- Trump has promised to bring a major shift in favor of crypto in the United States.
- Regulators around the world have been deploying regulators for several years.
- Trump promises to establish a crypto-friendly regulatory landscape in the United States.
President-elect Donald Trump has begun touting his 2024 pro-crypto campaign promises in an effort to turn the United States into the “crypto capital of the world.”
He has a lot of catching up to do.
Over the past four years, the European Union, the United Kingdom and Asian countries such as South Korea and Singapore have put in place a number of measures to combat fraud, establish licensing regimes and take other measures to monitor an industry which is now worth 3.7 dollars. trillion.
With Trump set to be inaugurated president on Monday, blockchain analyst Noelle Acheson said the race to clarify the rules of the road is set to intensify around the world.
“One of the many positive side effects of Trump’s victory would be an international rush to put crypto market frameworks in place as nations begin to fear being left behind,” Acheson wrote in his latest article. Crypto is now a macro bulletin. “The race is real,” she said.
Here are the countries that have already taken action:
United Kingdom
In 2022, then-Finance Minister Rishi Sunak pledged to transform the UK into a hub of crypto innovation.
As Prime Minister, these efforts accelerated with bills to regulate the industry passing Parliament. New regulations intended to rival European regulations on crypto-asset markets were set to be passed in Westminster by summer 2024.
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Then Sunak called a snap election and was dropped from Number 10. Work on the crypto bill appeared to stall, angering the industry.
“We are behind the rest of Europe and then other countries in Asia and the Middle East,” said CryptoUK board advisor Ian Taylor, lamenting the UK’s position .
This may be changing.
In November, Keir Starmer’s new government scheduled the publication of its regulatory framework for cryptocurrencies and stablecoins for early 2025.
His Labor Party has pledged to create a single, streamlined regime for digital assets.
South Korea
South Korea may end its de facto ban on local institutions trading cryptocurrencies, a local media outlet reported. YonHap.
Until now, only verified retail investors could trade cryptocurrencies – with banks instructed not to open institutional accounts.
This month, South Korea’s Financial Services Commission announced plans to work with the Digital Assets Committee to phase in institutional trading, starting with nonprofits, IFC Review reported.
Regulators in the country are also considering opening the market for spot crypto ETFs.
The country is known for Premium Kimchi. This refers to the gap between the prices of cryptocurrencies on South Korean exchanges compared to other exchanges located around the world. Usually, prices on the country’s stock exchanges are higher than in other places around the world.
This creates arbitrage opportunities for investors. During a political crisis in late 2024, the price of XRP on South Korean exchanges fell dramatically. Many traders have made money by buying the crypto in South Korea and then selling it elsewhere.
Malaysia
Malaysia wants to catch up with the rest of the world.
Prime Minister Datuk Seri Anwar Ibrahim is reportedly considering creating new policies for digital assets after a visit to Abu Dhabi where he met officials from the UAE and Binance.
“This is a development that is happening quickly and requires us to be just as fast. Malaysia should not be left behind, mired in an old financial system,” Answar said, according to the New Strait Times.
Thailand
Thailand aspires to become a digital asset hub.
Its latest effort: Bitcoin exchange-traded funds.
Thailand’s securities regulator is considering allowing retail investors and institutions to invest in local Bitcoin ETFs, Bloomberg reported.
Regulators are also considering a sandbox in the southern town of Phuket. This would test Bitcoin to pay for tourism.
Singapore
Singapore has long vied to become a crypto hotbed by attracting digital asset companies with dedicated regulatory regimes, tokenization projects and sandboxes.
It also issued more crypto licenses. Last year, it issued 13 licenses to OKX and Upbit, as well as global heavyweights Anchorage, BitGo and GSR.
This is almost double the authorizations than the previous year, Bloomberg reported.
However, Singapore’s market watchdogs are not afraid to put their foot down. Users trying to access Polymarket were surprised by a blockade and a notice from the Gambling Regulatory Authority stating that Polymarket is an “illegal gambling site operated by an unlicensed gambling service operator”.
Cambodia
Cambodia may start to reverse its crypto ban.
The National Bank of Cambodia has published a first set of rules for banks and payment companies. Financial entities can now gain exposure to tokenized assets and eligible stablecoins. However, first-party exposure to cryptocurrencies is still not permitted. Ledger Information reported.
Cambodian media, however, claimed that the ban was still intact.
Pedro Solimano is markets correspondent at DL News. Do you have any advice? Send him an email to psolimano@dlnews.com.
