SINGAPORE / ACCESSWIRE / March 3, 2023 / A round table panel was organized by WikiBit, the global request platform for blockchain exchange, on February 28. The expert panel consists of representatives from top players including CoinW, XT, DeepCoin, Bitvenus, FoxWallet, HyperPay and Assure Wallet. The panel discussed the impact of global crypto regulations on practitioners and investors. All participants are positive that crypto regulation is a crucial step towards legitimizing the industry and providing a secure investment environment. In addition, they also emphasized the need for the blockchain industry to take responsibility for safeguarding investors’ interests.
The panel highlighted the urgent need for clear regulatory guidance, stricter penalties for fraudulent practices and closer cooperation between industry practitioners and regulators. They emphasized that the lack of clarity around cryptocurrency regulations creates uncertainty in the market, leading to investor hesitancy due to concerns about the legality of cryptocurrencies.
Bao of WikiBit stated that “regulations must be clearly defined and consistently enforced. We must ensure that investors have a clear understanding of the regulatory landscape and their rights and responsibilities.” Skylar Wu of the CoinW exchange pointed out that “Regulators, lawyers and politicians, can they understand the basics of crypto or are they even able to understand coding as crypto is not self-explanatory? Crypto is still in its infancy with high barriers to entry. Therefore, the regulations will be even more difficult to apply to this industry, including taxes.” Bitvenus Operation Manager, Mr. Enghan, added that “the industry should work with regulators to create policies that protect investors without stifling innovation.”
Cryptocurrency Regulations
The uncertainty surrounding the regulation of cryptocurrency creates uncertainty in the market, and many investors are hesitant to invest due to concerns about the legality of cryptocurrencies. The panel all agreed that these clear regulatory guidelines can help increase investor confidence and drive the growth of the crypto industry. However, there are challenges in implementing regulations for a relatively new and complex industry such as crypto.
Bad actors in the industry are a major concern, and stricter penalties must be introduced to deter fraudulent practices. Assure Co-founder Mr. Sky stated that “we need to create a culture of transparency and accountability in the industry. Companies should be held accountable for their actions and penalties should be severe enough to deter fraudulent practices.” activities, HyperPay Marketing Manager, Mrs. Lima suggested that companies should use advanced technologies such as artificial intelligence and machine learning to identify suspicious transactions and behaviors.
Industry practitioners should also take an active role in shaping regulations, and industry should work with regulators to create policies that protect investors without stifling innovation. William from XT Academy and the Business Development Manager of Deep Coin, Mr. Leonardo all emphasized the importance of building trust between the industry and regulators through open dialogue and cooperation. Industry practitioners should take a more active role in shaping regulations as they have the expertise to help create policies that work for everyone.
The WikiBit Community
During the session, two questions were picked from the WikiBit community. The first question was addressed to all CEX representatives. The community asked what CEX recommended for users to protect their cryptocurrency assets and save money while trading on their platform. Sharing his ideas, Enghan said: “First, use two-factor authentication to enable and bring each additional layer of security to your account by requesting an offer from the mobile device. Second, create a strong, unique password for your exchange account. Last but not least most importantly, keep an eye on market trends and make informed trading decisions. This can help you avoid losses and capitalize on opportunity.”
The second question was addressed to all blockchain wallets joining the AMA. The community asked how blockchain wallet providers prevent and mitigate potential hacks or breaches, and what steps users should take to ensure the security of cryptoassets. Natalie from Fox Wallet said that the most important details to be aware of, in this case, are the types of hacks that can occur, such as token airdrops, phishing sites, and token authentication. They also emphasized the importance of using authorization management tools, warning about hash signatures, and working with third parties to prevent and mitigate potential hacks or breaches.
Overall, the roundtable discussion hosted by WikiBit highlighted the importance of protecting investors in the crypto industry. Clear regulatory guidelines, stricter penalties for fraudulent practices and closer cooperation between industry practitioners and regulators are necessary to achieve this goal. When the discussion ended, a consensus was reached among the panelists. Crypto regulation is an important step towards the growth and legitimacy of the industry. With the support of key players and experts in the field, the path to a secure and thriving crypto industry is clear. By embracing these changes and working together to protect investors, we can pave the way for a bright future for crypto.
About WikiBit
WikiBit is a request platform for business profiles. It, established by the company in Shanghai, China, mainly provides basic information request, regulatory license request, credit rating for the listed blockchain projects, platform identification and other services. Based on public data released by the government, combined with advanced sniffing systems and scientific computing algorithms, WikiBit offers a first-class big data solution that integrates data collection, screening, aggregation, modeling and productization. It also provides both quantitative and qualitative evaluation of the supervision level and risk level of the listed projects from multiple dimensions for traders, institutions and government departments.
Contact information
WIKIBIT CO. LTD
16/F A CAPITAL SQUARE, RE WAN CHAI – HK
[email protected]
www.wikibit.com
SOURCE: WikiBit
