The international landscape of cryptocurrency regulation remains extremely uneven. China still maintains a strict ban on private trading and mining: only the state-issued digital yuan is permitted, and any transactions with decentralized assets are effectively relegated to a gray area.
At the opposite extreme are EU countries and several Eastern European jurisdictions, which are gradually adapting their regimes to the MiCA and related regulations. For example, Hungary recently amended the so-called Crypto Markets Act, relaxing validation requirements in certain cases of converting crypto assets into other currencies. The goal is to simplify life for legitimate players while maintaining control over suspicious transactions.
The global trend can be described as follows: from a blanket ban to “smart regulation,” where authorities seek not so much to destroy the crypto industry as to integrate it into the existing financial system with clear rules and areas of responsibility.