A recent survey from payment company Mistertango indicates that 88% of cryptocurrency exchanges want regulatory standards for the industry, with 55% in favor of know-your-customer (KYC) policies and anti-money laundering checks on users.
Protection from market volatility
So far, 2018 has seen poor gains compared with the latter half of 2017, while the fear of a market crash and major cryptocurrency devaluation is pushing exchanges servicing the industry in favor of regulations. Some 30% of the survey’s respondents cited a significant crash as the biggest threat facing the market.
While 88% of the exchanges did want regulatory overcite over their own activities, 40% said that actually reducing bank-enforced barriers over cryptocurrency funded accounts would help improve the overall acceptance of the industry; it would certainly make it easier for more people to enter the market.
However, 17% of the exchanges see strict regulations as the biggest threat to the industry, pointing to the need for the approach taken implementing the regulations to be well-informed and not overbearing. It is given the generally reported sentiment that the industry discourages regulations.
Understanding the results
Business Manager at Mistertango, Gabrielius Bilkštys, said in a statement that the survey shows the industry is ”crying out for regulation“, describing uncertainty as the biggest fear, requiring a solution to provide stability. The lack of any regulatory consensus globally only adds to this dilemma, making it nearly impossible for cryptocurrencies to progress such as fiat, Bilkštys said.
CEO of exchange CEX.IO, Oleksandr Lutskevych, also weighed in on the results, saying that the industry has taken the opportunity to finally have its say on regulations. Lutskevych noted the widely reported claims that they do not want such regulations has been proven to be far from the truth and that they, in fact, recognize regulations have the capability to lead to the market maturing and moving away from an accusatory image of involvement with illicit activities.
In total, 24 exchanges took part in the survey, based in Europe, Asia, South America and Oceana, which operate with an aggregate trading volume surpassing USD 100 million.
The results were published by Mistertango on Finextra.
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