Are regulators loosening up on cryptocurrencies? Reports CNBC correspondent
|- Many regulators around the world are slowly warming up to cryptocurrencies and becoming more accepting.
- The US and the UK are yet to impose strict regulations on the cryptocurrencies.
The cryptocurrency market has been in the limelight and under the radar of various regulators across the world. However, recently most of the regulators are loosening their grip on the virtual assets. The EU, for example, has not decided on the number of regulations to be developed for the industry. A corresponded from CNBC, Arjun Kharpal says:
“I think what we’ve seen actually from several regulators around the world is that they seem to have been slowly becoming accepting of the cryptocurrency world, particularly, of course, the underlying technology—blockchain [...] and they seem to understand that [...] cryptocurrencies are here, they’re growing, more people are getting involved in them, and so they’re not trying to absolutely hamper them,”
Arjun takes the example of China, which has been at the forefront of cryptocurrency regulation resulting in complete banning. He adds that neither the US or the UK has imposed very strict rules on the cryptos.
“What [we’re] seeing now is not so much concern about perhaps some of the larger currencies but [...] these ICOs—these new coins coming into the market which perhaps don’t have any product behind them, don’t have any backing behind them or anything, and they’re worth even less than a cent. And they’re likened to penny stocks,” said Kharpal.
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