- Increased government oversight and regulation of cryptocurrency exchanges
- Stricter AML (anti-money laundering) and KYC (know your customer) requirements
- Emergence of new regulatory frameworks for decentralized finance (DeFi) platforms
- Integration of digital asset regulations into existing financial laws
Increased Government Oversight of Cryptocurrency Exchanges
In 2024, governments around the world have ramped up their efforts to regulate and monitor cryptocurrency exchanges. This includes imposing licensing requirements, conducting regular audits, and enforcing compliance with consumer protection laws.
Stricter AML and KYC Requirements
To combat illicit activities such as money laundering and terrorist financing, regulators have imposed stricter AML and KYC requirements on cryptocurrency exchanges and service providers. This includes mandatory identity verification for all users and enhanced transaction monitoring.
Emergence of New Regulatory Frameworks for DeFi Platforms
As decentralized finance (DeFi) continues to gain popularity, regulators have started to develop new frameworks specifically tailored to govern DeFi platforms. This includes addressing issues such as smart contract security, investor protection, and regulatory compliance.
Integration of Digital Asset Regulations into Existing Financial Laws
Regulators are working to integrate digital asset regulations into existing financial laws, ensuring that cryptocurrencies and other digital assets are subject to the same regulatory standards as traditional financial instruments. This includes taxation, custody, and reporting requirements.