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88% Of Crypto Exchanges Want Industry Regulation Amid Fears Of Market Crash

July 2018 by Mistertango

Mistertango revealed that contrary to perception, 88% of crypto exchanges want
industry regulation. Respondents believe regulation is needed for the industry to
mature with nearly a third fearing a major market crash and sudden devaluation of
assets without change. Despite the desire for regulation, law makers must be careful
not to regulate cryptocurrencies out of existence.

The study was based on responses from 24 crypto exchanges across Europe, Asia, South
America and Oceania, with total daily trading volumes of over $100M USD. The
study’s aim was to assess feelings towards regulation, anonymity and the
maturation of the crypto market.

Key Findings:
· 88% of crypto exchanges want regulation
· 17% of crypto exchanges believe overly strict regulation is the biggest
threat to the cryptocurrency
· 30% say the biggest threat to the market is a significant crypto crash
· 40% say 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 checks like those using traditional financial services

Gabrielius Bilkštys, Business Manager, Mistertango said, “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’s development.”

Despite fears amongst some crypto exchanges of being regulated too harshly, it is
regarded by most as the solution to greater industry-wide threats. Recent
developments in parts of Asia and the US have seen regulators shut down trading
altogether which has led to price volatility, combined with a lack of liquidity in
certain coins. However, despite concerns, as little as 17% of respondents believe
overly strict regulation represents the biggest threat to cryptocurrency and its
adoption as a future digital currency.

Oleksandr Lutskevych, CEO of CEX.IO, a multi-functional cryptocurrency exchange,
said, “Until now, the industry has not had its say on regulation. It has been
widely supposed that crypto companies want to avoid a regulated environment, but
this is far from the truth. The industry is all too aware that regulation will lead
to the maturity of the market and ensure businesses remain free from suspicion of
involvement with illegitimate uses of cryptocurrency.”

A change in banks’ attitudes toward crypto-related funds is what the industry says
is needed most. Many banks have imposed sanctions making it nearly impossible for
cryptocurrency traders to deposit funds into their crypto currency wallets. Just
under 40% of industry players suggest a change in banks’ attitudes will have the
biggest impact on the wider acceptance of cryptocurrency. A further quarter cited
increased, positive regulation as the solution. A third of respondents said the
greatest threat comes from the perceived criminality of the sector.

Since the inception of cryptocurrency, anonymity has been an important part of its
allure. Over half of crypto exchanges surveyed now say that crypto users should be
subject to the same checks as those using traditional financial services. A fifth of
respondents said that anonymity and lack of transparency of partners was the biggest
threat, demonstrating a need for industry standard regulations and stricter Know
Your Customer and Anti-Money Laundering rules.


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