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The crypto industry started in 2009, and it has grown significantly – sometimes explosively – since then. The fintech industry reached $55.3 billion in investments in 2019. Notably, cryptocurrency laws or global crypto regulation have grown at a much slower pace, even though digital assets are popular worldwide. A 2022 report by Chainalysis lists these top 10 countries with the highest substantial rates of crypto adoption:
This remarkable global crypto market growth has triggered severe consequences, including the scandalous November 2022 arrest of FTX’s Sam Bankman Fried. In 2023, companies, individual investors, and their lawyers should prepare for unprecedented trends in cryptocurrency regulation. Considering the global nature of these new laws and requirements, it may be necessary to secure legal translation services or legal interpreting services, too. Here are four key trends in cryptocurrency regulation that will occur in 2023.
FTX’s multi-billion-dollar cryptocurrency exchange created a massive implosion. This costly scandal has sent ripples across the global financial community. There won’t just be legal action against specific companies or people. Many countries and financial regulatory organizations will be inspired to take action to protect investors. An article from the Financial Times covered the Financial Stability Board (FSB)’s intentions to expedite its work to create new regulations in response to the latest cryptocurrency scandal. Dietrich Domanski, Secretary General of the Financial Stability Board, said, “Recent events have reinforced the recognition that it is indeed urgent to address risks.” He said that their “work plan will reflect the urgency.”
The International Organization of Securities Commissions (IOSCO) is a powerful global financial organization with members from over 100 countries and the power to regulate at least 95% of global markets. Per a Reuters article, Ashley Alder, chairman of IOSCO, stated he thinks IOSCO should be regulating the crypto market in 2023. He sees the crypto industry as one of the important “three Cs” that IOSCO should focus on this coming year:
Alder considers cryptocurrency regulation crucial for two reasons. Firstly, more stringent global regulation will fight ever-mounting cybersecurity challenges. Secondly, he sees this regulation as key for supporting vulnerable financial investors and climate finance initiatives. He seeks to create a global group, similar to the one for climate finance under the G20 leading economies group.
Since 2021, the International Monetary Fund (IMF) has made serious strides in global regulation of cryptocurrencies. In April 2022, it set forth a Proposal to Establish a Resilience and Sustainability Trust. In the same year, it required Argentina to “discourage” use of cryptocurrencies if it received a sizable IMF loan. The IMF objects to the “inadequate disclosure and oversight” of cryptocurrencies, as well as its “lack of strong operational governance and risk practices.” The organization is concerned about the crypto market’s potential for facilitating money laundering and terrorist financing. While its concerns about cryptocurrencies are held globally, the IMF’s solution is unique. It seeks a globally-coordinated effort, with standard rules that cross all borders to supervise crypto activities and standardize data. The IMF seeks a globally comprehensive solution ASAP before regulation becomes fragmented and complicated to enforce. (This effect may already be taking place, as discussed below.)
Due to the exponential crypto market growth in the past few years, many countries have created their own cryptocurrency regulation. Many countries are also planning to develop new regulations in 2023. It’s important to note how widely these rules vary. Some countries are crypto-friendly, while others are cracking down on it or even “discouraging” it. Here are some examples:
Are you prepared to assist your clients with the patchwork of global cryptocurrency regulations and legal compliance in 2023? Will you need translation services for legal documents or legal interpretation services to help your clients with cryptocurrency compliance, new registration paperwork, and litigation across multiple countries and languages? Trust Lionbridge’s legal services team to support you and your clients with these complex matters. We can provide legal translation for:
We can provide legal interpretation services for: