The cryptocurrency market is largely unregulated in different parts of the world.
The cryptocurrency market has become one of the largest financial markets in the world. The market hit an all-time high of $3 trillion in November 2021, indicating huge potential within the ecosystem.
However, the crypto market is largely unregulated in different parts of the world. Regulators are still working on various ways to properly regulate the activities of cryptocurrency companies.
Blockchain.com CEO Peter Smith told CNBC In a recent interview that regulated the activities of cryptocurrencies has improved. he said;
“We’ve been working on the rules since 2014, and we haven’t yet. I don’t think it will be a 2022 story, I think it’s going to take a few more years. We’re really active with policymakers around the world.” We have a dedicated policy and compliance team and a legal team that works on licensing.”
He added that he believes the regulatory aspects of the cryptocurrency space have improved. The defined approach in Germany, Dubai, Singapore, the Netherlands and some US states shows that there have been positive improvements in terms of regulation.
However, Smith said that;
“It will take a few years for us to get certain answers to some regulatory questions.”
When asked about the identity of the customer during cryptocurrency transactions, the CEO of Blockchain.com said that the company complies with all set anti-money laundering and KYC regulations.
However, he added that there are some cryptocurrency companies that do not follow the rules. Smith called on regulators to consistently implement regulations to ensure that the cryptocurrency market remains fairly regulated.
The cryptocurrency market has lost over 50% of its value since hitting an all-time high of $3 trillion in November 2021. As of press time, the total cryptocurrency market cap is above $1.3 trillion.
Bitcoin is forming around the $30k area, falling below the all-time high of $69k late last year.