The increased regulation of the crypto industry recently could become normal in the future.
In the past few years, supervisory authorities around the world have increasingly targeted the crypto industry, creating a little more clarity in gray areas and punishing crossings
Although crypto currencies are being increasingly regulated, the attitude of the regulatory authorities towards them has hardly changed, at least that is what Alex Wearn, CEO and co-founder of the IDEX crypto exchange, thinks.
“The regulation of cryptocurrencies itself has not really changed in the past few years,” as Wearn accordingly stated to Cointelegraph. In this regard, he adds: „Rather, law enforcement has increased in this area, which helps companies and entrepreneurs to understand what they are allowed to do and what not.“
The crypto industry, which has long been viewed as a kind of “Wild West”, has matured in recent years. During the big hype of 2017, the crypto markets went through a period of excessive speculation that reached a questionable climax with Initial Coin Offerings (ICO), a method of raising capital for crypto companies. Reason enough for the supervisory authorities to pay more attention to the industry.
In the meantime, the headlines about crypto regulation are almost daily, because government interventions are increasing recently
A prominent example of the past few weeks is that the US Department of Justice and the regulator for derivatives trading (CFTC) have brought charges against the large crypto trading platform BitMEX. Aside from law enforcement, the US authorities also clarified some time ago regarding the custody of crypto currencies by banks. In addition, many governments are now trying to launch their own central bank digital currency (CBDC) in order to get involved themselves if possible.
„Crypto regulation is still in its infancy, but in the last year we have seen great strides in the form of crypto taxation and central bank digital currencies,“ said Sasha Ivanov, CEO and founder of the blockchain platform Waves, the latest developments assesses. And further:
“Regulation will be an important issue for the crypto industry next year. It is only a matter of time before more and more regions have to comply with their regulatory requirements. But the right kind of regulation is a good thing for the industry. Waves wants to be at the forefront of the emerging dialogue and help shape future regulation of the crypto industry. “
The governments and authorities of several countries have in recent weeks plans and specifications for the regulation of crypto currencies presented .