The cryptocurrencyย market has seen manyย of pressure from regulatoryย authorities in diverse jurisdictions, even as the market tendency has been more bearish recently.
A notable instance is the continuous regulatory actions by theย Unitedย States Securities and Exchange Commission.ย
The Unitedย States SEC has been actively monitoring, warning, and suing some cryptocurrency corporations, including Coinbaseย Cryptoย exchange, Kraken, Paxos, Ripple, Bittrex, Etc.ย
Onย theย otherย hand, theย Unitedย States is not the only country with active regulatoryย authorities. Other countries have joined the tendency of rolling out regulatory frameworks to checkmate the activities of the cryptocurrency industry.ย
Hong Kong, Europe, Unitedย States, And Others Move To Legalizes the Cryptocurrency Industry.
Althoughย while the cryptocurrency industry is skeptical about regulation owingย to its impact on decentralization, the hacks, exploits, and losses have pushed different countries to step in.ย
Forย example, the European Union has decided to adopt the Markets in Cryptocurrency Assets (MiCa) to checkmate the operations of the digitalย currency industry.ย
Recall that on Tuesday, May 16, member states of the EU approved the cryptocurrency rule in the final step of the legislative process.ย
Itโsย worthย notingย that, the rule was 1st endorsed by the European Parliament lawmakers in April. After this final approval, the rule will take effect in July 2024.ย
Inย termsย ofย theย Unitedย States cryptocurrency regulation, the Securities and Exchange Commission opines that numerous cryptocurrency assets are securities.ย
Asย aย result, it maintains that cryptocurrency assets should be regulated under the existing securities laws; thereย is no must create new laws.
The Unitedย States SEC has maintained its stance, as seen in the lawsuits with Ripple and Bittrex, where it alleges the illegal sale of securities.ย
Similarly, recently, the commission indicatedย that Filecoin was security when Grayscale launched its Filecoin Trust and voluntarily filed Form 10 with the SEC.ย
Asย aย result, the commission replied that FIL is a security attracting the outcry of numerous cryptocurrency proponents arguing against such claims.ย
Inย theย meantime, Hong Kong is another country on the verge of rolling out cryptocurrency regulation. Its cryptocurrency industry awaits the release of the cryptocurrency exchange licensing framework slated for this month.ย
Similarly, to further support the cryptocurrency industry with clear regulatory frameworks, the International Organization of Securities Commissions (IOSCO) wasย known the public to comment on its policy recommendations.ย ย
Cryptocurrency Regulation Moves Profits Supportย
Industry practitioners have wasย known for regulatory clarity to reposition their operations for compliance.ย
Inย doingย so, some of the top corporations, such as Bitget, see the ongoing moves by different countries as a welcome development.ย
Itโsย worthย notingย that, the exchange has always strived to operate legally. It recently completed a Virtual Investment Service Provider (VASP) registration in Poland, making it a legal operator in the Polish market.
Asย aย result to the regulatory moves, Bitgetโs Managing Director, Gracy Chen, indicatedย that the company supports cryptocurrency regulation.ย
