The cryptocurrency market stays largely unregulated in numerous components of the world.
The cryptocurrency market has grown to turn into one of many largest monetary markets on this planet. The market reached an all-time excessive of $3 trillion in November 2021, indicating the large potential inside the ecosystem.
Nevertheless, the crypto market stays largely unregulated in numerous components of the world. Regulators are nonetheless engaged on numerous methods to correctly regulate the actions of cryptocurrency corporations.
Blockchain.com CEO Peter Smith informed CNBC in a latest interview that there have been enhancements in regulating the actions of cryptocurrencies. He stated;
“We’ve been working on regulations since 2014, and we are not done yet. I don’t think it is going to be a 2022 story, I think it will take a few more years. We are really active with policymakers around the world. We have a dedicated policy and compliance team and a legal team that works on licensing.”
He added that he believes there have been enhancements within the regulatory elements of the cryptocurrency house. The outlined strategy in Germany, Dubai, Singapore, the Netherlands and a few US states exhibits that there are constructive enhancements by way of regulation.
Nevertheless, Smith added that;
“It will take a few years before we get some definitive answers to some regulatory questions.”
When requested about buyer id throughout cryptocurrency transactions, Blockchain.com’s CEO stated the corporate follows all of the set anti-money laundering and KYC rules.
Nevertheless, he stated there are some cryptocurrency corporations that don’t observe the foundations. Smith referred to as on regulators to implement the foundations constantly to make sure that the cryptocurrency market is pretty regulated.
The cryptocurrency market has misplaced greater than 50% of its worth since hitting an all-time excessive of $3 trillion in November 2021. At press time, the overall cryptocurrency market cap stands above $1.3 trillion.
Bitcoin stays across the $30k area, down from the $69k all-time excessive it achieved late final 12 months.
by way of Cointojournal