorable tax regimes, and growing acceptance of cryptocurrency payments.

The European Union (EU) is taking a firmer stance on crypto assets with the release of new classification guidelines under the Markets in Crypto Assets (MiCA) regulation. These guidelines aim to clarify how different types of crypto assets will be categorized and regulated.