While government regulation may end up not being the best for the crypto industry, I guess it would finally have to happen sometime not too far from now. In my opinion, there would be an implosion or self-destruct in the industry if some form of barricade in terms of regulations isn't introduced in a short while. You may ask why? First is the volume of 'unchecked' projects that make their way into the industry everyday. Besides the catastrophic Terra, there are tons of projects such as Chronoly which is involved in NFT watches; Toklok which is a blockchain based social media platform; and several others in move-to-earn and play-to-earn categories.
The incessant hacks, liquidations and the resultant loss of investor funds are issues that also calls for some supervisory oversight of the market. According to the FSB: "The FSB is working to ensure that crypto-assets are subject to robust regulation and supervision. The recent "turmoil" in crypto markets highlights the intrinsic volatility and structural vulnerabilities as well as the increasing interconnectedness between crypto markets and the traditional financial system."
But guess we'd have to await the recommendations of the Financial Stability Board come October to know what regulations would be put in place which would cover stablecoins and other digital assets.
[link] [comments]
source https://www.reddit.com/r/btc/comments/vwqpyf/what_kind_of_regulations_do_you_expect_from_the/
No comments:
Post a Comment