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Industry Players talk Crypto Regulation in 2023

Altszn.com by Altszn.com
February 27, 2023
in Blockchain
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Industry Players talk Crypto Regulation in 2023
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So far 2023 has been a seismic year for crypto. The New Year saw an end to a difficult bear market, and February has seen an onslaught of moves by global regulators.

Just today it was rumoured that Gary Gensler’s SEC had decided to categorise all digital assets other than Bitcoin as Securities.

In the wake of the news, industry players gathered at London’s annual Blockchain Economy Summit to discuss what’s next for crypto.

At the heart of the regulatory conversation is the idea that exchanges need to work hand-in-hand with regulators to protect innovation. This means four things: Communication, stabilising markets, increased transparency, and better security.

Exchanges Need Transparency

Delphine Forma – Senior Compliance Manager at BitMEX exchange – explained that CEX’s need to open up transparency to users to help manage risks.

“Transparency is a big topic, especially after FTX – there is a big discussion around Proof of Reserve – we need to show what is happening inside and be more transparent about everything we do,” said Forma.

“We do what we can in compliance, through our coin listings we strive to ensure a good product, but we need a good customer.

“[And this means] customer education – teaching users how to protect themselves”.

Michelle Maiuri – Marketing & Growth Director at Deepcoin Exchange – agreed. Adding that she anticipates customer education to be at the heart of progress in 2023.

“[2023 will be] all about education and regulation,” claimed Mairuri.

“If we put twice the effort into education of users, how many would have suffered in Terra or FTX? We need to double down on education”.

Communication is Key to Regulation

This is reflected in conversations with regulators according to Delphine as she explained how BitMEX is working to improve government relationships.

“Education is an especially big thing with regulators,” explained Delphine.

“Crypto is born digital and global, but [is forced to face] local regulations”.

“The user onboarding process is becoming increasingly complex across different regulatory environments – regulators around the world don’t talk to each other enough”.

Peter Stilwell – Coinbase’s Head of Business Development EMEA – argued that things are getting better with regulators on this front.

“[Coinbase] worked with a lot of regulators and they don’t necessarily want to say no straight away,” said Stilwell.

“In Europe [especially] in the Netherlands, Spain, France and UK – [regulators] are very curious about what the technology can offer.

“What I want from them is for them to be engaged with what we’re working on rather than pursuing regulation by enforcement”.

Regulators Need To Understand Crypto From A User Perspective

This sentiment was shared by Daniel Antcliff – Head of Business Development and Operations at Gate.io. On the question of how exchanges can work better with regulators he explained that communication was critical.

“[Regulators need] Communication, understanding, and participation with crypto firms – Communication especially,” highlighted Antcliff.

“Regulators need to understand [crypto] from a user and a CEX perspective – to understand the work and due dilligence done at Exhanges for 3rd party listings.

“Communication needs to be more open with government so they don’t stifle innovation with too much red tape, so we can keep moving forward [as an industry]”.

And much needed communication is something that is improving according to Peter Stilwell. In recent experiences participating in a regulatory sandbox, Coinbase found great success in working closely with regulators.

“I was part of the FCA [ UK Financial Conduct Authority] sandbox for innovation – it was a great place to innovate with live users in front of regulators eyes,” he explained.

“The regulatory Sandbox makes the fast track through to an FCA licence meaningful moving forward.”

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Read More: cryptonews.com

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