- Increased government oversight and regulation of cryptocurrency exchanges
- Stricter KYC and AML requirements for crypto transactions
- Introduction of central bank digital currencies (CBDCs) in various countries
- Implementation of tax laws specific to cryptocurrency transactions
Increased Government Oversight and Regulation of Cryptocurrency Exchanges
In 2024, governments around the world have ramped up their efforts to regulate and oversee cryptocurrency exchanges. This includes licensing requirements, compliance standards, and regular audits to ensure the security and legitimacy of these platforms.
Stricter KYC and AML Requirements for Crypto Transactions
To combat illicit activities and money laundering, stricter Know Your Customer (KYC) and Anti-Money Laundering (AML) requirements have been imposed on cryptocurrency transactions. This involves verifying the identities of users and monitoring their transactions to detect and prevent suspicious activities.
Introduction of Central Bank Digital Currencies (CBDCs) in Various Countries
Several countries have introduced their own central bank digital currencies (CBDCs) as a means to modernize their financial systems and provide a regulated alternative to private cryptocurrencies. These CBDCs are issued and regulated by central banks, offering a government-backed digital currency.
Implementation of Tax Laws Specific to Cryptocurrency Transactions
Governments have implemented specific tax laws and regulations for cryptocurrency transactions, including capital gains taxes on crypto investments and income taxes on crypto-related activities. This aims to ensure that individuals and businesses involved in cryptocurrencies are compliant with tax obligations.