Marcus Hughes, Coinbase’s lead executive believes the year 2019 will bring ‘regulations on Bitcoin’ across the world, particularly in Europe.
Huges Predicting Positive Outcomes from Regulations
Discussing at the Forbes Interview, Chief Counsel of Coinbase, the leading Bitcoin Exchange and Wallet service, Marcus Hughes said that the regulatory frameworks will shape the future of Bitcoin. Noting Bitcoin regulations across the world, he specifically noticed Europe to see a big move in terms of crypto regulations. Hughes said in an interview
“Within the next year or two, we’ll see big developments. Regulation will take shape this year, particularly in Europe.”
Crypto regulations ring a fearing bell for crypto enthusiasts across the various countries. While the ban is not a favorable solution, many enthusiasts, analysts, and companies expect authorities to form favorable regulations that would likely encourage adoption and innovation.While Mr.Hughes thinks 2019 as the year of better regulations for Bitcoin and cryptocurrencies, the other fame personality of the crypto market, ‘jalak jobanputra, a founder of NYC based Venture Capital Fund, Future Perfect’ voiced that 2018 was the year of regulations. She further urged that the year 2019 will be a better year for cryptocurrencies.
— CoinGape (@CoinGapeMedia) January 3, 2019
Crypto In European Countries (E.U)
Mr.Hughes during an interview strongly notes ‘Europe’ to see a big move in terms of regulations. Nevertheless, it is worth to note that the European Banking Authority (EBA) insists for ‘efficient crypto regulations to safeguard investors across the bloc while also approaching fair rules for cryptocurrency operations across European Unions.
“We could end up with E.U. member states creating their own crypto laws, but it’s certainly possible we’ll get a unified approach in Europe. It would make the life for companies like Coinbase a lot easier.’, said Hughes.
Furthermore, the meteoric rise of Bitcoin price in late 2017 has raised the eyebrows of crypto enthusiasts as well as scammers. Henceforth the eyebrows of regulators too. Although the crypto market experienced an unexpected decline during last year, some of the leading banks are still seeing huge potentials in crypto space. Hughes cited the uncertain regulations are holding these banks from adopting the wider perspective of crypto, yet they’re keen to indulge in a space’.
“As the industry matures and is better regulated it will need the talent and experience to manage it, Hughes thinks.”Regulation will help a lot, in particular around custody offerings. These things take time. Clients of investment banks will expect regulation to be in place.
While Binance Boss, CZ remarks that he doesn’t look at the price until someone informs the same to him, chief counsel of Coinbase admitted that he does have check regularly.
He further states that ‘Coinbase exchange considers a long view on cryptocurrency prices’.
“We need to move beyond the speculation phase of bitcoin and cryptocurrency to the utility phase. The utility phase will mean bitcoin and crypto becomes more widely accepted and understood.”