Thousands of Cryptocurrency Developers Flee US for Greener Pastures Amid Negative Attitude

He stated that other countries are taking advantage of the vacuum left by the US, and that there is now "real growth" in the sector.

While some US lawmakers want to set rules for the cryptocurrency market, regulators have taken a tougher line due to fears of money laundering and fraud.

Smith also mentioned that EU ministers recently approved measures to prevent tax fraud using cryptocurrencies.

Additionally, he said that regulators around the world have expressed concern over the lack of regulation over cryptocurrencies, but there is a trend towards regulating the sector in many countries.