This PwC Crypto Regulation 2023 report details the ongoing regulatory developments in over 25 jurisdictions.
The report shows that many regulators across the globe have either enacted regulatory schemes for dealing in digital assets or are on the brink of doing so. And given the recent events in the sector, the speed of these developments is likely to intensify.
For traditional financial institutions, digital assets regulation gives the long-needed clarity and certainty to enter the space and start building their digital assets offerings. For crypto-native firms, regulatory clarity may mean having to quickly expand their regulatory expertise and compliance oversight, in line with global financial services regulatory requirements.
Trust in the space may be broken right now. While regulation alone cannot solve that, clarity across terminology and application of the regulation, along with firms’ enhancements to their risk management capabilities and procedures, is a good starting point.