Cryptocurrency Companies Want Easy Regulations
Regulations are a must for any major financial currency, and the cryptocurrency companies of the world are in total agreeance of that. They’re not in favor of strict policies, however, which could lead to lowering the value of the various crypto tokens on the market. Most of the companies out there see regulations as a serious issue, but the big-name currencies tend to desire them rather than despise them.
Nearly ninety percent of the cryptocurrencies want regulation. Almost a third fear a crash, and nearly a fifth want anonymous usage gone. All can agree there is too much illicit activity on the exchanges, dark web and other areas which use cryptocurrency. The illegal trade and purchasing of weapons, drugs or even worst is giving a bad name to the cryptocurrencies who are straight. Even so, none of the cryptocurrencies want strict regulation. But with mainstream adoption, regulations are a must.
Cryptocurrency companies in Europe and Asia recently participated in a survey, as did South America. They all desire regulations in their nation, and some type on a worldwide scale – but they are afraid of it having a negative effect on the industries daily trade of $100 Million USD in total currency. Big players in the crypto game know regulation is coming, but none of them are thrilled about hard policies cutting into their profit. Fear of the unknown is stopping the progress of quality regulations. And, even if regulations are put into place that are too hard, many users will simply go underground, another fear of the biggest cryptocurrency companies in the world.
One of the most important reasons for regulation is to take cryptocurrency out of the bad spotlight. In the eyes of many people in the mainstream market, crypto holds a negative connotation. People think it’s like a financial wild west or worst, with illegal activities written all over it. But that can’t be further from the truth, most of the cryptocurrency companies are legit, only looking to see the market mature as it must.
Another issue needing to be addressed is the strict pressure financial institutions have placed on cryptocurrency. Nearly half of all cryptocurrency companies see acceptance by the banks and government institutions as the most powerful response mainstream entities could have on cryptocurrency. For acceptance however, cryptocurrency companies will have to find a way to ensure illicit activities like money laundering will cease to exist.
What are your thoughts on regulations? What needs to happen to see the industry mature? Leave your opinions in the comment section below.