The Crypto industry is currently a victim of heavy backlash due to the obvious reason for the heavy plunge. The newbie marketers who have just entered are apparently panicking. However, the market players who have crossed these downturn seasons are still staying tight.
Binance CEO, Australia, Leigh Travers, recently commented on the Crypto industry’s current situation. According to him, crypto regulations will help the industry to establish higher standards. While the industry is suffering from a downturn, the crypto regulations can help traders steer more patiently.
The global crypto market cap was $963.63 billion at the time of writing. Bitcoin was trading at $22,919, down 8% from yesterday’s price. The price of Ethereum was $1,238. The entire market is in shambles.
Reportedly, the Australian government is planning to adopt new crypto regulations. However, there is a recent change in government that could delay the implementation of a new set of crypto regulations.
Leigh Travers believes that the crypto regulations will help the industry in gaining a higher standard. While talking to a popular tabloid, Leigh stated that the restrictions in the domain are the result of a lack of clarity.
Last month, the Commonwealth Bank of Australia (CBA) postponed its pilot program for its crypto trading platform. Apparently, this was owing to the crypto domain’s lack of trust and clarity. Australia regulators, on the other hand, blamed the delay on CBA’s new services that lacked features and were raising questions about consumer protections.
Crypto services will not be able to operate to their full extent until these regulations are in place. According to Traver, the crypto realm is well ahead of traditional financial services. There are numerous arguments to support the assertion. He believes that the new restrictions will make it easier for consumers to distinguish between the two. One of the reasons is Bitcoin and Ethereum do not simply fall into any current classification for property or financial items. In Australia, cryptocurrency is currently classified as property.
As decentralization grows, the barrier between crypto and perhaps other assets will blur. According to Travers, “crypto fits across different goods,” adding to the challenge of appropriately regulating it. Moreover, the Binance Australian CEO believes the country is familiar with the prudent regulations, and if implemented with crypto, the adoption will be easier.
Evidently, the crypto business welcomes the laws so that it may show off the opportunities it provides.
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