Cryptocurrency exchanges are afraid of a major market crisis: 88% want regulation

Cryptocurrency exchanges are afraid of a major market crisis: 88% want regulation

According to a survey from the payment to the company Mistertango, 88% of the cryptocurrency exchanges need regulation of the industry.

The desire for regulation, apparently stems from fears of collapse of the cryptocurrency market and a substantial devaluation of assets on the background of his immaturity.

However, respondents also noted that market regulation is necessary to observe extreme care not to overreact and not to harm the market.

According to a press release, the survey was conducted 24 in cryptocurrency exchanger from Europe, Asia, South America and Oceania — they all have a common daily trading volume over 100 million U.S. dollars.

So, here are the main conclusions after the survey, to which you should pay attention:

  • 88% of the cryptocurrency exchanges need regulation, and support it
  • 17% of the exchanges consider over-regulation as the biggest threat to cryptocurrency
  • 30% believe that the greatest threat to the market — the devaluation of the cryptocurrency assets
  • 40% believe that lowering barriers to cryptocurrency financing activities by banks will improve the adoption
  • 55% believe that the users of cryptocurrencies should be familiar with the checks, “Know your customer” and “money Laundering”, which already many years are used in traditional financial activities.

Interpreting the results of the poll, commercial Director Mistertango Gabrielus Bilston, said:

Cryptocurrency sphere is begging for regulation, and the survey proved it. Uncertainty is the biggest fear, and regulation is crucial for stability that we need. Unfortunately, in the world still did not come to consensus in the area of regulation. For the same global dissemination and popularization of what has Fiat, cryptocurrencies need in a cohesive, thoughtful and comprehensive regulation. Thus, regulation is a catalyst, not an inhibitor of development of the stock market.

Alexander Lutskevich, Director General of the exchange CEX.IO, I agree with the above:

Until now, the industry has not had their right to regulate. It is widely believed that cryptocurrency companies want to avoid a regulated environment, but it is not so. In the industry all are well aware that the regulation will lead to the maturity of the market and will allow companies to remain free from suspicion of involvement in illegal activities.

A large part of the 2018 no joy cryptocurrency fans, especially during the fall of Bitcoin to catastrophic performance below $6000. Many people thought that this is the end. However, the market has survived this decline and continues to grow. At the moment, all attention is focused on the decision of the SEC regarding the bitcoin ETF.

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