2021-11-4 18:16 |
The debate about the regulation of the cryptocurrency industry is still ongoing, and may not end soon. Several stakeholders in the market have offered advice on the best way to regulate the industry.
U.S. regulators are also seeking ways to develop the right regulatory framework that will set up clear rules for players in the sector. The regulators are looking for ways to minimize the increasing levels of money laundering in the crypto sector.
Managing Director APAC at ConsenSys, Charles d’Haussy, also aired his views during a CBNC interview. He believes that there should be regulatory clarity in the crypto industry, and it should involve several stakeholders from the financial sector and the regulatory bodies.
All stakeholders should be involvedHe says since technology keeps evolving, stakeholders should be acting in line with the improving technology. They should set up proactive measures that will take care of the fast-changing technology.
The regulatory clarity also has to take into account, both the retail and institutional traders, both of which make up the entire crypto market.
According to Charles, the right regulatory framework should bolster the crypto ecosystem and protect the users as well.
Opportunities for many financial marketsCharles also noted that the revolution of blockchain technology and digital assets has brought several opportunities for many financial markets. He also advised that all hands must be on deck to carry everyone along to provide the regulatory framework. Regulators from Asia, Europe, and other places should have an inclusive framework that will carry both legacy players and the fintech along.
Charles added that ConsenSys has been working with regulators since 2016. The aim is to ensure that the right regulatory framework will bolster market integrity and confidence. He said it will maximize the benefit of blockchain technology for all stakeholders.
The post ConsenSys advocates for the right regulatory framework in the crypto industry appeared first on Invezz.
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