- Economies all over world should try to coordinate their efforts towards the regulation of digital currencies.
- Japan and Malta are among the few countries that have been very progressive with regulations.
Regulations have been known promote the legitimacy of new industries around the world. Cryptocurrency enthusiasts have in the past few years been very progressive towards the introduction of regulations for the digital assets market. However, the disparity in the regulations in different countries is presenting lack of uniformity and different standards and rules.
The CEO of Circle, Jeremy Allaire is reported to have made a comment with regards to regulations in the crypto market. Allaire reckons that the all the economies all over world should try to coordinate their efforts towards the regulation of digital currencies. Currently, various jurisdictions have different regulations. At the same time, some jurisdictions to not have regulations at all. The CEO Goldman Sachs-backed digital financial firm was speaking during an interview with Reuters.
Coordinated regulations will help the world to adopt the changing environment of the crypto assets. Japan and Malta are among the few countries that have been very progressive with regulations and continue to set the pace. Besides, regulations bring forth a high level of flexibility. Allaire is hoping that the G20 Group of countries will be instrumental towards the realization of coordinated crypto space guidelines.
While commenting on the issue of tokens Mr. Allaire said:
“When it comes to token offerings, how should they be treated? Which token offerings are securities, which are not?” He continued “The trading venues – are they like spot commodity markets that need to have rules in place around market manipulation?”
Regulations protect the interest of customers. In addition to that, they increase accountability of the digital currency companies. A stable environment will create the foundation for growth and will have great impact in the global economy.
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