The number of countries banning cryptocurrencies has doubled in three years.

2021 is a good year for the cryptocurrency market, but the number of rulings banning cryptocurrencies has more than doubled since 2018.

A US Library of Congress (LOC) report lists nine laws that currently restrict the use of cryptocurrencies and 42 laws that currently prohibit the use of cryptocurrencies. This is higher than the 8 and 15 of 2018, when the report was first published.

The LOC is the research library of the United States Senate and the United States National Library.

According to the LOC report, the ban means that "trading or holding cryptocurrency" is a crime, while the ban means cryptocurrency trading, banks and other financial companies "operate in the cryptocurrency or mine cryptocurrency by individuals / companies providing services "" means restricted.

The nine new countries subject to restrictions are Egypt, Iraq, Qatar, Oman, Morocco, Algeria, Tunisia, Bangladesh and China. China's cryptocurrency ban in 2021 will receive the most attention.

The number of decisions to restrict or regulate cryptocurrencies has increased dramatically over the past three years, but shows no signs of slowing down as some governments are now examining options. In addition to the 51 regions that regulate cryptocurrency restrictions, 103 jurisdictions have enforced the Financial Protection and Financial Protection Act (AML / CFT), double the 33 countries that used it in 2018.

The Swedish financial regulator and the Swedish Environmental Protection Agency called for a Proof of Mining (PoW) ban in November. This is due to the electricity needs and the environmental cost of managing the operation of the network. It has come under heavy criticism from Paris-based Melanion Capital, calling the claims "simply" false.

Sweden's neighboring EU, Estonia, will comply with anti-money laundering and corruption measures in February. These new rules are expected to change the definition of Virtual Service Providers (VASP) and restrict financial (DeFi) and Bitcoin transactions.

When Indian lawmakers decided to ban cryptocurrency last year, the Indian government was terrified. The result is not entirely limited, but aims to promote the regulatory regulation of cryptocurrencies as crypto assets. The Securities and Exchange Commission of India (SEBI) is responsible for overseeing local crypto exchanges. However, total restriction is not impossible.