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We constantly hear about exchanges recoiling in horror when crypto regulations are mentioned, but it seems that more are welcome to the on-going regulatory process than once thought. The majority of exchanges want crypto regulations, although others see excessive regulations as a major threat to the industry going forward.
Surprising findings on crypto regulations
Although crypto regulations are welcomed by 88% of exchanges, 17% thought that overly strict rules and regulations are a massive threat, while 40% believe that lifting the barriers that stop crypto activities by banks would usher in the acceptance of crypto more rapidly.
The survey was conducted by Mistertango, which is a payment company based in Lithuania, who have been in contact with 24 crypto exchanges from across the world for the survey who have a daily trading volume of over USD 100 million. The reason for the survey was to find out the attitudes of exchanges to the onset of crypto regulations and the on-going issue of anonymity in the industry.
When talking about the results of the survey, the business manager at Mistertango, Gabrielius Bilkštys, said that “The industry is crying out for regulation and the response from partners has shown this”.
Bilkštys went on to talk about how uncertainty is the biggest fear for the market and that exchanges welcome regulations to provide the stability the market needs moving forward. Bilkštys touched on the importance of regulations to the industry by saying “For cryptocurrencies to move towards the scale and ubiquity possessed by fiat currency, it needs cohesive, considered and comprehensive regulation. Thus, regulation will be a catalyst, not an inhibitor to the crypto market’s development.”
It is routinely reported that exchanges fear crypto regulations, but in many cases, that couldn’t be further from the truth. The CEO of the exchange, CEX.IO, Oleksandr Lutskevych, recently talked about how it is a misconception that exchanges fear regulations, “Until now, the industry has not had its say on regulation […] The industry is all too aware that regulation will lead to the maturity of the market and ensure businesses remain free from suspicion of involvement with illegitimate uses of cryptocurrency.”
Survey calls for the removal of bank barriers
Although some think more regulations are a bad idea, the results of the survey project the need for crypto regulations to give the industry stability, one of the key statistics from the report is that exchanges would like to see a change in philosophy from major financial institutions towards crypto. A massive 40% believe that a change in attitude from banks would have a massive impact on the acceptance of crypto in the mainstream markets.
It would seem that the exchanges in most cases would be fine with the implementation of policies that deal with ‘knowing your customers’ and anti-money laundering laws, even though the issue of anonymity is important to users. 55% of the exchanges in the survey said that crypto users should be checked for KYC and AML.
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