Crypto: What governments around the world are doing to regulate the rapidly growing digital assets

economictimes.indiatimes.com:

cryptocurrency exchanges, and its founder, Changpeng Zhao, for illegal activities have put commoners’ and businesses’ thinking about the legitimacy and security that was initially promised by cryptocurrencies, non-fungible tokens (NFT) and virtual asset service providers (VASP). Cryptocurrency is a modern-day juggernaut. Its global market was valued at $2,191.25 million in 2022 in the Cryptocurrency Market Report by Polaris Market Research, with an expected Compound Annual Growth Rate (CAGR) of 11.6 per cent from 2023 to 2032.

Additionally, NFTs reached a global market size of $18.47 billion in 2021, with a projected CAGR of 34.1 per cent until 2030, in NFT Market Report by the same source. This increase in the adoption and popularity of cryptocurrencies and the lack of regulations have attracted scammers and fraudsters. From fake Initial Coin Offerings (ICOs) to phishing attacks, these criminals have managed to steal millions of dollars from unsuspecting individuals.

In 2017, CoinDash reported ICO Hack stole funds amounting to $7- 10 million from users. In 2021, scammers stole an estimated $14 billion in cryptocurrency, as reported by CNBC. AML Penalties, the flagship product of ZIGRAM, recorded more than 180 crypto-related incidents resulting in almost $3 billion in fines and penalties and 11,000 months imprisonment sentences to more than 350 individuals and organizations since 2020.