The year 2022 wasn’t the best one in terms of crypto reputation among regulators and policymakers. However, even amid the market breakdown and repetitive public attacks on the industry, some of the officials found the courage to embrace the innovation. Some of the names are not new, while others showed progress significant enough to include them in this listicle. The United Arab Emirates and El Salvador continued to push their crypto agenda and the United Kingdom showed great effort to lay the regulatory foundation, while Brazil and the Central African Republic legally recognized the cryptocurrencies.
Brazil
2021 might have been a year of mass adoption in Brazil, but it was 2022 when the country finally got its own regulatory framework. Before leaving his office, Jair Bolsonaro, the former president of Brazil, signed a bill legalizing the use of crypto as a payment method within the country. The bill doesn’t make cryptocurrencies legal tender, as in El Salvador, but it still introduces the legal definition of digital currencies and establishes a licensing regime for virtual asset service providers.
The bill came in about time. The number of companies holding cryptocurrency in Brazil has reached new record highs — the country’s taxation authority recorded 12,053 unique organizations declaring crypto on their balance sheets in August 2022.
In May, Brazilian Stock Exchange confirmed its intention to launch the first official product aimed at the cryptocurrency market — Bitcoin (BTC) futures trading. In contrast to the United States, currently, institutional and retail investors trade 11 exchange-traded funds (ETFs) with exposure to cryptocurrencies on Brazilian Exchange.
The United Kingdom
Great Britain surely didn’t have an easy year. In 2022, Queen Elizabeth II passed away after serving the nation for 70 years. Two Prime ministers — Boris Johnson and Liz Truss — resigned. But when it comes to crypto, the turbulent government never stopped working on regulation. And even if the fruits of this work could be more impressive, the United Kingdom still makes an important case for a national regulatory framework.
The Financial Services and Markets Bill, introduced in July, reasserted the U.K.’s intention to become a global cryptocurrency hub. It broadened regulations of stablecoins and coined a new term — Digital Settlement Assets (DSA). The bill will…
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