Entrepreneur got a loss for crypto regulations

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October 25, 2018 by
Entrepreneur got a loss for crypto regulations

 

More and more crypto entrepreneurs in these days are coming to the conclusion that the crypto market must become a regulated asset class before institutions such as traditional asset managers, pension funds and Wall Street investors are the main causes that can make serious moves in the market.

It is better to an example, speaking with Reuters in an interview in London on Monday, a CEO of Circle, Jeremy Allaire suggest that regulation of the crypto space should be introduced in an effective and controlled manner with the help of an international group like G20 group of countries by saying that “Ultimately there needs to be normalization at the G20 level of critical crypto related regulatory matter.”

The CEO of Circle take initiative from FATF and said this represents “a good start”, in addition to this he also said more about it in detailed regulations which are particularly related to initial coin offering (ICOs) and exchanges by saying:

“When it comes to token offering, how should they be related? Which token offering are securities, which are not?…The trading venues are they like spot commodity market that need to have rules in place around market manipulation?”

The intergovernmental organization also said that the governments worldwide would have to license or otherwise regulates crypto exchange and related companies which can help to prevent terror financing and money laundering from occurring. The Financial Action Task Force (FATF) is also a global watchdog for the prevention of money laundering and on Friday it would draft new rules regarding the criminal use of digital assets by June next year.

Regulation might encourage bulls

According to a former banker, Daniel Santos, who is also running Digital Asset Rating Agency out of Singapore, a regulation is required for the bullish sentiments to return in the market.

Circle is not only the one calling for more regulation of the cryptocurrency market.

In a report by Bloomberg, he also explained that “If the cryptocurrency market is ever to establish itself as a credible alternative asset class, it will need a set of rules that will weed out fraudulent activity and encourage the stable growth, which should attract the deep pockets of institutional investors.”

Meanwhile, the Eoin O’Shea, a former compliance chief at Credit Suisse Group AG who now run the Temple Grange Partners a consultancy, also said that the authorities need to have a look first to see that how existing rules can protect the investors to apply.

As the demand for regulations grows day by day and there are very small number of countries have sought to position themselves as hubs for the future ecosystem surrounding digital assets. Among all of them are Singapore, Malta, and Lithuania which have all taken a proactive approach to create a framework for the industry to develop within.

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