Who’s in or out? Global crypto regulations mapped
Kenya’s pivot highlights how nations rethink blockchain's role in their financial ecosystems

The crypto world is undergoing significant regulatory refinement. More and more countries are recognizing cryptocurrency's position in the broader financial space, with some taking active steps to legalize these digital assets.
Interestingly, even countries that previously banned crypto are now beginning to acknowledge its potential.
Kenya, which banned crypto in December 2015, is now taking steps toward legalization. Treasury Cabinet Secretary John Mbadi recently revealed plans to establish regulatory guidelines that aim to balance maximizing crypto’s benefits with mitigating its associated risks. This marks a notable shift in the country’s approach, reflecting its growing interest in integrating crypto into the financial ecosystem.
Similarly, Morocco, where cryptocurrencies have been banned since 2017, is progressing toward regulation. The country’s central bank, Bank Al Maghrib, has drafted a regulatory framework for cryptocurrencies. This law, currently undergoing the adoption process, could reshape Morocco’s stance on digital assets and encourage the industry’s development.
Both Kenya and Morocco have historically been conservative regarding cryptocurrencies. However, their ongoing transitions suggest a growing recognition of the role these assets can play in the financial landscape.
Where is crypto legal?
In contrast, several countries have taken proactive measures to establish comprehensive regulatory frameworks, solidifying their positions as crypto-friendly hubs.
UAE
The UAE stands out as a leader in crypto regulation. While the country has not yet accepted Bitcoin or other cryptocurrencies as legal tender, its regulatory framework has laid the foundation for a thriving crypto industry.
Dubai’s Virtual Assets Regulatory Authority (VARA), the world’s first independent regulator for virtual assets, released the Virtual Assets and Related Activities Regulations 2023. This framework emphasizes financial security and economic sustainability, requiring firms involved with virtual assets to obtain a Virtual Asset Service Provider (VASP) license.
Major players like Binance and OKX have already received their VASP licenses, signaling the UAE’s commitment to fostering a regulated yet innovative crypto ecosystem. Other firms are still navigating the approval process, reflecting the rigor of VARA’s standards.
Singapore
The Southeast Asian island country has also established itself as a hub for crypto innovation while maintaining a strong focus on regulatory oversight. Its Monetary Authority of Singapore (MAS) closely monitors the industry, adapting its rules to balance innovation with risk management.
In April 2024, MAS amended its Payment Services Act to expand its coverage. These changes introduced measures to strengthen user protection and impose financial stability requirements on providers of digital payment tokens (DPTs). Platforms offering DPT trading must adhere to anti-money laundering (AML) and counter-terrorism financing (CTF) regulations, showcasing Singapore’s commitment to safeguarding the integrity of its financial ecosystem.
El Salvador
The Central American country made history in 2023 as the first country to adopt Bitcoin as legal tender. Under this groundbreaking policy, all economic actors are required to accept Bitcoin as payment.
In addition to legalizing Bitcoin, El Salvador passed the Digital Assets Law, which promotes digital asset transactions and enables tokenization. This allows the digitization of assets like debts, agricultural commodities, and even stablecoins such as USDT. Tokenization involves representing ownership of an asset as digital tokens on a blockchain.
President Nayib Bukele, a staunch supporter of cryptocurrencies, has been vocal about his belief in Bitcoin’s transformative potential, declaring that “Bitcoin is inevitable.”
Since when the @nytimes has devoted so much time and space to El Salvador’s economic initiatives?
— Nayib Bukele (@nayibbukele) July 8, 2022
It’s clear they’re afraid, #Bitcoin is inevitable.
By the way, they say we’re heading to default. Will they publish an apology once we pay everything on time? 😉 pic.twitter.com/XBNsUScRLW
Where is crypto illegal?
While countries like the UAE, Singapore, and El Salvador embrace cryptocurrencies, others remain staunchly opposed to their use and development.
China
The East Asian giant has maintained a firm ban on cryptocurrencies since June 2019. The People’s Bank of China (PBoC) took decisive action to block access to both domestic and foreign crypto exchanges and Initial Coin Offerings (ICOs). This ban was part of broader efforts to combat financial instability and reduce risks associated with speculative investments.
Despite these restrictions, crypto trading persists in China. A 2024 Chainalysis report revealed that over-the-counter (OTC) platforms have adapted to the regulatory environment, allowing investors to bypass government restrictions and continue trading.
Egypt
The Nirth African country has taken a similarly cautious approach, prohibiting cryptocurrency trading due to its high volatility and association with financial crimes. In 2018, the Central Bank of Egypt (CBE) warned the public about the risks of engaging with cryptocurrencies.
The CBE reiterated its stance in a March 2023 statement, emphasizing that no licenses had been issued for crypto trading activities. The statement cited concerns over price fluctuations, electronic piracy, and the potential use of crypto in financial crimes.
The growth of crypto regulations
Despite persistent restrictions in some regions, the global crypto regulatory landscape has seen significant advancements. Major milestones, such as the European Union’s Markets in Crypto-Assets Regulation (MiCA) framework, signal a growing effort to standardize crypto regulations.
Additionally, industry leaders remain optimistic about the future. Ripple CEO Brad Garlinghouse recently shared his thoughts on X, stating:
2025 is here and the Trump bull market is real. For Ripple, this is even more personal after Gensler's SEC effectively froze our business opportunities here at home for years. The optimism is obvious and very deserved.
— Brad Garlinghouse (@bgarlinghouse) January 5, 2025
Today:
✅75% of Ripple’s open roles are now US-based, while…
As more countries recognize the potential of cryptocurrencies, further regulatory developments are expected. These changes will shape the future of global finance, ensuring cryptocurrencies play an increasingly central role in the evolving financial system.