Poll: 88% of crypto exchanges fear market crash and want regulation
According to a poll conducted by the payment company Mistertango, 88% of crypto exchanges want regulation of their industry. The reason is the fear that the immature market could experience a collapse and subsequent asset depreciation, which will overshadow the dynamics of the first half of 2018. Writes about this Bitcoinist.
However, the respondents also noted that regulation should be approached with caution so as not to cripple the developing cryptocurrency market..
According to the press release, 24 crypto exchanges from Europe, Asia, South America and Oceania took part in the Mistertango survey, each of which has an average daily trading volume of more than $ 100 million..
Key findings of the study:
- 88% of crypto exchanges want regulation
- 17% of crypto exchanges believe overregulation is the most serious threat to cryptocurrencies
- 30% believe that the most serious threat to the market is a significant drop in cryptocurrencies
- 40% believe adoption of cryptocurrencies will be facilitated by lower barriers to bank financing
- 55% believe that users of cryptocurrencies should be subject to “know your customer” and money laundering checks – just like traditional financial institutions
“Our partners’ responses say the industry is crying for regulation. Uncertainty is the cause of immense fear, and regulation is critical to ensuring the stability we need. Unfortunately, there is still no common opinion on regulation – not in the world as a whole, nor elsewhere. For cryptocurrencies to become as massive and ubiquitous as fiat currencies, coherent, deliberate and comprehensive regulation is needed. It will become a catalyst, but not a slower in the development of the crypto market, ”said Gabrielus Bilkshtis, Commercial Director of Mistertango, interpreting the survey results..
“Until now, the industry has not expressed its opinion on regulation. There is a perception that crypto companies want to avoid regulation, but this is far from the truth. The industry is fully aware that regulation will lead to the maturation of the market and protect it from suspicions of illegal use of cryptocurrencies, ”said Alexander Lyutskevich, CEO of CEX.IO.
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