Crypto makes history in 2022: Five instances of governments embracing digital assets
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.
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.
Great Britain surely didn’t have an easy year. In 2022,
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