European and Asian authorities are increasingly paranoid about cryptotrading. It is also easy for them to ban icos and cryptotrading. Such a ban usually leads to a sharp decline in prices. Therefore cynics are quick to forecast “the end of the crypto”.
We disagree with the cynics. Let us take a step back and understand why these regulators are taking a heavy handed approach?
First of all – They suspect criminals use cryptoexchanges and cryptocurrencies. Although such criminals are a minority, we agree that the regulators are right. We must prevent criminals from accessing our infrastructure.
Secondly – Regulators are worried about the financial losses and scams. In the world full of scam, we agree the regulators are right again. Moreover, we believe cryptocrimes should face the most severe civil and criminal penalties. May we suggest rewards for whistleblowers of dodgy cryptoexchanges?
Thirdly and most of all, regulators are nervous that they have no direct regulatory role as yet. We believe regulation of cryptocurrency is inevitable due to the misbehaviour by some. We therefore prefer to proactively liaise with regulators whether they have the legal powers or not. We invite them to review and discuss our ethical and customer protection standards.
We at Trade247 Exchange think different. Ethical cryptotrading is one of our competitive advantages. Our cryptotalent knows how the process of new regulation works. We anticipate regulation and take a step to establish higher standards that regulators should learn from. This is in our view the best proactive strategy.