In a surprising move, Cryptocurrency Exchanges are demanding for Industry Regulation as revealed by a new study research. Many exchanges suggested that they prefer regulations rather than a complete ban. It also helps in streamlining the process.
Mistertango, a Lithuania-based crypto payment company did a study based on responses from 24 crypto exchanges across the world. The total daily trading volume considered for the study was over $100 million. It was derived from the study that 88% of cryptocurrency exchanges want regulation explaining that the regulation would help in stabilizing prices. They also believe that it would create a level of certainty that the market has not experienced for a while.
Gabrielius Bilkštys, Business Manager at Mistertango remarks that,
“The industry is crying out for regulation, and the response from partners has shown this. Uncertainty is the biggest fear, and regulation is critical to provide the stability we need. Unfortunately, there is no regulatory consensus – worldwide or otherwise. For cryptocurrencies to move towards the scale and ubiquity possessed by fiat currency, it needs cohesive, considered and comprehensive regulation. Thus, regulation will be a catalyst, not an inhibitor to the crypto market development.”
Change in Attitude
According to the respondents, if we regulate the industry, it will change the current attitude of the banks. This step will have a massive impact on the global acceptance of cryptocurrency.
Gabrielius further added that regulation could solve some of the threats that have plagued the market in the past. There are some fears it could also destroy the market. Nearly Seventeen per cent of respondents expressed that, “Excessively strict regulation would be the biggest hazard to the cryptocurrency.” There have been occasions when the regulators had come down hard on exchanges. In the past trading was shuttered down in Asia, which led to extreme price volatility.