Regulators around the world are developing frameworks to guide the cryptocurrency market.
Europe recently approved MiCA guidelines and Hong Kong is set to release its cryptocurrency regulatory framework soon.
Cryptocurrency exchange Bitget has said it supports any regulation aimed at developing the cryptocurrency industry.
Cryptocurrency regulations begin to take shape globally
The past few months have been interesting for the cryptocurrency industry from a regulatory perspective. Despite the ongoing bear market, regulators around the world are busy developing regulatory frameworks for the cryptocurrency sector.
In the U.S., the Securities and Exchange Commission (SEC) has said that existing U.S. securities laws cover cryptocurrencies and no new legislation is needed.
But not in the US. In Europe, he chose to adopt the MiCA (Crypto Asset Market) for the European Union to regulate the cryptocurrency industry.
Earlier this month, European finance ministers unanimously voted in favor of MiCAThe law, which is expected to come into effect in 2024, will regulate how the cryptocurrency market operates.
This is expected to happen in Hong Kong Release a cryptocurrency framework soon. Once that happens, companies that want to offer services in Hong Kong will have to apply to the commission to obtain a license.
The International Organization of Securities Commissions (IOSCO) also Published policy proposals The cryptocurrency and digital asset markets will be solicited for public comment earlier this week.
Bitget supports market regulation
As regulations have been introduced around the world, cryptocurrency companies have made changes to operate within these frameworks.
Cryptocurrency exchange Bitget is one of the cryptocurrency exchanges that strives to operate in accordance with established regulations.
Commenting on recent regulatory efforts, Bitget Managing Director Gracie Chen said:
“As a company that pioneers the crypto-based fintech revolution and provides highly innovative solutions, Bitget welcomes all forms of regulation. We believe that digital currencies and their underlying technologies will help put us on a set trajectory for growth, protect consumers and fight cybercrime. We believe in the power to promote.
On this basis, the move by IOSCO, the European Union and Hong Kong to promote broader reach for the industry is highly appreciated. They will also serve as a major basis for other countries to build their own regulations.
Our brands embrace regulation and are committed to implementing comprehensive risk management and anti-money laundering procedures. “
Bitget has become one of the world’s leading cryptocurrency exchanges and currently has over $500 million in daily trading volume.
The cryptocurrency exchange is led by Gracie Cheng, a leader who specializes in growing and executing global market strategies. She has been a metaverse and cryptocurrency enthusiast since her 2014 and has now become a prominent figure in the industry.