- Increased government oversight and regulation
- Stricter AML and KYC requirements
- Emergence of global standards for cryptocurrency regulation
Increased government oversight and regulation
In 2024, there has been a noticeable trend of governments around the world increasing their oversight and regulation of cryptocurrencies. This includes implementing licensing requirements for cryptocurrency exchanges and imposing stricter reporting and compliance standards.
Stricter AML and KYC requirements
In response to concerns about money laundering and terrorist financing, there has been a push for stricter anti-money laundering (AML) and know your customer (KYC) requirements for cryptocurrency transactions. This has led to the implementation of more robust identity verification processes and transaction monitoring by cryptocurrency service providers.
Emergence of global standards for cryptocurrency regulation
As the cryptocurrency market continues to grow and evolve, there has been a push towards the development of global standards for cryptocurrency regulation. This includes efforts to harmonize regulatory approaches across different jurisdictions and establish best practices for addressing the unique challenges posed by digital currencies.