Key takeaways
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Regulatory agencies globally have been rolling out frameworks to guide the cryptocurrency market.
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Europe recently approved the MiCA guideline, while Hong Kong is set to release its crypto regulatory framework soon.
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Crypto exchange Bitget said it supports all regulations designed to advance the cryptocurrency industry.
Cryptocurrency regulation begins to take shape globally
The past few months have been interesting for the cryptocurrency industry in terms of regulation. Despite the ongoing bear market, regulators around the world have been busy rolling out regulatory frameworks for the crypto sector.
In the United States, the Securities and Exchange Commission (SEC) has stated that the existing securities laws in the US cover cryptocurrencies and no new laws are needed.
However, that is not the case in the United States. In Europe, the European Union has chosen to adopt MiCA, or Markets in Crypto Assets, to regulate the cryptocurrency industry.
Earlier this month, finance ministers in Europe unanimously voted in favour of MiCA.The law is expected to come into effect in 2024 and will regulate how the crypto market operates.
Hong Kong is expected to release its cryptocurrency framework soon. Once that happens, companies seeking to offer services in Hong Kong will need to apply for and get licenses from the commission.
The The International Organization of Securities Commissions (IOSCO) also opened up its policy recommendations for crypto and digital asset markets for public comment earlier this week.
Bitget supports market regulation
With regulation coming from various parts of the globe, crypto companies have been making changes to ensure they operate in line with these frameworks.
Crypto exchange Bitget is one of the crypto exchanges that continues to strive to operate according to the set regulations.
While commenting on the recent regulatory efforts, Bitget’s Managing Director Gracy Chen said;
“Bitget, as a pioneer in the crypto-based fintech revolution and a highly innovative solution, welcomes all forms of regulation. We believe such regulations can help position the industry on a defined path for growth, protect consumers, and assist in combating cyber crimes. We believe that digital currency and its underlying technology have the power to bolster financial innovation and economic growth.
Based on this, the moves from IOSCO, the European Union, and Hong Kong to advance the industry’s broad reach are well appreciated. They will serve as a major basis for other countries to build their own regulations as well.
Our brand is committed to embracing regulation and implementing a comprehensive set of risk control and anti-money laundering procedures.”
Bitget has become one of the leading cryptocurrency exchanges in the world and currently processes more than $500 million in daily trading volume.
The crypto exchange is headed by Gracy Chen, a leader specialising in the growth and execution of global market strategies. She has been a metaverse and crypto enthusiast since 2014 and has now become a prominent figure in the industry.
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