The crypto market is being regulated in several countries, introducing initiatives to create legislation for digital currencies such as bitcoin. These measures aim to stimulate the crypto-economy and attract businesses that operate in the crypto sector.
According to an interview with Valor Investe by Transfero’s director of products and partnerships, Safiri Felix, there is a competition to create an increasingly favorable regulatory ecosystem for crypto market companies.
The Crypto market impacts the economy
With the huge impact caused by cryptoassets on the economy, which in 2022 will reach more than US$ 3 trillion in capitalization, some countries propose to create laws to attract crypto market platforms.
This is the case in Dubai, becoming a crypto hub with a proposed regulation that could benefit companies. Like the Emirate, the United States intends to create legislation for the sector.
For Safiri Felix, there is a race to develop a regulatory environment that can attract crypto market entrepreneurs while providing more security for users.
“I notice a regulatory competition where whoever can generate the best structure as a whole for entrepreneurs wins”.
Recently, Biden issued a decree on cryptoassets that calls for US government agencies to submit studies on the impact of the crypto market on the economy.
In addition, based on such a study, the document talks about how the industry could be regulated. Transfero’s director of products and partnerships explains that the decree was considered crypto-friendly.