Crypto Regulation US Philippines – The collapse of some of the titans of the cryptocurrency sector and the accompanying consequences last year are giving the sector as a whole a much-needed wake-up call. Hundreds of billions of dollars have been lost to companies including Celsius Network, BlockFi, Voyager Digital, Genesis, and FTX during the past year. Most recently, the infection has expanded to the financial institutions that deal with cryptocurrencies, with Silvergate, SVB, and Signature banks all falling within a week.
After these incidents, It is more certain than ever that effective regulation is essential for the survival of this industry and is the only means of preserving the confidence of customers who use crypto exchanges to learn more about the world of digital assets.
The FTX enterprise, owned by Sam Bankman-Fried, experienced one of the largest crashes. FTX’s claim that it welcomes regulation was just a facade. Despite its boast of being regulation-friendly, FTX was essentially an offshore exchange that catered to clients from throughout the world. But, there are some companies that, in the nations where we and our clients are physically based, get licenses and are subject to central bank audits to support regulation in practice rather than merely in words.
But in the end, the industry’s receptivity to regulation is only one piece of the problem. Authorities must be prepared to step up and safeguard consumers in their jurisdictions by proactive regulation, rather than only stepping in to clean up after millions of individuals suffer losses due to scams and failed businesses.