The world of crypto is rocked by further volatility but the most important to remember is that it is not going anywhere.
Faced with this, the choice is limited for regulators but for to get crypto currencies and crypto trading platforms into the regulatory realm. This is somehow ironic considering that Bitcoin was created specifically to operate as a decentralised currency on a deregulated peer-to-peer network.
The crypto currency system is slowly taking hold because it can also be mixed on platforms with other advantageous tools like smart contracts and provenance and ownership blockhain trackers.
Too much upheaval could slow down the faith in tech developments that could ultimately be beneficial to trade; and it is also in the public interest for controls to be set in place if cryptos are being offered to less sophisticated members of the general public.
The Hong Kong's SFC is looking at measures, especially in the light of recent disruptions on the OKEx. In an earlier post, I highlighted that central banks and the IMF are also interested in setting out controls.
There is much to look forward to for Brenda.
Pressure is building on regulators to increase their oversight of cryptocurrencies following a $15bn crash in bitcoin and irregularities at one of the world’s largest virtual trading platforms.