As cryptocurrencies evolved, initial perceptions of Bitcoin as a criminal tool shifted towards broader acceptance and necessity for regulation. While the Atlantic Council categorizes global crypto legality into three tiers, in practice, legal status can include strict requirements such as identity verification under Anti-Money Laundering laws. Therefore, even in jurisdictions where cryptocurrency is legal, users must comply with various conditions which can complicate its use. This reflects a broader regulatory landscape that grapples with balancing innovation and security in the financial sector.
In countries where crypto is legal, activities are permitted, but terms and conditions apply, ensuring compliance with laws like Anti-Money Laundering and Countering the Financing of Terrorism.
Regulatory frameworks vary greatly, reflecting local governments' responses to the cryptocurrency phenomenon, often comprising a mix of legality, partial bans, or outright prohibitions.
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