How Crypto Payment Regulation Changed in 2022

The year 2022 has been eventful for the cryptocurrency market and crypto-related regulations. Across the globe, government representatives are in search of efficient ways to regulate the use of cryptocurrency and the operations of entities such as crypto exchanges and wallets. The main goal is to establish reasonable anti-money laundering (AML) and know-your-customer (KYC) policies that protect crypto users and prevent the use of crypto for illicit purposes.

If you are looking to accept or send crypto payments, it’s important to understand how crypto is regulated in your country. Despite the slow pace of crypto regulation, many nations have made significant advancements in this area, making crypto accessible to the majority of their residents. Let’s talk about the most recent updates regarding the legality of cryptocurrencies in various countries and what can be anticipated to happen to crypto regulations in 2023. 

  • There are 110 countries that permit the use of cryptocurrencies as payment.
  • Currently, only 9 countries have an outright ban on cryptocurrency making its use illegal.
  • Further developments in crypto regulations are expected to take place this year in Europe, the United States, and South Korea. 

Where Are Crypto Payments Legal Now?

As of February 2023, cryptocurrency is legal in over 110 countries across the globe. Only 2 of these countries currently recognize digital currencies as legal tender: The Central African Republic and El Salvador. 

Where Are Crypto Payments Legal Now?

Others have enacted rules and legislation that permit cryptocurrency use without classifying it as legal tender. Among the most crypto-friendly countries are:

  • Antigua and Barbuda
  • Australia
  • Barbados
  • Belgium
  • Bulgaria
  • Cayman Islands
  • Chile
  • Croatia
  • Dominica
  • Estonia
  • Finland
  • Germany
  • Indonesia
  • Italy
  • Ireland
  • Japan
  • Lithuania
  • Malta
  • Mauritius
  • Marshall Islands
  • New Zealand
  • Norway
  • The Philippines
  • Serbia
  • South Korea
  • Sweden
  • Switzerland
  • Ukraine
  • The United Kingdom
  • The United Arab Emirates
  • The United States
  • Uzbekistan
  • Venezuela

The aforementioned nations have explicit regulations and laws that make use of crypto, including its purchase, sale, and exchange, legal for citizens and residents. It also describes how crypto entities like exchanges and wallets can function within their respective jurisdictions. 

Where Are Crypto Payments Illegal?

Very few countries have an outright ban on cryptocurrency use. Currently, they are:

  • Algeria
  • Bolivia
  • Bangladesh
  • Dominican Republic
  • Ghana
  • Nepal
  • The Republic of Macedonia
  • Qatar
  • Vanuatu 
Where Are Crypto Payments Illegal?

Others have imposed restrictions on cryptocurrency. This usually means that the country is prohibiting the operation of crypto entities on its territory and does not explicitly allow trading or exchange of crypto. However, individual investors may still be allowed to use crypto, or cryptocurrency use is not explicitly forbidden. Among these countries are:

  • Bahrain
  • China
  • Hong Kong
  • Iran
  • Kazakhstan
  • Russia
  • Saudi Arabia
  • Turkey
  • Vietnam

What to Expect in 2023

There are a few changes that can be expected to take place around the world in 2023.

What to Expect in 2023

The Markets in Crypto Assets Regulation (MiCA) was a new framework that the European Commission proposed in 2020. When applied, cryptocurrency operations, such as trading and investing, will be governed by the current EU financial services regulatory framework. At least partial effects of this are expected to be seen in 2023 and take full effect in 2024. This will increase the protection of cryptocurrency investors and improve the integrity and functionality of the EU’s cryptocurrency market.

The U.S. Securities and Exchange Commission (SEC) is concentrating on cryptocurrency assets. It is anticipated that they will pay special attention to cryptocurrency businesses in order to expose and shut down fraudulent operations and protect American cryptocurrency investors. As long as there are any unanswered questions regarding this developing industry, such as the classification of cryptocurrency loans and investments, we can also anticipate further regulation of the cryptocurrency market in the U.S.

South Korea is another country that is anticipated to enact more crypto-related laws. The proposed tax on cryptocurrencies was postponed until 2023 after missing the initial deadline. Along with the tax framework, South Korea has stated that it will keep working to bring the sector into compliance with the Financial Action Task Force (FATF) anti-money laundering guidelines.

How to Accept Crypto Payments

With the right crypto payment processing service, accepting crypto payments is simple to get started with. Users of NOWPayments have access to a wide range of tools, such as subscriptions, mass payments, point-of-sale (POS) terminals, donations, and payment links.

To begin accepting cryptocurrency payments, follow these simple steps:

  1. Go to NOWPayments website and create an account with your email address. 
  1. Verify the email address, then add your crypto wallet address. All your payments will be sent here.
  1. From your account dashboard, select Payment Tools, open the Payment Link tab, and then create a payment link. Click the Create payment link in the pop-up window that follows, then select the currency and payment amount. 
How to Accept Crypto Payments
  1. If needed, add an order description and an ID. Click again to confirm and copy your payment link. You can now send the payment link to your customers or insert it into your website. All payments will be automatically deposited to your crypto wallet address. 


Cryptocurrency payments are becoming more popular with each passing year. More consumers and companies are interested in investigating digital assets as more people become familiar with them and how they operate. While further regulations across the globe might make it more difficult for businesses to deal with crypto, they are creating a safer space for investors. Proper guidelines are needed for crypto to fulfill its long-term potential, and we can expect more laws pertaining to cryptocurrency payments to be implemented in 2023.