I think it's that the first world countries see the writing on the wall and don't want to lose out on a possible silicon valley 2. The lower list sees crypto as a challenge to their corruption and authority they don't want things to change and will keep it down.
China is an exception. The Chinese government is well aware of the potential in cryptocurrency, but want to utilize it indigenously.
I think that's why it created it's own digital currency.
Are those countries with certain circular/memorandum from their central bank regarding bitcoin and cryptocurrencies count as a form of 'legality' or even 'formality' in this case? If so, the Philippines would be one of them. Only recently, people have been receiving certain bans and suspension on their accounts on a prominent exchange due to the BSP (Bangko Sentral ng Pilipinas or the Central Bank of the Philippines) memo regarding fraud and anti-money laundering concerns.
This particular publication expresses the BSP's concern regarding the rise of bitcoin and other cryptocurrencies, so the Philippines should somehow be on that list.
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