The previous year saw the regulation of the crypto industry become a key topic for industry participants and regulators.
Today, these participants are no longer wondering if crypto will be regulated; the current overarching debate focuses on how and when this will take place within the industry.
There are jurisdictions across the world pioneering progressive and comprehensive crypto regulation. These include Bermuda and Liechtenstein, two jurisdictions that we at Bittrex Global are particularly proud to be regulated in.
In January 2018, Bermuda introduced a purpose-built Digital Assets Business Act Framework for Distributed Ledger Technology and providers of crypto services.
Liechtenstein introduced the “Blockchain Act” in 2019. This made it one of the first jurisdictions to introduce a comprehensive framework for governing the token economy.
Such regulatory measures will spur the innovative nature of the crypto industry, while providing legacy financial institutions with the peace of mind and regulatory certainty seen in traditional markets.
At Bittrex Global, we are wholly committed to ensuring that users of our crypto exchange enjoy certainty and security. We have been dedicated to building the safest and most secure crypto exchange in the market since our founding in 2014.
It is of utmost importance to the industry that forthcoming crypto regulation does not hinder innovation and growth within the industry. While there is an imperative to strike a balance, the burden is not on regulators alone.
It is time for industry participants who are serious about the future of crypto to act responsibly and in a manner which will help crypto to be seen as the mature, safe sector that we know it can be.
Until that happens, regulators — rightly concerned about the potential impact, in particular on retail participants — will struggle to have confidence in crypto — something that is vital for the industry to realize its full potential. Ultimately, the industry must work closely with regulators rather than against them.
We are proud to be operating in trusted, forward-thinking jurisdictions that realize the benefits of collaboration and innovation. The future of our industry is limitless and through the spirit of collaboration, crypto will continue to thrive.