Cryptocurrency finally entered the mainstream in 2021, but with its entry came a variety of regulation movements around the world. Read on to know what the most significant ones were.
1. The legalization of Bitcoin as legal tender in El Salvador
This was undoubtedly the biggest move, as President Nayib Bukele made Bitcoin a legal tender in El Salvador alongside the US Dollar. While the long-term effects of Bukele’s decision are yet to be felt, many experts with anti-crypto stances fear that El Salvador’s economic future could be in danger.
2. China launches brutal offensive against cryptocurrencies
China launched a full-scale offensive against crypto mining in the country in 2021. Mining operations were put to an abrupt halt in many regions of the vast Asian nation, and many miners had to look for greener pastures to carry their cryptocurrency careers onwards. Most miners relocated to neighboring Central Asian nations, while some chose USA and Canada as their places to restart their mining activities.
3. India announces a crypto bill in Parliament but withdraws it at the last minute
The booming Indian crypto market was on the verge of suffering a big setback when the government announced a crypto bill that sought to ban all private cryptocurrencies. However, the bill was withdrawn 2 days before the Parliament’s winter session was scheduled to end.
4. Singapore regulates companies dealing in crypto
Singapore started a licensing system to regulate companies associated with cryptocurrency activities. However, its government has been quite strict in terms of the companies they’re providing licenses to. Most companies who have applied for a license have been turned down by the government.