Crypto exchange eToro predicts more crypto regulation ahead
Amidst times where regulators are not too keen on the crypto sector, we have to wonder if their perception will change any time soon. Many countries have been taking note of the growth of cryptocurrencies and adoption among institutions and people has been rising exponentially. Yet government authorities are rather cautious.
In a recent interview with the Financial Times, Yoni Assia, eToro founder and Chief Executive Officer shared his thoughts on the current crypto landscape.
Assia believes that the rising participation from retail and small investors can push the regulators to lose their pessimism about crypto and reconsider oversight of the crypto industry. He is expecting strict(er) regulations if interest will continue to grow.
The CEO was quoted:
“We are seeing a significant increase in the interest of retail investors and traders in the crypto market. As a part of that growth we should expect also regulators to carefully look at this growing business of retail investors in the crypto markets.”
Recently, the Financial Conduct Authority in the United Kingdom ordered Binance to cease all activities. This decision by the authorities sent a wave of panic among crypto users in the country and businesses. Although increasing regulations around crypto is not new,
Although recently, major crypto exchange Binance ceased its activities in the United Kingdom following pressure from the Financial Conduct Authority, Assia stressed that the time has really come for regulators to accept that crypto is a serious player and is not just going away:
“The most important thing for regulators is to understand crypto, and understand that it is here to stay.”
Assia noted some caution and said that not only regulators need to dive into crypto to fully understand. The same logic applies to investors as there is volatility that is still an important reality of the game to be considered:
“An asset that went up 100 per cent can very easily go down 50 per cent. There’s no doubt that if something went up 1,000 per cent it’s very volatile, and you should understand that as part of your portfolio allocation.”
A lot of countries are tightening up with regards to crypto, with China developments at the center of attention. On the other end of the spectrum, we have El Salvador that recently made Bitcoin legal tender. We will be interested to see what will happen to regulators if Bitcoin and other cryptocurrencies will recover from its current dip and set to continue the bull-run. Bitcoin’s price is seeing an upward trend as of late and is trading at $34,869.91 according to CoinMarketCap data.
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Author: Peter Siu