【Introduction】: In the second half of 2024, Blockchain technology faced more policy follow and regulatory challenges. The actions of various governments in the regulation of Cryptocurrency, the monetary policy of Digital Money, and the global focus on actions in Decentralized Finance have gradually become the focus of global follow. This article will analyze the evolution and trends of blockchain policies globally during the second half of 2024, as well as how various countries respond to the regulatory challenges brought about by technological innovation.
In the second half of 2024, with the widespread application of Blockchain technology, countries around the world are facing unprecedented challenges in formulating relevant policies. The rapid development of Decentralized Finance (DeFi) and encryption assets forces governments to make corresponding adjustments to regulatory frameworks and policy tools to cope with the complexity of the market.
- United States: Strengthening Regulation of Digital Assets
The U.S. government has increased its regulatory efforts on digital assets in the second half of 2024, especially in the regulation of stablecoins and the cryptocurrency market. The U.S. Securities and Exchange Commission (SEC) and the Commodity Futures Trading Commission (CFTC) continue to conduct investigations into cryptocurrency exchanges, requiring them to comply with more stringent compliance regulations. For example, the SEC has enhanced its scrutiny of cryptocurrency platforms, particularly regarding whether the platforms comply with securities trading regulations and whether there is market manipulation.
In addition to the regulation of Cryptocurrency, the US government also issued specific guidance on Digital Money in 2024, promoting the improvement of the regulatory framework for Digital Money. Regulatory agencies emphasize that Digital Money must have a clear legal status, especially in cases involving cross-border payments and global financial security.
- EU: The Balance of Blockchain and Data Privacy Protection
The European Union will continue to deepen its regulation of blockchain technology in 2024, but its policies will focus more on balancing data privacy protection and technological innovation. Under the framework of GDPR (General Data Protection Regulation), the EU has conducted in-depth discussions on the potential privacy risks of blockchain technology. As a decentralized technology, blockchain’s inherent immutability and trustless mechanism may conflict with the ‘right to erasure’ in GDPR, and the EU needs to provide detailed regulations on this issue.
In the second half of 2024, the European Commission released the “Blockchain Europe Action Plan”, which proposed to further promote the application of blockchain technology in public services, especially in innovative applications in the fields of identity authentication, cross-border payments, and digital money. The plan aims to avoid fragmented policies and legal systems by establishing a unified blockchain regulatory framework.
- China: Strengthening Regulatory Supervision of Digital Money and Blockchain Innovation
China will continue to promote the research and pilot of Central Bank Digital Currency (CBDC) in 2024, and strengthen policy support for blockchain technology. The People’s Bank of China has launched pilot projects of digital yuan in multiple cities, promoting the application of blockchain technology in the financial sector. At the same time, China’s regulatory agencies have strengthened supervision of the application of blockchain technology in capital markets, cross-border payments, and securities trading to ensure that these technologies comply with the country’s financial stability requirements.
In addition to the financial field, the Chinese government is also actively promoting the application of Blockchain in areas such as public governance, supply chain management, and smart cities, striving to improve administrative transparency, public service efficiency, and information security through Blockchain.
In the second half of 2024, global blockchain policies made important adjustments between strengthening supervision and promoting innovation. Governments around the world continue to explore the balance between safeguarding financial security, data privacy, and market innovation. In the future, with the maturity of blockchain technology and the expansion of its application scope, policies and regulations worldwide will be further standardized, driving the global blockchain industry towards a more secure, transparent, and efficient direction.
Source: Sina
Author: Technology Times
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