History of Cryptocurrency in Timeline
Cryptocurrency is a digital currency operating independently of central authorities like governments or banks. It utilizes a decentralized computer network to maintain and validate transactions. Cryptocurrencies aim to provide secure and transparent financial transactions through technologies like blockchain. Bitcoin is the first and the most well known example of cryptocurrency, since then thousands of other cryptocurrencies have been created.
1983: David Chaum conceived ecash
In 1983, David Chaum conceived of ecash, a type of cryptographic electronic money.
1995: Digicash implementation
In 1995, David Chaum implemented ecash through Digicash, an early form of cryptographic electronic payments that required user software to withdraw notes from a bank and designate encrypted keys for untraceable transactions.
October 1996: NSA paper published on MIT mailing list
In October 1996, the National Security Agency (NSA) published a paper entitled "How to Make a Mint: The Cryptography of Anonymous Electronic Cash" on an MIT mailing list, describing a cryptocurrency system.
April 1997: NSA paper published in The American Law Review
In April 1997, the National Security Agency (NSA) paper titled "How to Make a Mint: The Cryptography of Anonymous Electronic Cash," which describes a cryptocurrency system, was published in The American Law Review.
1998: Description of b-money and bit gold
In 1998, Wei Dai described "b-money," an anonymous, distributed electronic cash system, and Nick Szabo described bit gold, an electronic currency system requiring users to complete a proof of work function.
1999: Comparison to Dot-Com Bubble
In 2017, Howard Marks of Oaktree Capital Management compared digital currencies to the dot-com bubble of 1999, among other financial bubbles and schemes.
2008: Bitcoin early innovation
After the early innovation of bitcoin in 2008, it gained network effect.
2008: Satoshi Nakamoto on Cryptocurrency and Libertarianism
In 2008, Bitcoin's founder, Satoshi Nakamoto, voiced his support for the alignment of cryptocurrencies with libertarianism, believing it would appeal to the libertarian viewpoint if explained properly.
January 2009: Bitcoin Created
In January 2009, bitcoin was created by pseudonymous developer Satoshi Nakamoto, using SHA-256 in its proof-of-work scheme.
2009: Bitcoin released
In 2009, bitcoin, the first cryptocurrency, was released as open-source software.
2009: Concerns Rise Over Cryptocurrency Threat to Society
Since the inception of bitcoin in 2009, the rise in popularity and demand for online currencies has led to concerns that this unregulated person-to-person global economy may pose a threat to society, with fears of altcoins becoming tools for anonymous web criminals.
April 2011: Namecoin Created
In April 2011, Namecoin was created as an attempt at forming a decentralized DNS.
October 2011: Litecoin Released
In October 2011, Litecoin was released, using scrypt as its hash function instead of SHA-256.
August 2012: Peercoin Created
In August 2012, Peercoin was created, using a hybrid of proof-of-work and proof-of-stake.
October 2013: Shutdown of the Original Silk Road
In October 2013, the original Silk Road, an online black market, was shut down. Following this event, the number of prominent dark markets increased from four to twelve, and drug listings increased from 18,000 to 32,000 in the subsequent year.
February 2014: First Bitcoin ATM in the US Launched
In February 2014, Jordan Kelley, founder of Robocoin, launched the first bitcoin ATM in the United States. The kiosk was installed in Austin, Texas.
February 2014: Mt. Gox Declares Bankruptcy After Losing Bitcoins
In February 2014, Mt. Gox, the world's largest bitcoin exchange, declared bankruptcy, claiming the loss of nearly 750,000 bitcoins belonging to clients due to theft. This amounted to approximately 7% of all bitcoins in existence, worth $473 million, and caused the price of a bitcoin to plummet.
March 2014: IRS Rules Bitcoin as Property for Tax Purposes
On March 25, 2014, the United States Internal Revenue Service (IRS) announced that bitcoin would be treated as property for tax purposes, making virtual currencies subject to capital gains tax.
August 2014: UK Treasury commissions cryptocurrency study
In August 2014, the UK Treasury announced it had commissioned a study of cryptocurrencies to determine their potential role in the UK economy and whether regulation should be considered.
2014: Banks' Reluctance and Lack of Consumer Protection
In 2014, Gareth Murphy, a senior banking officer, suggested that widespread cryptocurrency adoption could obscure economic data. Many banks were also reluctant to offer virtual currency services. Unlike traditional financial products, cryptocurrencies lack consumer protections against fraud, such as chargebacks.
September 2015: Establishment of Academic Journal Ledger
In September 2015, the establishment of the peer-reviewed academic journal Ledger was announced by the University of Pittsburgh. The journal covers studies of cryptocurrencies and related technologies.
January 2016: Estimated Carbon Dioxide Emissions from Proof-of-Work Cryptocurrencies
In the period from 1 January 2016 to 30 June 2017, Proof-of-work blockchains such as bitcoin, Ethereum, Litecoin, and Monero were estimated to have added between 3 million and 15 million tons of carbon dioxide (CO2) to the atmosphere.
2016: Ethereum following in altcoins
According to the New York Times, Ethereum had the largest "following" of any altcoin in 2016.
June 2017: Estimated Carbon Dioxide Emissions from Proof-of-Work Cryptocurrencies
In the period from 1 January 2016 to 30 June 2017, Proof-of-work blockchains such as bitcoin, Ethereum, Litecoin, and Monero were estimated to have added between 3 million and 15 million tons of carbon dioxide (CO2) to the atmosphere.
September 2017: China Bans ICOs
In September 2017, China banned ICOs leading to an abnormal return from cryptocurrency decreasing during announcement window.
November 2017: Tether Hacked, $31 Million in USDT Lost
On November 21, 2017, Tether announced that it had been hacked, resulting in the loss of $31 million in USDT from its core treasury wallet.
December 2017: Youbit Files for Bankruptcy After Two Hacks
On December 19, 2017, Yapian, the owner of South Korean exchange Youbit, filed for bankruptcy following two hacks that year, with customers granted access to 75% of their assets.
December 2017: Nicehash Hacked, Over $70 Million Stolen
On December 7, 2017, Slovenian cryptocurrency exchange Nicehash reported a hack where over $70 million was stolen using a hijacked company computer.
2017: Cryptocurrencies Compared to Economic Bubbles and Schemes
In 2017, Howard Marks of Oaktree Capital Management compared digital currencies to economic bubbles and pyramid schemes, citing historical examples such as the tulip mania (1637) and South Sea Bubble (1720). He argued that cryptocurrencies lack intrinsic value and are driven by speculative willingness to pay.
2017: Bitcoin Price Inflation Using Tether
In 2017, a paper by John Griffin and Amin Shams indicated that the price of bitcoin had been substantially inflated using the cryptocurrency Tether.
2017: Increased demand for graphics cards
In 2017, an increase in cryptocurrency mining increased the demand for graphics cards (GPU), causing prices to double or triple, or be out of stock.
January 2018: Coincheck Hacked, $530 Million in Cryptocurrency Stolen
In January 2018, Japanese exchange Coincheck reported that hackers had stolen cryptocurrency worth $530 million.
February 2018: Iceland becomes a haven for cryptocurrency miners
According to a February 2018 report from Fortune, Iceland has become a haven for cryptocurrency miners in part because of its cheap electricity.
February 2018: China halts virtual currency trading and mining
As of February 2018, the Chinese government has halted trading of virtual currency, banned initial coin offerings, and shut down mining.
March 2018: Plattsburgh, New York puts moratorium on cryptocurrency mining
In March 2018, the city of Plattsburgh, New York put an 18-month moratorium on all cryptocurrency mining in an effort to preserve natural resources and the "character and direction" of the city.
March 2018: Cryptocurrency added to Merriam-Webster Dictionary
In March 2018, the word cryptocurrency was added to the Merriam-Webster Dictionary.
May 2018: Bitcoin Gold Transactions Hijacked, Exchanges Lose Millions
In May 2018, Bitcoin Gold experienced transaction hijacking and abuse by hackers, resulting in exchanges losing an estimated $18 million. Bitcoin Gold was delisted from Bittrex after refusing to pay its share of the damages.
June 2018: Hydro Quebec proposed to allocate power to crypto companies
In June 2018, Hydro Quebec proposed to the provincial government to allocate 500 megawatts of power to crypto companies for mining.
June 2018: Coinrail Hacked, $37 Million in Crypto Lost
In June 2018, South Korean exchange Coinrail was hacked, resulting in the loss of over $37 million in crypto. The hack worsened a cryptocurrency selloff by an additional $42 billion.
July 2018: Bancor Hacked, $23.5 Million in Crypto Stolen
On July 9, 2018, the exchange Bancor, which had been subject to controversy regarding its code and fundraising, had $23.5 million in crypto stolen.
September 2018: Homero Josh Garza Sentenced for Wire Fraud in Cryptocurrency Scheme
On September 13, 2018, Homero Josh Garza was sentenced to 21 months of imprisonment and three years of supervised release. Garza had founded the cryptocurrency startups GAW Miners and ZenMiner and pleaded guilty to wire fraud in 2015 after acknowledging the companies were part of a pyramid scheme.
2018: Switzerland Issues ICO Legal Guidelines
In 2018, a legislative ICO working group in Switzerland began to issue legal guidelines intended to remove uncertainty from cryptocurrency offerings and establish sustainable business practices.
2018: Increase in crypto-related suicides after market crash
In 2018, after the cryptocurrency market crashed in August, there was an increase in crypto-related suicides, particularly in Korea, where crypto traders were on "suicide watch".
2018: Bitcoin design caused a welfare loss
In 2018, bitcoin's design caused a 1.4% welfare loss compared to an efficient cash system.
2018: Bank for International Settlements Critiques Cryptocurrencies
In 2018, the Bank for International Settlements issued a report summarizing criticisms of cryptocurrencies, including their price instability, high energy consumption, transaction costs, security vulnerabilities, and susceptibility to debasement and miner influence.
2018: UK Treasury publishes final report on cryptocurrency
In 2018, the UK Treasury published its final report on its study of cryptocurrencies.
July 2019: Bitcoin's electricity consumption
By July 2019, bitcoin's electricity consumption was estimated to be approximately 7 gigawatts, around 0.2% of the global total, or equivalent to the energy consumed nationally by Switzerland.
2019: Switzerland Implements FATF's Travel Rule with Stricter Requirements
In 2019, Switzerland was one of the first countries to implement the FATF's Travel Rule. FINMA, the Swiss regulator, issued its own guidance to VASPs, following the FATF's Recommendation 16, but with stricter requirements.
2019: Over a Billion Dollars Worth of Cryptoassets Stolen in 2019
In 2019, a 2020 EU report revealed that more than a billion dollars worth of cryptoassets were reported stolen. These stolen assets typically find their way to illegal markets and are used to fund further criminal activity.
2019: Prevalence of Wash Trading on Cryptocurrency Exchanges
In 2019, studies indicated that wash trading was rampant in crypto-trading, with up to 80% of trades on unregulated exchanges potentially being wash trades. A report by Bitwise Asset Management in 2019 claimed that 95% of all bitcoin trading volume reported on CoinMarketCap was artificially generated, and only 10 out of 81 exchanges studied provided legitimate volume figures.
May 2020: IVMS 101 Published
In May 2020, the Joint Working Group on interVASP Messaging Standards published "IVMS 101", a universal common language for communication of required originator and beneficiary information between VASPs.
June 2020: FATF Updates Guidance to Include Travel Rule
In June 2020, FATF updated its guidance to include the "Travel Rule" for cryptocurrencies, a measure which mandates that VASPs obtain, hold, and exchange information about the originators and beneficiaries of virtual asset transfers.
September 2020: European Commission Publishes Digital Finance Strategy
In September 2020, the European Commission published a digital finance strategy, including a draft regulation on Markets in Crypto-Assets (MiCA), aiming to provide a comprehensive regulatory framework for digital assets in the EU.
December 2020: IVMS 101 Data Model Not Finalized
As of December 2020, the IVMS 101 data model has yet to be finalized and ratified by the three global standard setting bodies that created it.
2020: EU Report on Security Breaches and Crypto-Asset Losses
A 2020 EU report revealed that users had lost crypto-assets worth hundreds of millions of US dollars in security breaches at exchanges and storage providers. Breaches occurred between 2011 and 2019, and in 2019, more than a billion dollars worth of cryptoassets was reported stolen.
2020: Attacks on privacy in cryptocurrencies
A 2020 study presented different attacks on privacy in cryptocurrencies, demonstrating how the anonymity techniques are not sufficient safeguards.
2020: US Attorney General's Report on Illicit Cryptocurrency Uses
According to a 2020 report produced by the United States Attorney General's Cyber-Digital Task Force, illicit cryptocurrency uses primarily fall into three categories: financial transactions linked to crimes, money laundering, and crimes directly implicating the cryptocurrency marketplace itself.
2020: UK National Risk Assessment on Money Laundering and Terrorism Financing
According to the UK 2020 national risk assessment, the risk of using cryptoassets like bitcoin for money laundering and terrorism financing was assessed as "medium", up from "low" in the 2017 report.
2020: Arbitrage in crypto marketplaces
As of 2020, it was possible to arbitrage to find the difference in price across several crypto marketplaces.
2020: Dark Money Flowing into Russia through Hydra Marketplace
In 2020, Chainalysis reported that the dark web marketplace Hydra, powered by cryptocurrency, facilitated over $1 billion in sales, funneling dark money into Russia. The platform required sellers to liquidate cryptocurrency through specific regional exchanges, hindering investigators' ability to trace the funds.
2020: Altcoins Definition
In 2020, Paul Vigna of The Wall Street Journal described altcoins as "alternative versions of Bitcoin". As of early 2020, there were more than 5,000 cryptocurrencies.
2020: RenBridge Used for Laundering
Since 2020, RenBridge, an unregulated platform for transferring value between blockchains, was found to be responsible for laundering at least $540 million, with it's use increasing in 2022.
January 2021: UK Requires Cryptocurrency Firms to Register with FCA
As of 10 January 2021, all cryptocurrency firms operating in the UK market must register with the Financial Conduct Authority.
January 2021: Mirror Trading International Disappears with $170 Million in Cryptocurrency
In January 2021, Mirror Trading International disappeared with $170 million worth of cryptocurrency in South Africa.
January 2021: UK issues consultation on cryptoassets and stablecoins
In January 2021, the UK issued a consultation on cryptoassets and stablecoins.
February 2021: BNY Mellon to Offer Cryptocurrency Services
On 11 February 2021, BNY Mellon announced that it would begin offering cryptocurrency services to its clients.
March 2021: South Korea Implements New Digital Asset Legislation
In March 2021, South Korea implemented new legislation to strengthen their oversight of digital assets, requiring all digital asset managers, providers, and exchanges to register with the Korea Financial Intelligence Unit.
March 2021: Morgan Stanley to Offer Bitcoin Funds
On 17 March 2021, Morgan Stanley became the first major Wall Street bank to embrace cryptocurrencies, announcing that it would offer access to bitcoin funds for wealthy clients with an aggressive risk tolerance.
April 2021: Africrypt Founders Disappear with $3.8 Billion in Bitcoin
In April 2021, the two founders of Africrypt, Raees Cajee and Ameer Cajee, disappeared with $3.8 billion worth of bitcoin, marking the largest scam in South Africa.
April 2021: Venmo Adds Cryptocurrency Support
On 20 April 2021, Venmo added support to its platform, enabling customers to buy, hold, and sell cryptocurrencies.
May 2021: Power Demand from Proof-of-Stake Blockchains
In May 2021, a study of the six largest proof-of-stake networks showed that the annual power demand from proof-of-stake (PoS) blockchains is on a scale equivalent to a housing estate.
May 2021: China Bans Financial Institutions from Providing Crypto Services
On 18 May 2021, China banned financial institutions and payment companies from providing cryptocurrency transaction-related services, causing a sharp fall in the price of major cryptocurrencies.
May 2021: Treasury to Require Reporting of Cryptocurrency Transfers Over $10,000
On May 20, 2021, the Department of the Treasury announced that it would require reporting to the IRS for any cryptocurrency transfer worth $10,000 or more. This measure addresses the facilitation of illegal activities like tax evasion through cryptocurrency.
June 2021: China Forces Out Bitcoin Mining Operations
In June 2021, China forced out bitcoin mining operations due to concerns over power usage and other factors, leading the United States to emerge as the top global leader in the industry.
June 2021: El Salvador adopts bitcoin as legal tender
In June 2021, El Salvador became the first country to accept bitcoin as legal tender, after the Legislative Assembly voted to pass a bill classifying bitcoin as such.
June 2021: Cryptocurrency Offered in US 401(k)s
In June 2021, cryptocurrency began to be offered by some wealth managers in the US for 401(k)s.
June 2021: Basel Committee Proposes Strict Capital Requirements for Banks Holding Crypto
On 10 June 2021, the Basel Committee on Banking Supervision proposed that banks holding cryptocurrency assets must set aside capital to cover all potential losses, requiring them to hold enough capital to cover the entire value of their bitcoin holdings.
June 2021: UK Financial Watchdog Demands Binance Cease Regulated Activities
On 27 June 2021, the UK financial watchdog demanded that Binance cease all regulated activities in the UK.
July 2021: Senator Warren Demands Answers on Crypto Regulation
In July 2021, Senator Elizabeth Warren of the Senate Banking Committee, addressed concerns about the increasing use of cryptocurrency exchanges and the potential risks to consumers, requesting the SEC chairman to provide answers on cryptocurrency regulation.
August 2021: Cuba recognizes and regulates cryptocurrencies
In August 2021, Cuba followed El Salvador by issuing Resolution 215 to recognize and regulate cryptocurrencies such as bitcoin.
August 2021: SEC Chairman Calls for Crypto Legislation
In August 2021, SEC Chairman Gary Gensler responded to Senator Warren's letter, advocating for legislation focusing on crypto trading, lending, and DeFi platforms. Gensler emphasized the vulnerability of investors trading on crypto platforms without brokers and raised concerns about stablecoins potentially bypassing traditional financial system regulations.
September 2021: China Declares All Cryptocurrency Transactions Illegal
In September 2021, the Chinese government declared all cryptocurrency transactions of any kind illegal, completing its crackdown on cryptocurrency.
October 2021: Systemic Risk Due to Bitcoin Concentration
An October 2021 paper by the National Bureau of Economic Research found that bitcoin suffers from systemic risk due to its concentration, with the top 10,000 addresses controlling about one-third of all bitcoin in circulation. The situation is worse for miners, with 0.01% controlling 50% of the capacity.
October 2021: Mastercard and Bakkt Collaborate on Cryptocurrency Services
In October 2021, Mastercard announced a collaboration with digital asset manager Bakkt to create a platform that would allow any bank or merchant on the Mastercard network to offer cryptocurrency services.
October 2021: First Bitcoin-Linked ETF Starts Trading
In October 2021, the first bitcoin-linked exchange-traded fund (ETF) from ProShares, ticker "BITO", began trading on the NYSE. ProShares CEO Michael L. Sapir stated that the ETF would expose bitcoin to a wider range of investors without the hassle of setting up accounts with cryptocurrency providers.
December 2021: Monkey Kingdom NFT Project Loses $1.3 Million in Cryptocurrency
In December 2021, Monkey Kingdom, an NFT project based in Hong Kong, lost US$1.3 million worth of cryptocurrencies due to a phishing link used by a hacker.
2021: Altcoins Definition
A Polytechnic University of Catalonia thesis in 2021 used a broader description of altcoins, including not only alternative versions of bitcoin but every cryptocurrency other than bitcoin.
2021: Cryptocurrency Market Reaches $2 Trillion
At the end of 2021, the total value of all cryptocurrencies was $2 trillion, before halving nine months later.
2021: Bitcoin's Estimated CO2 Emissions
By the end of 2021, bitcoin was estimated to produce 65.4 million tons of CO2, as much as Greece, and consume between 91 and 177 terawatt-hours annually.
2021: Cryptocurrency Businesses Suspected of Money Laundering in Moscow City
In 2021, Federation Tower in Moscow City was identified as a hub for cryptocurrency businesses suspected of facilitating extensive money laundering. These businesses, including Garantex, Eggchange, Cashbank, Buy-Bitcoin, Tetchange, Bitzlato, and Suex, were allegedly accepting illicit cryptocurrency funds from scams, darknet markets, and ransomware.
2021: Kazakhstan becomes the second-biggest crypto-currency mining country
In 2021, Kazakhstan became the second-biggest crypto-currency mining country, producing 18.1% of the global exahash rate.
2021: Ransomware Revenue Linked to Russia
In 2021, approximately 74% of ransomware revenue, exceeding $400 million in cryptocurrency, was associated with software strains likely affiliated with Russia, where oversight is limited. Despite this, Russians also actively adopted cryptocurrencies due to the ruble's instability, with President Putin supporting the use of cryptocurrencies to overcome the dominance of reserve currencies.
2021: Chainalysis Report on Illicit Crypto Transactions in 2021
In 2021, blockchain analysis company Chainalysis concluded that illicit activities like cybercrime, money laundering, and terrorism financing made up only 0.15% of all crypto transactions, totaling $14 billion.
2021: Criminals Laundered $8.6 Billion Worth of Cryptocurrency
In 2021, criminals laundered US$8.6 billion worth of cryptocurrency, up by 30% from the previous year, according to Chainalysis. Almost $2.2bn worth of cryptocurrencies was embezzled from DeFi protocols in 2021, which represents 72% of all cryptocurrency theft in 2021.
2021: Limited Awareness and Impact of Cryptocurrency Warnings
In 2021, research by the UK's financial regulator indicated that consumer warnings against cryptocurrency were either unheard or ignored. Few potential buyers were aware of FCA warnings, and many crypto users were unaware of the lack of statutory compensation protection. Additionally, almost 70% of respondents wrongly assumed cryptocurrencies were regulated, and younger investors were influenced by competition and social media.
2021: Global Cryptocurrency Regulation Landscape in 2021
In 2021, the Library of Congress reported varying legal statuses of cryptocurrencies globally. Nine countries had an absolute ban on trading or using cryptocurrencies, while 39 had an implicit ban. In the United States and Canada, regulators investigated "Bitcoin scams" and ICOs in 40 jurisdictions.
2021: Backlash Against Bitcoin Donations Due to Environmental Concerns
In 2021, there was a backlash against accepting donations in bitcoin due to its environmental emissions. Some agencies, including the U.S. arm of Greenpeace, stopped accepting bitcoin and turned to "greener" cryptocurrencies.
January 2022: IMF Seeks Coordinated Approach to Cryptocurrency Supervision
In a January 2022 interview, Tobias Adrian of the IMF emphasized the need for a coordinated, consistent, and comprehensive approach to supervising cryptocurrencies to maintain financial stability and harness technological innovations.
February 2022: Department of Justice Names First Director of National Cryptocurrency Enforcement Team
On February 17, 2022, the Department of Justice appointed Eun Young Choi as the inaugural director of a National Cryptocurrency Enforcement Team. This team was formed to identify and combat the misuse of cryptocurrencies and other digital assets.
March 2022: Executive Order 14067 of March 9, 2022, Ensuring Responsible Development of Digital Assets
On March 9, 2022, Executive Order 14067, Ensuring Responsible Development of Digital Assets was issued. This order was later revoked.
March 2022: Biden Issues Executive Order on Cryptocurrency
On March 9, 2022, President Biden issued an executive order aimed at balancing the promotion of a growing cryptocurrency industry with the prevention of illicit transactions. This directive sought to reconcile the conflicting goals of encouraging innovation while mitigating security risks associated with digital assets.
April 2022: Virgil Griffith Sentenced for Cryptocurrency Presentation in North Korea
In April 2022, computer programmer Virgil Griffith received a five-year prison sentence in the US for attending a cryptocurrency conference in Pyongyang. Griffith's presentation focused on how blockchains could be used for sanctions evasion.
May 2022: Reports of suicidal investors after Luna currency collapse
In May 2022, the collapse of the Luna currency operated by Terra led to reports of suicidal investors in crypto-related subreddits.
May 2022: Terra's UST stablecoin fell
On 11 May 2022, Terra's stablecoin UST fell from $1 to 26 cents. The subsequent failure of Terraform Labs resulted in the loss of nearly $40B invested in the Terra and Luna coins.
June 2022: Bill Gates says cryptocurrencies are "100% based on greater fool theory"
In June 2022, Bill Gates stated that cryptocurrencies are "100% based on greater fool theory".
July 2022: Department of Treasury's Framework for International Engagement on Digital Assets
In July 7, 2022, the Department of the Treasury's Framework for International Engagement on Digital Assets was released. This framework was later revoked.
September 2022: Interpol Red Notice requested for Terraform Labs founder
In September 2022, South Korean prosecutors requested the issuance of an Interpol Red Notice against the Terraform Labs founder, Do Kwon.
September 2022: Ethereum transition to Proof-of-Stake
On 15 September 2022, Ethereum transitioned its consensus mechanism from proof-of-work (PoW) to proof-of-stake (PoS) in an upgrade process known as "the Merge".
September 2022: Comprehensive Framework for Responsible Development of Digital Assets Released
On September 16, 2022, the Comprehensive Framework for Responsible Development of Digital Assets was released. This document was designed to support the development of cryptocurrencies while restricting their use in illegal activities, marking a significant step in cryptocurrency regulation in the US.
November 2022: FTX Trading Ltd. files for bankruptcy
On 11 November 2022, FTX Trading Ltd., a cryptocurrency exchange valued at $18 billion, filed for bankruptcy, impacting the broader cryptocurrency ecosystem and prompting calls for regulatory intervention.
2022: RenBridge Used for Laundering
In 2022, RenBridge, an unregulated platform for transferring value between blockchains, was found to be responsible for laundering at least $540 million since 2020. It was particularly used by individuals attempting to launder money from theft, including a cyberattack on the Japanese crypto exchange Liquid linked to North Korea.
2022: Concerns over Crypto Use for Sanctions Evasion Against Russia
In 2022, after Western nations imposed economic sanctions on Russia following its invasion of Ukraine, concerns arose that some crypto-transactions could be used to evade these sanctions. In March of 2022, American sources warned of the potential for crypto to bypass economic sanctions against Russia and Belarus.
2022: Ukrainian government raised over US$10,000,000 worth of aid through cryptocurrency
In 2022, the Ukrainian government raised over US$10,000,000 worth of aid through cryptocurrency following the 2022 Russian invasion of Ukraine.
February 2023: SEC Rules Kraken's Staked Assets as Illegal Securities Seller
In February 2023, the SEC determined that cryptocurrency exchange Kraken's staked assets, estimated at $42 billion globally, constituted the operation of an illegal securities seller. Kraken agreed to a $30 million settlement and to discontinue its staking service in the US.
February 2023: Median transaction fees for Ether and bitcoin
In February 2023, the median transaction fee for Ether corresponded to $2.2845, while for bitcoin it corresponded to $0.659.
March 2023: SEC Issues Alert on Crypto Asset Securities
On March 23, 2023, the SEC issued an alert to investors stating that firms offering crypto asset securities may not be in compliance with U.S. laws and that unregistered offerings may lack important information.
June 2023: Cryptocurrencies in the marketplace
As of June 2023, there were more than 25,000 cryptocurrencies available in the marketplace, with over 40 having a market capitalization exceeding $1 billion.
November 2, 2023: Sam Bankman-Fried Found Guilty on Seven Counts of Fraud
On November 2, 2023, Sam Bankman-Fried was pronounced guilty on seven counts of fraud related to FTX.
2023: Crypto mining CO2 emissions report
A 2023 IMF working paper found that crypto mining could generate 450 million tons of CO2 emissions.
2023: LiteBit ceases operations
In 2023, LiteBit, previously headquartered in the Netherlands, was forced to cease all operations on August 13th, "due to market changes and regulatory pressure".
2023: Stablecoins Regulatory framework in Hong Kong
In Hong Kong, the expected regulatory framework for stablecoins in 2023/24 is being shaped and includes a few considerations.
March 28, 2024: Sam Bankman-Fried Sentenced to 25 Years in Prison
On March 28, 2024, Sam Bankman-Fried was sentenced to 25 years in prison for seven counts of fraud related to FTX.
April 2024: Cook Islands Proposes "Tainted Cryptocurrency Recovery Bill"
In April 2024, TVNZ's 1News reported that the Cook Islands government was proposing legislation, the Tainted Cryptocurrency Recovery Bill, that would allow "recovery agents" to use various means including hacking to investigate or find cryptocurrency that may have been used for illegal means.
May 2024: US Congress Advances Digital Asset Regulatory Bill
In May 2024, 15 years after the advent of the first blockchain, bitcoin, the US Congress advanced a bill to the full House of Representatives to provide regulatory clarity for digital assets.
June 2024: EU's MiCA Regulation on Asset-Referenced Tokens and Electronic Money Tokens Comes Into Force
The EU regulation Markets in Crypto-Assets (MiCA) covering asset-referenced tokens (ARTs) and electronic money tokens (EMTs) (also known as stablecoins) came into force on 30 June 2024.
November 2024: Incoming Labour Government Confirms Regulation of Cryptoassets
In November 2024, the incoming Labour government confirmed it will proceed with the regulation of cryptoassets in the UK, and new requirements are expected in 2026.
December 2024: Remaining Aspects of MiCA Come Into Force
As of 30 December 2024, the remaining aspects of MiCA came into force, covering crypto-assets other than ART and EMT and CASPs.
2024: Dogecoin value plunge
By mid-2024, Dogecoin's value plunged to 13 cents, after a record high value of 73 cents.
January 2025: ESMA Issues Guidance for Crypto-Asset Service Providers
As of 17 January 2025, the European Securities and Markets Authority (ESMA) issued guidance to crypto-asset service providers (CASPs) allowing them to maintain crypto-asset services for non-compliant ARTs and EMTs until the end of March 2025.
January 2025: President Trump Revokes Digital Asset Policies
On January 23, 2025, President Donald Trump signed Executive Order 14178, Strengthening American Leadership in Digital Financial Technology, revoking Executive Order 14067 and the Department of the Treasury's Framework for International Engagement on Digital Assets. The order also prohibits Central Bank Digital Currency establishment and tasks a group with proposing a regulatory framework for digital assets within 180 days.
March 2025: ESMA Crypto-Asset Service Providers Deadline
As of January 17 2025, the European Securities and Markets Authority (ESMA) issued guidance to crypto-asset service providers (CASPs) allowing them to maintain crypto-asset services for non-compliant ARTs and EMTs until the end of March 2025.
April 2025: Cryptocurrency market capitalization
As of April 2025, the cryptocurrency market capitalization was estimated at $2.76 trillion.
2026: New UK Cryptoasset Requirements Expected
In November 2024, the incoming Labour government confirmed it will proceed with the regulation of cryptoassets in the UK, and new requirements are expected to come into force in 2026.
2027: Crypto mining CO2 emissions
By 2027, crypto mining could generate 450 million tons of CO2 emissions, accounting for 0.7 percent of global emissions, or 1.2 percent of the world total.
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