Need For Crypto Rules To Address These Issues, Says WEF
Story: Divya Sinha
According to a panel of regulators at the World Economic Forum's annual meeting, cryptocurrency regulation is very necessary for the crypto space.
This is in order to protect crypto space from money laundering and other financial crimes, similar to what is required for the traditional banking industry.
Monetary Authority of Singapore chairman said that regulators need to be careful to avoid legitimising ‘purely speculative’ activity in their rush to regulate the industry.
He added it’s important to provide ultra-clarity to what’s an unregulated market and “if you go in, you go in with your own risk? I lean more to the latter view.”
The Bank of France governor said it is of the “utmost priority” that regulators put rules in place for cryptocurrency companies and other non-bank financial firms.
However, he added that a total ban on cryptocurrency is “a bit exaggerated”.
At the press time, the Bitcoin price is $21,275.89 and is up by 22.08% in 7 days.