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The G20 Cryptocurrency regulation is around the corner. The idea of regulating cryptocurrencies goes against the very nature of digital assets. The blockchain technology is rooted in its integral characteristic of being decentralized. However, growing incidents of misdoings, scams and hacks are making it hard for crypto to not be regulated. Meanwhile, several countries and international groups have already been working on implementing strict rules in the crypto industry.
Experts believe that the most affected due to regulation would be the top crypto projects. In this context, the G20 nations are coming up with a set of strict crypto regulations. Whether the regulations would actually help the crypto industry grow or rather hamper it will only be seen in the future. Meanwhile, crypto investors are not too keen on regulation as it could mean slowing down of adoption. Here are the major cryptocurrencies that could have the highest impact due to the G20 Summit 2022 regulation.
Representatives of the G20 countries are set to review the a report on Crypto-Asset Reporting Framework and Amendments to the Common Reporting Standard. The report contains the rules and commentary of the Crypto-Asset Reporting Framework (CARF). The rules are aimed at reporting of tax information on crypto transactions in a standardized manner.
Bitcoin
With Bitcoin (BTC) holding a significant share of the total market value, the regulators could be looking at regulating the top cryptocurrency. The high volatility of BTC could come under the scanner.
Shiba Inu & Dogecoin
The memecoins stand a high chance for regulation thanks to their volatile nature. Both Shiba Inu (SHIB) and Dogecoin (DOGE) rose to prominence during the bull market last year. However, they lost a major chunk of the value in 2022.
Ethereum
The much anticipated Ethereum Merge did not turn out to be profitable for crypto investors as ETH dropped after the successful completion. The developers, however, hinted that it could take time for the Merge event to be priced in. Nevertheless, crypto regulators would be looking closely at the second most valuable cryptocurrency.
Terra Classic
The collapse of Terra network earlier this year had a catastrophic effect on the entire market. The Terra collapse marked the onset of the bear market. This makes Terra Classic the one project that needs a lot of regulatory attention.
Solana
The Solana network has had many outages in the recent times. This makes it vulnerable for regulatory pressures.
Ripple
Despite so many regulatory hurdles, Ripple (XRP) continues to be a major cryptocurrency. Given the huge trading community behind XRP, regulators could be looking into the project.
Apecoin
With many NFT projects losing value and returning losses to investors, Apecoin is losing value. Considering the massive impact of the NFT scene, regulators could be looking to tighten the screws.
Stellar
Stellar was designed to support digital representations of any currency. With regulation, it could be difficult to operate seamlessly.
Decentraland
Decentraland is a world of decentralized metaverse built, governed, and owned by its users. Since it is still not clear as to how Metaverse ecosystem could turn out to be, regulators could be looking to it.
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