Recent survey reveals 88% of cryptocurrency exchanges want regulation

02 Aug, 2018
by Richard Allen
News
Recent survey reveals 88% of cryptocurrency exchanges want regulation

Contrary to what many might think, a recent survey done by crypto-friendly payment company Mistertango has revealed that many cryptocurrency exchanges want regulation. In fact, 88% would like to see the industry regulated.

According to FinExtra, respondents believe that regulation is necessary for the industry to mature, and a third believe that without regulation, a sudden market crash or devaluation is imminent. While regulation is important, it’s just as crucial that exchanges aren’t regulated into oblivion.

Some of the survey’s key findings reveal that, of the 24 exchanges across Europe, Asia, South America and Oceania, 88% want regulation while 40% say that reducing crypto barriers by banks will increase acceptance.

17% believe that the biggest threat to the industry is overly strict regulation, 55% say that crypto users should be subject to Know Your Customer (KYC) and Anti-Money Laundering (AML) practices. 30% revealed that the biggest threat to the market is a major crypto crash.

Mistertango’s Business Manager Gabrielius Bilkštys said, “For cryptocurrencies to move towards the scale and ubiquity possessed by fiat currency, it needs cohesive, considered and comprehensive regulation. Thus, regulation will be a catalyst, not an inhibitor to the crypto market’s development.”

Oleksandr Lutskevych, CEO of CEX.IO, said the industry has taken the opportunity to finally have its say in regulation. He went on to say that, while it is widely believed that crypto-related companies want to avoid regulation, in reality the industry is well aware that regulation will lead to maturity in the market and ensure businesses stay clear from illicit activities.

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