Quick Notes: Crypto’s Global Evolution From Disruption to Mainstream Adoption
2 Minute Overview of the Crypto Sentiment Globally
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In 2 minutes, drive your crypto aspirations and decisions by understanding the current global landscape and sentiment of cryptocurrencies.
This Quick Notes Edition Includes:
Highlights of regulatory action conducted outside of the U.S.
An analysis into the reduction of U.S. developers in web3
A link to the full article
A couple of tweets surrounding this topic
A link to previous CryptoJeter article about Arthur Hayes
Foreign Territories are Setting the Precedent for Crypto Regulations:
The Markets in Crypto Assets Regulation (MiCA) is a framework proposed in the European Union (EU) to set a precedent for what a crypto framework should encompass.
The UK is also developing a crypto framework centered around crypto assets to be a major player in the future of finance.
These two frameworks proposed by the UK and the EU show that each region has a positive outlook on the future of cryptocurrencies.
The proposed frameworks from both the UK and the EU indicate a positive outlook towards cryptocurrencies, driving a competitive atmosphere for crypto innovation between the two regions.
Japan is taking steps to explore digitizing its native fiat currency, the Yen, and has adopted stablecoin legislation, positioning the country as a desired location for crypto innovation in the world.
Emerging economies in the Middle East are incentivizing builders through free zones, positioning the UAE as a friendly environment to conduct business in the industry.
Providing proper regulation through self-regulation or founder friendly policy is mandatory to increase the safety of these assets while simultaneously reducing the probability of stifling innovation.
Top Developer Talent and Users are Growing Outside the US:
The percentage of US-based blockchain developers has steadily declined since 2017, limiting the number of new projects created in the country.
European cities, especially Lisbon and Berlin, are attracting blockchain developers in droves, challenging the traditional idea of immigrating to the US for better opportunities.
The adoption of crypto is more prevalent abroad, with emerging markets like Nigeria, Vietnam, and Brazil being major users of cryptocurrency.
Regions recording the highest blockchain developer increase over the last five years include Asia, Latin America, and Africa.
A lot of information being communicated to the crypto industry is through enforcement action, scaring away innovation. This is true especially in the US.
Driving the narrative around these assets from crypto-adverse regulators will negatively impact the level of competitiveness, limit adoption of crypto assets in their regions, and stifle ROI potential for institutional and retail investors.
Legal consequences due to accreditation laws and other regulations in the US exist as a major deterrent to innovation.
US developers may be more inclined to find jobs with a lesser chance of visible risk of being removed, especially with interest rates rising and the overall economy preparing for a longer-term recessionary period.
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Word on the Stweet
Blockworks Founder, Jason Yonawitz on crypto founders departing the US
Lisbon is named top crypto hub by European Projects
Feeling Retro? Check Out a Previous Article!
About the Author
Hello friends! Thank you for reading the CryptoJeter newsletter. I'm Austin, the writer behind this weekly publication that highlights emerging web3 startups and showcases the innovation and evolution in the crypto industry.
As someone who was inspired by the financial access that blockchain technology provides, I've been actively involved in the crypto community since my sophomore year at Morehouse College when I bought my first fraction of a Bitcoin in 2017. I've gained valuable knowledge and built a supportive community over the past 5 years.
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