As we head towards Web 3.0, the nascent blockchain technology is going to be at the forefront, as it unfolds in front of us. Blockchain and cryptocurrency future goes hand-in-hand and many experts in the industry believes that cryptocurrency regulations will pave the way for bitcoin and cryptocurrency ETFs.
Mick Tsai, the co-founder of Contentos, gave his opinion to BlockPublisher on cryptocurrency regulations and said;
“I think the SEC is still trying to figure out how they should regulate cryptocurrency but you can see that they recently got some people on board to understand this space. Recently, Coinbase has already started testing the concept, this means that they want to make it more regulated which is good news. They will definitely start with the mainstream cryptocurrency like bitcoin, Ethereum and Bitcoin Cash and all of those kinds of cryptocurrencies first and after that they will start to expand the scope by extending to cover more financial products or other altcoins. I would say in next 1-2 years, we definitely will see something really good in terms of cryptocurrency regulations”.
Mick also compared how two of the world’s biggest economies, United States and China are so cautious about cryptocurrency and how challenging it is for the people in the space, he stated;
“The U.S. is just one part, even though cryptocurrency regulation is necessary and U.S. of course is leading the way but in a meantime China’s government can also play a very important role. But on the other hand Chinese government is not really friendly to cryptocurrency as on September 4 2018, they basically bend everything. Now they just keep restricting a lot of things, they do not want people to even talk about cryptocurrency but they are really encouraged and enthusiastic about the blockchain technology. Chinese government wants to take financial part, the token away from blockchain technology, they want people to chase the technology part only and use that to build something really meaningful but no token, not anything crypto”.
“A large country like China, is taking it from a very different approach at this moment. We can not predict or tell who is going to win this but from my observation right now, I think the U.S. is more clever because they leave the gray area. This means the whole market will start speaking about the right way to build a meaningful things but also go back to play by rules by protecting investors, peoples right and not really just do speculations. I am pretty positive about it that in the next 1-2 years, we will definitely see some crypto regulations”.