Unclear Regulations in the US, What are the Impacts on the Crypto Industry?

Liputan6.com, Jakarta Recently, a number of crypto industry players in the US issued comments regarding unclear crypto regulations in the US because the US Securities and Exchange Commission (SEC) continues to crack down on industry players.

Quite a few, industry players who issued statements wanted to leave the US because they considered the regulations to be unfriendly. Regarding this incident, what impact will it have on the crypto industry in the future?

Ajaib Kripto Financial Expert, Panji Yudha explained, crypto has different properties and characteristics compared to other assets. Crypto is not only traded through registered exchanges, but can also be traded on decentralized exchanges (DEX). This is a barrier for regulators to monitor trading in crypto assets.

“If the SEC bans it, it will be a huge blow and will add tremendous pressure to the crypto market. On the other hand, many other countries have also opened themselves up to become crypto centers if regulatory obstacles occur,” said Panji in the Ajaib Kripto webinar, Friday (19/5/2023).

Panji said that currently several countries are starting to compete to become the center of crypto in the world. Some of them, the Chinese government Shows Support for Blockchain. A new national blockchain research center has opened in Beijing to act as a research center for China’s blockchain industry 3.

Competing to become a crypto hub, Hong Kong will release its final guidelines for trading cryptos it wants to roll out there in May, according to Hong Kong Securities and Futures Commission (SFC) CEO Julia Leung.

New rules are also expected to allow retail investors to trade major cryptocurrencies such as Bitcoin and Ethereum (ETH) on June 1.

Then, the Liechtenstein government plans to allow its citizens to pay for a number of services in the country with Bitcoin in the future.

“If China can become the center of crypto and become the center of the world economy, this might change the direction of crypto from the US to China,” concluded Panji.

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