The number of countries banning crypto has doubled in last three years

The total number of jurisdictions with an absolute ban or severe restriction on crypto has more than doubled over the recent years, and there are few signs that this trend is slowing down,

The number of countries banning crypto has doubled in last three years

The total number of jurisdictions with an absolute ban or severe restriction on crypto has more than doubled over the recent years, and there are few signs that this trend is slowing down, 

Although 2021 was a good year for the cryptocurrency industry in terms of market performance, the number of jurisdictions banning crypto has more than doubled since 2018

A report by the Library of Congress(LOC) details the nine jurisdictions that have now applied on crypto and the 42 with an implied ban. This is up from eight and 15 individually in 2018 when the report was first launched.

The LOC is the exploration library for the United States Senate, acting as the national library for the country.

With regards to the LOC report, an absolute ban means any "transaction with or holding cryptocurrency is a criminal act", though a certain ban prohibits crypto exchanges, banks, and other financial institutions from "dealing in cryptocurrencies or offering services to people/business managing in cryptocurrencies."

The nine new jurisdictions with an absolute ban in Egypt, Iraq, Qatar, Oman, Morocco, Algeria, Tunisia, Bangladesh, and China, China's ban received the most attention in 2021

The emotional increase inwards prohibiting or managing cryptocurrency over the past three years isn't showing signs of slowing as several governments are presently auditing their choices. Besides the 51 jurisdictions with a crypto ban. 103 have applied anti-money laundering and combatting the funding of terrorism(AML/CFT) laws, a three-fold increase from the 33 laws in place in 2018

A Swedish financial watchdog and the Swedish Environmental Protection Agency called for a ban on Proof of Work(PoW) mining in November due to the power requests and environmental costs of keeping networks running. This was met with harsh criticism from Paris-based Melanion Capital. Which called the claims against mining "completely misinformed."

Sweden's EU neighbor, Estonia, is set to execute AML/CFT rules in Feb, These new regulations are expected to change the definition of what a virtual asset service provider(VASP) is and apply a certain restriction on decentralized finance(Defi) and Bitcoin(BTC)

India's government created a scare when law there considered a crypto ban prior year. The outcome was not an outright ban, rather a push to coordinate cryptocurrencies as crypto assets, with the Securities and Exchange Board of India(SEBI) which oversees the regulation of local crypto exchanges.

Read: India to regulate crypto and not move for an outright ban: Cabinet documents