A crypto analyst and a crypto enthusiast, Joseph Young ponders over the aspect deemed as critically important for the cryptos to flourish in the financial world of today. Regulation of the digital assets is acted so as to prevent the fraudulent agents and entities to pull off the underhanded tactics like the money laundering and scamming. Young states that although the act to regulate a certain asset should be up for grabs, the fact is that this phenomenon, in recent times has not yielded favourable outcomes. He suggests that regulation is not that big of a deal in the crypto prosperity chronology as it bears the negative prospects to a rather large extent. Young puts a study example to present the picture that crypto regulation can do us no prevalent good. BlockPublisher got to extract some comments from the man himself over the very discourse.
G20 has been setting things aligned for the crypto regulations. The heart of the matter is that is does not considerably alter the stakes for the cryptos as we have seen major setbacks. Banks are strictly regulated. Yet, in 2018, we’ve seen Danske Bank’s $227 billion and Deutsche Bank’s $350 million money laundering scandals.
The scandals pose a threat to the existence of a regulated financial being or entity that can otherwise be of extreme potential. Money Laundering has been critically a centre of most setbacks a financial entity has faced for the past years. Regulation has not been kind enough to other monetary entities as expected and will certainly not be as rewarding with the cryptos as Young takes it. Though this can boost up the mass adoption thing for the cryptos as people will be more indulged and inclined towards cryptos and the blockchain technology, there is no chance that it will cater for the cryptos to be much safer than the digital assets.
The strain is now over the regulating authorities as to what they can offer the cryptos and what exactly can they terminate to overcome there recent mishaps. This is a serious feat to accomplish fingers crossed; people including the likes of Young, also in their hearts, believe that the crypto system is safer than any add-on that we can put over as further layers.