European Crypto Exchanges are Calling for Regulations to Ensure Transparency
Crypto markets should be regulated
European crypto exchanges have renewed their calls for suitable regulations because the international legal landscape continues to vary. While speaking to Bloomberg eToro from the UK and Bitpanda from Australia voiced their concerns stating that both inadequate and overbearing antimony laundering or know your customer regulations do not allow them to know where they lie as businesses.
Bitpanda CEO stated that: “We would be happy to have regulations so that we can know where we stand.”
This year many several governments like that of South Korea and Japan have had rapid movements to firm up requirements for crypto exchanges. However, there are many other jurisdictions that continue to struggle with the phenomenon.
There are other institutions which have started fighting the crypto sector instead of regulating it. A good example is the Indian Central Bank which told its financial institutions to stop serving cryptocurrency businesses by July this year a move which was challenged in court by two companies.
The European Central Bank has supported an international effort to standardize cryptocurrency rules while many people have also argued that the crypto sector is too small to warrant urgent or quick action. In fact, in February the Chair of the European Central bank said that cryptocurrency regulation was not very important and therefore was not on its to-do-list.
Iqbal Grantham, eToro managing director, said that:
“The benefits of regulations are very straightforward. A good framework would serve well to customers and more to that it would ensure longevity and legitimacy of the crypto industry.”
Grantham has been a chairman of a UK-based group CryptoUK whose main aim is to lobby for increased transparency in the cryptocurrency sector.
There are many analysts who have said that it would be very hard for individual nations or institutions to control the cryptocurrency market. They have argued that a worldwide regulation would grow the market but national regulation if not favorable would only be destructive to the upcoming market.