Vageesh Potnis Predicts Major Shift in Global Crypto Regulation
Vageesh Potnis, a known cryptocurrency expert has anticipated structural reforms in the overbearing regulations for cryptocurrency which by extension will benefit the investors and businesses as well. Potnis gave a presentation in one of the blockchain conferences in the course this week citing recent regulatory changes as the United States, European Union, and China as the reason.
Potnis put into perspective that while there are achievements some have made Headways in other countries there are still grappling with how to put in place. The E.U. has gone further than anyone previously by instituting heavy punitive regulations under the advertising enhances-Cry-MiCa regulation that became effective in July 2023. The purpose of this framework is to improve the level of consumer safety and corporate governance on the market by creating stricter regulations on obtaining operating licenses and reporting for service providers of cryptocurrencies.
On the other hand, America has moved way behind in regulating the mound, due to enduring court cases featuring the Securities and Exchange Commission (SEC) against major players in the domain like Ripple and Coinbase. Potnis pointed out that even though there have been some positive steps on the way of the development of the regulatory pressure on the crypto market, for instance, the recent approval of the ETFs on the spot market for bitcoin and ethet ether, the situation is on the contrary. He thinks the definitive issues will also impact the crypto volatility as they may happen soon.
“Countries are waking up to the fact that there is a need for well-defined regulations for investor protection as well as avoiding corruption,” Potnis said. “The next few years are very crucial as we have global powers such as the US and China who are completing their crypto regulation strategies.”
In particular, succumb to the crypto currency China’s outright ban on both mining and the transactions of Bitcoin. Potnis forecast that more nations would toe the lines if the crypto currency was seen as a threat to their financial slant as this has happen in China.
For investors, Potnis recommended a good understanding of the regulatory evolution especially in the US and EU since these blocs are likely to set the pace on how the rest of the world will follow suit.
While the world observes the regulation, Potnis cautioned investors as to the fact that the only way to understand the movement is by paying attention and that they should be prepared for change or no change in the movement of the crypto market, whichever way it goes.
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