DeFy Trends founder and CEO Imgesu Çetin said that regulatory uncertainty and price volatility is hindering the global adoption of cryptocurrencies.
Imgesu Cetin believes that it is vital for the cryptocurrency industry to create effective self-regulation no matter how slow some countries are moving in regulating the industry. In his opinion, regulatory uncertainty, price volatility, concerns about illegal activities all affect the cryptocurrency markets and show why they need to be regulated.
The CEO of DeFy Trends noted that the lack of public understanding, trust and effective government regulation is holding back the adoption of cryptocurrencies. At the same time, industry self-regulation may include a set of standards for regulating the trading operations of companies operating in the cryptocurrency market. According to Cetin, supervision of any activity in the market is necessary.
It is equally important to inform society and government institutions about the decentralization of the company. This will ensure customer protection, transparency and market security. Çetin opined that self-regulation would help bring order to any market and create many tools to support the government in developing effective rules. Self-regulation will also help build trust and gain additional support from society.
The governments of many countries are at the initial stage of adopting cryptocurrencies. And if in the United States the Biden administration is already ready to present a strategy for regulating cryptocurrencies, then in Russia the Central Bank launched a round of public consultations to ban operations with cryptocurrencies, including trading and mining. In addition, an International Monetary Fund economist recently called for the development of protections for the global financial system from digital assets, as they pose a threat to developing countries.
