States that are very keenly supporting regulation include Malta, Singapore, Gibraltar and Switzerland. In addition to actively supporting cryptocurrencies, these jurisdictions are at the forefront of pushing the crypto regulatory envelope constructively. They have been very proactive in passing progressive legislation around use cases and adoption. On the other end of the spectrum are countries such as China and Saudi Arabia which have outright banned the use or promotion
of any kind of cryptocurrencies or products including facilitators such as exchanges. Meanwhile, somewhere in the middle are countries which have taken a more mixed approach such as India where the purchase of cryptocurrencies using the banking system is currently prohibited while regulations are being finalized
Lawmakers will need to find a fine balance between protecting the interests of investors and driving innovation, and the task of regulating a rapidly changing, emerging industry is not being helped by the turbulent cryptocurrency markets, which is just one facet of the industry, and the most visible one at that.