According to CEO and co-founder of decentralized crypto exchange IDEX, Alex Wearn, regulatory bodies across the globe have increased their scrutiny of the cryptocurrency space. In spite of the fact that the industry has seen a lot of regulatory action, authorities have not really changed their positions.
Wearn told Cointelegraph that the Crypto regulation itself hasn’t really changed the last few years. And he also added: “Instead what we’ve seen is an increase in enforcement actions, and stronger guidance from regulatory bodies. I believe we’ll continue to see enforcement actions that help businesses and entrepreneurs understand what types of activities are allowed and what are not.”
Once considered the Wild West, the crypto industry has matured in many ways. And after a year, hype and fundraising in 2017, many international authorities stepped in while the digital asset markets underwent a multiyear decline.
We have seen an increase in governmental action in recent weeks. For example, the United States Department of Justice and the Commodity Futures Trading Commission recently brought charges against major crypto derivatives exchange BitMEX. Regulatory authorities have clarified certain guidelines, and many countries view digital asset technology as important, for the reason that they each essentially compete in a race toward their own central bank digital currency (CBDC).
The CEO and founder of blockchain-based token building platform Waves, Sasha Ivanov, noted:
“Regulation is certainly going to be an area of focus in the crypto space going into this next year. It’s only a matter of time before an increasing number of jurisdictions adhere to regulations. The right kind of regulation is actually a good thing for the crypto space. Waves wants to be at the forefront of the emerging dialogue, and help shape the future of regulation in the blockchain space.”
This was reported by cointelegraph.com on November 06,2020.