A big debate in the crypto industry is the need for regulation from the government. Some say it will be great, while some don’t. And now, the chairman of International Banking Law and Finance said that crypto regulation would be beneficial in the long run. He is positive about the future of digital currencies and believes that they will be widely used globally.
Why is crypto regulation good?
The chairman, Emilios, said that regulations would reduce the number of illicit activities that take place with crypto. It will make it difficult for criminals to deal with them and hence reduce the negative impact on society. This will also reduce the number of negative press and FUDs that crypto’s get, which in turn drive the prices lower. Regulation will also bring a lot of investors who were earlier not sure about the future of the cryptocurrency market.
In the short run, you all might be worried because the prices will take a hit. But I am pretty sure that anyone who is investing in crypto is not here for the short term. And if someone is, they are in the wrong place. Regulations could even mean that cryptocurrencies are going to become the replacement for fiat currencies in the future, says Emilios.
Another positive thing regarding regulation
If the government pushes out proper regulatory laws regarding crypto, we will see a lot of positive development in the space. One of them is from banks that are still not much in favour of the same. It will make it easier for exchanges to work with banks, and they can even release their own crypto. This will make the entire market legit in the eyes of investors. And we will see a massive increase in the investment made in the space.
It will also make it easier to pay taxes made from crypto gains. As of now, the tax regimes for crypto are so out of place that a very significant portion is lost in paying them. This is also the reason that many crypto investors are evading taxes to protect their gains.
Do you think that crypto regulation will be beneficial? And if yes, why did you think so? Let us know in the comments below. Also, if you found our content informative, do like and share it with your friends.
Also Read: Bitcoin outflow on exchanges continues even after the crash.
