Cryptocurrency exchanges feel regulation will break fear of market crash
August 3, 2018 9:44 am,
A survey conducted by Mistertango the first friendly cryptocurrency payment company revealed that among 10 companies dealing in cryptocurrency payment 9 companies are in favor of regulation. The survey was conducted to have a detailed study and determine cryptocurrencies exchanges attitudes towards regulation and how the industry could move toward a more mature market, they surveyed 24 different cryptocurrency exchanges from South America, Australia, and Europe, each cryptocurrency exchange grossing $100 million per day in trade.
The survey conducted came out with the result that, more than 88 percent of the exchanges want the industry to be regulated, as they believe that it will break fear of market crash, according to which only 30% of the respondent, represents the largest threat to the industry and 17% suggest that overly aggressive regulation would culminate in the industry.
Business Manager of Mistertango said, “The industry is appealing and crying out for regulation and the response from partners has shown this. The biggest fear is Uncertainty, and regulation is critical to provide the stability we need. There is no regulatory consensus – worldwide. Cryptocurrencies to move towards the scale and commonly possessed fiat currency, it needs cohesive, comprehensive and considered regulation. Therefore, regulation will become a catalyst, not an inhibitor to the cryptocurrencies market development.”
The survey further revealed that half of those surveyed cryptocurrency exchange companies want people dealing in cryptocurrencies to adhere to KYC checks and AML, just for those who use the traditional banking system. CEO of CEX.io, Oleksandr Lutskevych a multi-functional cryptocurrency exchange said: “The industry is too aware that regulation will lead to the maturity of the market and ensure whether the business remains free from suspicion of involvement with illegitimate uses of cryptocurrency.”
According to a report by the local newspaper, NASDAQ held a closed-door meeting with the top management of major crypto exchanges and legacy financial firms to discuss the regulation of cryptocurrency, earlier this week. Although the outcome of the meeting is yet to be revealed, reports suggest that regulation of the industry is imminent.