Will regulation adapt to cryptocurrencies or will cryptocurrencies follow regulation? Experts answer gia
Blockchain technology promises people and freedom with the advent of Web 3.0, a truly decentralized internet. Some even argue that the dramatic rise of the decentralized financial sector (DeFi) has become an important sign of the conceptual shift from centralized to decentralized service centers based on Web 3.0. & Nbsp;
In addition, some have even compared the invention of blockchain technology to the revolution sparked by the birth of the internet. Symbolically, the original source code for the World Wide Web, developed by British computer scientist Tim Berners-Lee, is being auctioned at Sotheby’s & rsquo; s on June 23 as a non-fungible token, also known as an NFT. All three & mdash; NFTs, DeFi and Web 3.0 & mdash; are interwoven. But this internet-blockchain comparison brings out an important concept: Without adequate regulation in the cryptocurrency and blockchain space, there will be no technological innovation success like ours that we have seen in the last 25 years, what the world, how we do it know has changed. & nbsp;
It is now clear that the lack of regulation will harm crypto innovations. As the area of decentralized technology has grown rapidly, this area is attracting increasing attention from regulators around the world, which are focusing on stablecoins, DeFi, NFTs, financial crypto assets, smart contracts, zero storage wallets, central bank digital currencies , etc. Meanwhile, some experts such as Caitlin Long, founder and CEO of Avanti Financial & ldquo; Crypto regulators crackdown has begun & rdquo; As a positive trend, this only benefits innovators. And others suggested & ldquo; the right way to regulate cryptocurrencies. & Rdquo;
Current regulation, on the other hand, is unsuitable for cryptocurrencies, and the adaptation of emerging decentralized technologies could damage the core values of decentralization and bring us back to where we were.start: with the centralized parties controlling the space. Is that the price we are willing to pay for a regulated industry? & Nbsp;
Related: Decentralization vs. Centralization: Where’s the Future? Experts answer gia
To strike the right balance, the crypto space requires a much deeper and closer working relationship, including with regulators and innovators. Only in a dialogue between crypto companies and regulatory authorities, authorities and industry representatives can the right way to regulate the emerging technology industry be found & mdash; through intelligent regulation & mdash; and space promises to change our lives & mdash; a promise made by niche regulations for the Internet at the end of the last century.
To find out what representatives of the crypto and blockchain industry thought about this regulatory dilemma, Cointelegraph reached out to several of them for their opinion on the issue. Will the cryptocurrency lose its core values in the course of regulation or will regulation adapt to decentralized technology and its benefits for society?