The crypto ecosystem has been growing fast in recent years, giving millions of people worldwide the chance to access a new financial world with different possibilities.

The crypto ecosystem comprises different companies, such as wallets, exchanges, NFT projects, and blockchain projects.

Worldwide, cryptocurrency adoption has been growing fast; according to data provided by Statista, some of the fastest-growing crypto adoptions are in Africa and South America.

Countries like Nigeria, Turkey, Argentina, and Brazil are currently leading worldwide cryptocurrency adoption.

Cryptocurrency ownership in some countries like Nigeria and Turkey has increased from 28% and 20% in 2019 to 47% in 2023.

Also, according to Statista, the cryptocurrency revenue is expected to show an annual growth rate (CAGR 2023-2027) of 12.34%, resulting in a projected total amount of €16.15bn by 2027.

The cryptocurrency ecosystem is still facing challenges towards its growth within new policies and lawmakers worldwide.

During 2022 and 2023, different crypto exchanges faced legal issues in countries like the USA and European regions, being forced to exit other countries or comply within each country’s local regulations.

In the European region, the regulatory framework has been developing fast, thanks to the efforts of the local regulators of each country from the EU.

During this year, the MiCA regulatory framework started developing, creating clear rules for the crypto players in the Eurozone towards compliance and financial policies.

Some countries such as France, Malta, and Germany, have favorable local policies for the crypto players.

Antonio Palacio, Managing Director of Bitsa Card, said: «The cryptocurrency ecosystem has shown a fast level of growth during the last years, but regulations could still become a potential challenge for its future growth during 2024.»

Other countries in the Eurozone, such as Spain, Italy, and Greece, have a more complicated regulatory landscape for the development of the crypto ecosystem.

In other regions like South America, policymakers are still working towards developing new policies to bring clarity to the crypto ecosystem.

Each region in the world has a different level of development towards the crypto policies; the key towards the beginning of 2024 for the successful development of the cryptocurrency ecosystem will be to find a balance between the new laws and the levels of growth of the crypto ecosystem.