Despite the fact that regulators in different countries are beginning to gradually regulate the cryptocurrency industry, there have been no significant innovations so far. However, industry participants believe that this will change in the future.
“Cryptocurrency regulation has not changed much in the last few years. We have only seen increased enforcement of the law and clearer guidance from regulators. I think that fines and bans will continue, which will allow companies and entrepreneurs to understand what can be done in the cryptocurrency industry and what can not be done, ” said Alex Wearn, co-founder and CEO of the IDEX decentralized exchange.
The CEO of the Waves platform, Alexander Ivanov, believes that the regulation of the industry is still in its infancy. Although on some issues, regulators work more closely, for example, attention is paid to the regulation of state-owned cryptocurrencies and tax policy on digital assets.
“Regulation will be one of the main topics in the cryptocurrency industry in the coming years. It is only a matter of time before the industry is regulated in a wide variety of countries. And the right position of regulators in this regard can help the development of the cryptocurrency space. Waves hopes to be at the forefront of this process, to engage in a dialogue between industry representatives and regulators, and to help shape regulatory norms in the blockchain industry, ” he said.
Recently, it became known that the Securities and Futures Commission of Hong Kong (SFC) plans to introduce regulation of all cryptocurrency exchanges in the city, and the Financial Services Commission of South Korea (FSC) has banned local trading platforms from providing services related to anonymous cryptocurrencies.