Vageesh Potnis, a recognized cryptocurrency expert, has planned structural reforms in the strict cryptocurrency regulations which, by extension, will also benefit investors and businesses. Potnis gave a presentation at one of the blockchain conferences this week, citing recent regulatory changes in the United States, European Union and China as the reason.
Potnis put into perspective that while some achievements have been made, progress has been made in other countries, but how to put it into place remains to be determined. The EU has gone further than anyone before by instituting heavy punitive regulations under the Advertising Improvement Regulation-Cry-MiCa, which came into force in July 2023. The aim of this framework is to improve the level of consumer safety and corporate governance in the market by creating stricter regulations for obtaining operating licenses and reporting for cryptocurrency service providers.
On the other hand, America has fallen far behind in regulating the mound, due to persistent lawsuits involving the Securities and Exchange Commission (SEC) against major players in the field like Ripple and Coinbase. Potnis pointed out that while there have been some positive steps in the development of regulatory pressure in the crypto market, for example the recent approval of ETFs in the bitcoin and ether spot market, the situation is still there. the opposite. He believes that the final issues will also impact the volatility of cryptocurrencies, as they may occur soon.
“Countries are realizing the need for well-defined regulations to protect investors and avoid corruption,” Potnis said. “The next few years will be very crucial as we have global powers such as the United States and China finalizing their crypto regulation strategies.”
In particular, succumb to China’s outright cryptocurrency ban on Bitcoin mining and trading. Potnis predicts that more countries would toe the line if cryptocurrency was seen as a threat to their financial orientation, as has happened in China.
For investors, Potnis recommends a good understanding of regulatory developments, particularly in the United States and the European Union, as these blocs are likely to set the tone and manner in which the rest of the world will follow.
As the world watches regulation, Potnis warned investors that the only way to understand the movement is to pay attention to it and that they should prepare for the change or lack of change in the movement of the stock market. cryptography, regardless of the direction in which it takes place.
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