Despite the fact that regulation from different countries are beginning to regulate the cryptovoltaic industry little by little, there have been no significant innovations so far. However, industry participants believe that this will change in the future.
“Cryptovacurrency regulation has not changed much in the last few years. We have only seen stronger enforcement of the law and clearer guidelines from regulators. I think fines and bans will continue to be imposed, which will allow companies and entrepreneurs to understand what can and cannot be done in the cryptovalue industry,” said Alex Wearn, co-founder and CEO of IDEX, a decentralized exchange.
CEO of Waves platform Alexander Ivanov believes that the industry regulation is still in its infancy. Although regulators are working more closely on some issues, for example, attention is paid to the regulation of government cryptov currencies and tax policy in relation to digital assets.
“Regulation will be one of the main topics in the cryptovoltaic industry in the coming years. It is only a matter of time before the industry is regulated in various countries. And the right position of regulators in this regard can help the development of the cryptocurrency space. Waves hopes to be at the forefront of this process, to participate in a dialogue between representatives of the industry and regulators and to help in the formation of regulatory standards in the industry,” he said.
It recently became known that the Hong Kong Securities and Futures Commission (SFC) plans to regulate all cryptovoltaic exchanges in the city, while the South Korean Financial Services Commission (FSC) has banned local trading floors from providing services related to anonymous cryptovoltaic exchanges.