According to Lithuanian crypto company Mistertango, 88% of digital currency exchanges operating on the world’s crypto market are hoping for industry regulation. Such a genuine aspiration is regarded to be provoked by the fear of a market crash and the need for price stabilization.
“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,” Mistertango Business Manager Gabrielius Bilkštys commented.
The Mistertango research was based on answers of 24 world’s largest virtual coin exchanges that have a total trading volume of more than $100 million per day. Given the results of the poll, market giants want to join the legal side, however, public expect the opposite attitude.
The study also examined some other questions of great importance, including those related to the banking area and current threats. Thus, 17% of crypto exchanges say overly strict regulation is the biggest threat to the cryptocurrency, while 30% claim the biggest threat to the market is a significant crypto crash.
It goes without saying, that regulation can solve some of the threats that the market has suffered in the past, but some people fear that too strict measures can also lead to the death of the market. There were some situations when the regulators attacked exchanges very badly. This scenario has become really popular in Asia, where crypto trading was closed in the past, which caused extreme price volatility.
Besides, 40% respond that reducing barriers to funding crypto activity by banks will improve acceptance. 55% say crypto users should be subject to Know Your Customer & Anti-Money Laundering verifications.
Changing the attitude of banks to crypto-related funds is what, in the opinion of the industry, is most needed now. Many banks have imposed sanctions, because of which cryptocurrency traders practically could not transfer crypto coins to their e-wallets.
Since the creation of the digital currency, anonymity has been an important part of its mysterious charm. More than half of the surveyed organizations said that crypto users should be exposed to the same checks as traditional financial market services.