The issue of crypto regulation is at the heart of economic news in many countries today. This particular attention is one of the consequences of the collapse of the FTX exchange at the beginning of the month. The company’s downfall affected more than a million people worldwide. As for the damage, it is estimated at several billion dollars. Since then, the regulatory debate has intensified. While some believe that cryptos are dangerous and should be banned, others suggest that they should be regulated urgently. This, in order to better protect small investors and prevent a possible new catastrophe on the market. Changpeng Zhao, founder of the Binance exchange, agrees.
The best option for governments?
Last Friday, CZ, the boss of Binance returned to the issue of crypto regulation. According to him, regulation rather than opposition to the crypto industry is a better option for governments around the world. This, while digital currencies are becoming more widespread and their adoption is well underway.
“I think most governments now understand that adoption will happen no matter what. It is better to regulate the sector than to try to fight it”. This was stated by CZ during a event from Binance to Athens.
Later in the intervention, CZ said he sees the possibility for countries to add crypto to their reserves. To this end, he indicated that he expects countries that do not have their own currencies to take the plunge.
For many experts, the collapse of FTX will cause a domino effect, which should affect more crypto businesses. For the moment, players like Genesis, Gemini or the crowdfunding specialist CoinList are in turmoil. They also expect the bear market in cryptos to continue throughout the next year.
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