Countries in Latin America and Asia, in particular, are expected to follow El Salvador’s lead and accept bitcoin as legal tender next year, but most countries are also expected to develop stricter regulations.

Looking ahead, Sebastian Markowski, Chief Strategy Officer of Coinsource, noted that while regulation is generally a good thing, it must be reasonable and fairly applied to all.

“The industry is well on its way to raising the standards by which it measures compliance, but there needs to be a dialogue between experts on both sides of the regulatory debate,” Mr Markowski said.

“Rogue activity in the crypto space has been in sharp decline for several years. Equalization by regulation – like the one in EU with MiCa – will create a level playing field that will allow continued growth in the long term.

"We hope the US will soon follow suit, providing regulatory clarity and guidance that will keep it afloat as a key hub for global crypto innovation," added Mr Markowski.

Similarly, Vitek Radomski, co-founder and CTO of Enjin, believes all eyes will be on the evolving regulatory landscape in 2022.

"Moves by China and the US Securities and Exchange Commission (SEC) will be a major talking point, as well as smaller countries such as the Netherlands talking about banning Bitcoin." Compliance and education are key,” Mr. Radomski said.

And while he doesn't see regulation as an existential risk to crypto, he noted that adoption could be much slower if countries take a more adversarial stance.

Mr. Radomski warned that "short-sighted regulators and overbearing legislation are stifling growth."

However, experts agreed that the mass adoption of crypto will continue in 2022.

Maja Garatsa Djurdjevic

Maya's career in journalism spans more than a decade in finance, business and politics. Now an experienced editor and reporter in all elements of the financial services sector, before joining Momentum Media, Maya reported for several established news outlets in South East Europe, looking at key processes in post-conflict societies.