ChainReg 16: Crypto Crackdown + CBDC Moves in Japan & EU

CBDC policy races forward as policymakers globally intensify their crypto crackdown and extend both regulatory & tax regimes to #DeFi.

London may have hosted City Week with a fintech flair, but there was plenty of action regarding digital currency policy formation as well in Frankfurt, Brussels, Washington, Seoul, and Tokyo.  Policy trajectories globally continue to consolidate on both sides of the digital coin as governments prepare to launch sovereign digital currencies while cracking down on their crypto cousins and competitors.    

U.S. policymakers continue to generate the majority of policymaking activity, with the center of gravity grounded in a cryptocurrency crackdown despite a continuous stream of relatively friendly Congressional hearings.

The battle lines are drawn for the year.  Increasingly, cryptocurrency feels like a sideshow with blockchain, DeFi/tokenized deposits, and CBDCs dominating the policy formation discussion.  Since the start of the year, policymakers globally reserve their cryptocurrency policy contributions to discussions of illicit finance.  Japan and the Republic of Korea joined this chorus this week.