It’s Time For Cryptocurrency Regulation, Says deVere Group
The cryptocurrency market in general, and perhaps the bitcoin market in particular, has been operating in a “Wild West” kind of environment for some time now. Virtually anyone with a little bit of computer savvy can create their own cryptocurrency, by some reports. That, along with the various issues of exchanges, breaches and more has led to an environment where stability isn’t exactly on hand. The deVere Group’s CEO Nigel Green recently came out on the side of law and order in cryptocurrency, saying that not only was such regulation “necessary,” but it also should be welcomed.
Regulation is already getting fired up the world over; South Korea’s Finance Supervisory Service has the broader government’s cooperation in regulation plans, while regulators in Switzerland, Zambia and Spain, among others, have plans of their own. Regulations are targeting everything from Initial Coin Offerings (ICOs) to issues of blockchain, and will likely make a much more straitened picture than the one we see today.
Green himself further noted “Robust regulation that is devised, implemented and enforced by international financial regulators will mean further protection for the growing number of people using cryptocurrencies, the less likely it will be that criminals will use these digital payment methods, the less potential risk there will be for the disruption of global financial stability, and the more potential opportunities there will be for higher economic growth and activity in those countries which introduce it.”
It’s easy enough for the libertarians out there to be skeptical of such “robust regulation.” But given the sheer numbers of people who haven’t filed any tax documents on crypto gains—or even on crypto losses—it’s likewise easy enough to see that such regulations had to be forthcoming. There was no way that governments were going to continue to allow such a juicy plum to continue roaming around unsampled. And on a certain level, some regulations might well be useful; cut down on some of the nonsense cryptocurrencies out there, establish some basic protections at the exchange level, and similar things could be useful for the cryptocurrency investor.
What this proves more than anything, however, is how mainstream this market now is. Once thought useful only for criminals, regular people are starting to get involved, and that’s likely going to push this market upward significantly.