As 2024 drew to an in depth, a 12 months marked by pivotal selections for Bitcoin and different cryptocurrencies, China launched its 2024 Monetary Stability Report, shedding gentle on world and regional developments within the crypto area.
The report, issued by the Individuals’s Financial institution of China, touched on varied elements of the cryptocurrency sector, with explicit consideration to Hong Kong’s evolving method.
The doc highlighted Hong Kong’s strides in regulating crypto belongings, emphasizing its energetic efforts to ascertain a framework for managing licenses. Whereas many world areas have taken restrictive measures, together with outright bans in 51 international locations and areas, the report famous a shift in 2024, with some nations easing or fully lifting their prohibitions.
A notable part of the report examined the rise of Bitcoin and altcoins, tracing their development again to 2023. Regardless of present bans, cryptocurrencies continued to be a focus for regulators worldwide in 2024. The report paid particular consideration to developments in the USA, notably actions taken by the SEC.
It detailed how the SEC had beforehand rejected over 20 spot Bitcoin ETF functions between 2018 and 2023 however accepted them for itemizing in January 2024. Nonetheless, the SEC Chairman cautioned that this approval didn’t signify endorsement, urging buyers to stay vigilant in regards to the dangers related to Bitcoin-related merchandise.
Past the U.S., the report explored regulatory progress in different areas, together with the European Union’s MiCA framework, in addition to initiatives in the UK, Singapore, and Japan. The report additionally revisited China’s personal stringent stance, established in 2021, when all cryptocurrency-related actions had been banned. Hypothesis persists, nonetheless, that these bans might be reconsidered within the coming years.
