Cryptocurrencies are digital or virtual currencies designed to work through a computer network, as a medium of exchange, without the involvement of any central authority (for example, bank or government) in any manner.
The regulatory focus on digital assets, such as cryptocurrencies, has increased exponentially over the past few years and is expected to continue this trend in the coming years. Blockchain lawyers play a crucial role in navigating the legal complexities of the cryptocurrency industry and ensuring compliance with relevant regulations. While the cryptocurrency industry only started in 2009, by 2019, this fintech industry had achieved over $55.3 billion in investments.
However, it is unfortunate that the laws related to cryptocurrencies, including cryptocurrency regulation in the US, have grown much slower. As per a report published by Chainalysis in 2022, only 10 countries are known for having the highest substantial rates of cryptocurrency adoption. These include China, Vietnam, Russia, the Philippines, Thailand, Ukraine, Brazil, India, Pakistan, and the United States. The regulatory focus on digital assets has increased exponentially over the past few years. It is expected to continue this trend in the coming years, including the implementation of crypto sanctions.”