The crypto sector will be further regulated, with a number of executives in place
„The regulations, provided they are adequate, are actually a good thing for the cryptocurrency industry,“ explains Waves CEO
In recent years, regulators around the world have increased their control over the cryptocurrency sector, clarifying grey areas in legislation and prosecuting offenders. Although major steps have been taken in terms of regulation, the authorities have not really changed their position: this is the opinion of Alex Wearn, CEO and co-founder of the decentralised exchange IDEX.
During an interview with Cointelegraph, Wearn said:
„In itself, crypto regulation hasn’t changed much in recent years. Instead, we have seen an increase in coercive actions and more guidance from regulators. […]
I believe we will continue to see coercive action to help companies and entrepreneurs understand what types of activities are allowed and what are not.“
Once considered a sector without rules, the cryptocurrency industry has matured considerably since the very first years. After 2017 characterised by crazy speculation and incredible fundraising campaigns, a number of national and international authorities have intervened to bring the sector into line, probably one of the reasons why the price of many cryptocurrencies has fallen since 2018.
Today, about three years later, the regulation of cryptocurrencies is a common goal for almost all governments. Recently, the US Department of Justice and the Commodity Futures Trading Commission filed a complaint against the well-known BitMEX crypto derivatives exchange. Also in the United States, the Office of the Comptroller of the Currency has established clear guidelines for the safekeeping of crypto currency by banks.
Meanwhile, the biggest powers on the planet are competing for the launch of their own Central Bank Digital Currency (CBDC).
In this regard, Sasha Ivanov, CEO and founder of Waves, told Cointelegraph:
„Crypto-currency regulation is still in its infancy, but last year we saw some important developments in CBDC and fiscal policies.
Regulation will certainly be an area of strong interest for the crypto sector from next year. It is only a matter of time before an increasing number of jurisdictions are setting regulations.
Regulation, provided it is appropriate, is actually a good thing for the crypto industry. Waves wants to be at the forefront of this, helping to shape the future of blockchain regulation“.