Association with the dark web, high volatility, and even decentralized nature did not stop the crypto-verse from soaring. However, while some flock into the industry, hoping to veer away from the traditional centralized financial systems, a few others have been sitting on the fence considering the lack of regulations surrounding the crypto market.
Just as the crypto industry began to develop in popularity and value, governments worldwide started to take a more comprehensive look into it. Yet, this does not mean that the market was regulated now. Instead, governments are still probing the pros and cons of letting the digital asset world persist. Some countries have been vocal about how they did not want anything to do with virtual assets.
eToro’s CEO, Yoni Assia, was against this as he believed that governments were required to study the market and understand cryptocurrencies before blatantly banning them. Speaking with Financial Times, Assia pointed out that cryptocurrencies were here to stay, and regulators had to come to terms with that.
Noting the importance of regulations surrounding the industry, he told Financial Times,
“We are seeing a significant increase in the interest of retail investors and traders in the crypto market. As a part of that growth we should expect also regulators to carefully look at this growing business of retail investors in the crypto markets.”
Crypto regulations to make headway in France?
While the UK has been witnessing the departure of several digital asset platforms, the Bank of France’s governor Francois Villeroy de Galhau suggested that the government had to speed up its regulatory process.
With the industry’s exponential growth, the governor asserted that the European Union had just one or two years to regulate the digital asset space. If it failed to do so, then the EU would be risking an “erosion of our monetary sovereignty.”
The governor added,
“I must stress here the urgency: we do not have much time left, one or two years. On both [digital] currencies and payments, we in Europe need to move as quickly as possible.”
Every country seems to be seeking regulations on the fast-paced crypto industry. However, the market isn’t very small or easy to understand. Deep learning and dissecting the industry’s potentials could give lawmakers and the public feasible regulations.