The global cryptocurrency market has seen a remarkable expansion, more than doubling its value since the beginning of the year, buoyed by a series of positive developments in the sector.
What Happened: A new report from PriceWaterhouseCoopers (PwC) reveals that 42 countries have made significant strides in crypto-focused regulations and legislation in 2023.
One of the key legislative milestones is the Markets In Crypto Assets (MiCA) legislation in Europe, established in 2023, which has contributed to a more regulated trading environment. This shift underscores the growing global acceptance of digital assets, a concept that was still shrouded in uncertainty just a year ago.
PwC’s report notes, “Notable advancements have been made in global digital asset regulation. However, that significant progress … indicates that there is still much work to be done.”
Further emphasizing the sector’s evolution, Goldman Sachs pointed out the increasing institutionalization of the crypto market in 2023. This marks a departure from the earlier phases characterized by unregulated trading venues and dominant retail investor participation.
The report specifically mentions, “The institutionalization of the market was most evident in the derivatives market. CME saw a consistent increase in Bitcoin (CRYPTO: BTC) and Ether (CRYPTO: ETH) futures and options trading, and in Q4 has become the top BTC futures exchange by open interest.”
The year 2023 also witnessed other significant events in the crypto world. These include discussions at the G20 Summit about a regulatory framework based on cryptocurrency, a surge in spot Bitcoin ETF applications to the SEC and the remarkable scaling of Bitcoin and Ethereum to unprecedented levels.
2023 Best And Worst Crypto Awards: The year 2023 also brought the bad actors and institutions under the spotlight and enabled the cleansing of the crypto and blockchain industry, enhancing the sector’s integrity.
Among the nominees for the worst crypto performance for 2023, we have Changpeng “CZ” Zhao, Celsius’ Alex Mashinsky, Three Arrows’ Su Zhu, Sam Bankman-Fried and Terraform Labs’ Do Kwon. Genesis also filed for bankruptcy in early 2023.
The best performer in addressing bad actors in the crypto industry was the SEC, which made it a priority to…
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