More than half of the major jurisdictions for the crypto markets tightened regulations in 2023, according to TRM Labs, including Hong Kong and Singapore.
Out of 21 jurisdictions representing approximately 70 percent of global crypto exposure, 17 tightened regulations in 2023, according to a report by blockchain analytics firm TRM Labs.
This includes Hong Kong’s newly introduced virtual asset licensing regime as well as Singapore's finalized stablecoin framework and consumer protection rules. Other markets like South Korea, the EU and the US also tightened regulations. Nearly half of the jurisdictions that tightened crypto rules in 2023 upped consumer protection measures.
«2023 was a year to be remembered in crypto policy. It began with FUD (fear, uncertainty and doubt) in the wake of the collapse of FTX. However, the following 12 months saw an extraordinary boom in regulation across the globe,» the report said.
