While 2024, in which important and critical decisions were made for Bitcoin and altcoins, was left behind, China, known for its strict bans, published the 2024 Financial Stability Report.
The People's Bank of China also touched on the events taking place in the cryptocurrency sector in its 2024 Financial Stability Report.
This report noted that while China was closely following many global developments, Hong Kong was making progress in its compliance with cryptocurrencies.
While the report referenced Hong Kong’s progress at many points, it was stated that Hong Kong was actively exploring the management of crypto asset licenses.
It was stated that although 51 countries and regions around the world, excluding Hong Kong, imposed bans on crypto assets, some countries softened or lifted their bans in 2024.
The Rise and SEC's Bitcoin Approval!
In the report, where it was stated that the rise in Bitcoin and altcoins attracted attention, it was stated that the rise started in 2023.
The report stated that although there are official bans, Bitcoin and cryptocurrencies will be closely monitored by many countries around the world in 2024.
The report, which specifically examines developments in the US, stated that in 2024, the US SEC took action against crypto asset issuers that violated the Securities Act.
“Accordingly, the SEC rejected more than 20 spot Bitcoin ETF applications from 2018 to 2023. However, it approved the listing of spot Bitcoin ETFs in January 2024.
While the SEC made a big splash with its Bitcoin ETF approval, the SEC Chairman later said that this does not mean that the SEC approves or recognizes Bitcoin products and investors should still be careful about the risks associated with Bitcoin and value-related products.
In addition to developments in the United States and Hong Kong, the report also included the European Union's MiCA regulation and the regulatory efforts of the United Kingdom, Singapore and Japan.
As you may recall, China banned all activities related to Bitcoin and cryptocurrencies in 2021. However, it is claimed that China may lift the bans in the coming years.
*This is not investment advice.
