Despite a crypto exchange sector-wide need and desire for a consensus on regulation, we won’t see it just yet. That’s the view of Gabrielius Bilkštys, Chief Business Development Officer, Mistertango.
In an interview with Coin Rivet, he notes that, although it’s growing at an incredible rate, cryptocurrency is still misunderstood, and each country has a different approach to governance. For example, in Estonia, crypto exchanges require licences while, in Lithuania, the central bank requires the segregation of financial services and crypto services.
“As central banks across the world become increasingly concerned with crypto activity, we’re likely to see even further variation and a number of new models springing up over time as understanding of the industry continues to build and develop,” he says.
“There is likely to be a lot of testing the water over the next few years, as regulatory bodies experiment with what may or may not prove successful. Take South Korea, for example, where the Korean National Assembly has issued a proposal to lift the ICO ban which it only introduced in September last year.”
Big issues
Elsewhere, Bilkštys talks about how he has been interested in cryptocurrency since its inception, tracking its ascension from a nascent industry to one that’s approaching maturity. But, he adds, some of the biggest issues still need to be overcome.
“While the market has grown exponentially, major scandals have brought the sector’s credibility into question. It is seen by many – unfairly – as the sole preserve of criminals, with legitimate businesses that rely on crypto struggling to make their voices heard. This fear and uncertainty has led to the introduction of legislation that aims to stamp out criminality, even if this comes at the cost of strangling the market,” he says.
“Banks across the world are refusing to handle cryptocurrency-related transactions. This leaves legitimate crypto businesses – exchanges and ICO companies – unable to function, allowing other less legitimate players to fill the void. Mistertango stood out to me as the only company truly making headway in solving the biggest hurdle facing the crypto industry right now.”
It’s the first business to allow individuals and businesses to simply, quickly and securely facilitate and fund cryptocurrency activities using fiat currency, he claims. “There’s no other company offering crypto-focused businesses a bridge between the crypto and traditional worlds. For many crypto traders and crypto-related businesses, such as exchanges and ICO companies, a regulated current account is something that has so far been out of their reach.”
Disclaimer: The views and opinions expressed by the author should not be considered as financial advice. We do not give advice on financial products.