88% of crypto exchanges support industry regulation

Most crypto exchanges are supportive of industry regulation amidst fears that there could be a market crash, a new report reveals.

According to the results of the study by crypto-friendly payments company Mistertango, 88 per cent of crypto exchanges want regulation, with a third citing fear of a major market crash and sudden devaluation of assets.

Gabrielius Bilkštys, Business Manager at Mistertango, said: “The industry is crying out for regulation and the response from partners has shown this. Uncertainty is the biggest fear, and regulation is critical to provide the stability we need.

“Unfortunately, there is no regulatory consensus – worldwide or otherwise. For cryptocurrencies to move towards the scale and ubiquity possessed by fiat currency, it needs cohesive, considered and comprehensive regulation. Thus, regulation will be a catalyst, not an inhibitor to the crypto market’s development.”

A total of 24 exchanges with total trading volumes of more than $100 million were surveyed from across Europe, Asia, South America and Oceania.

It was also found that 40 per cent believe reducing barriers to funding for crypto activity by banks could improve more widespread acceptance.

“The industry is crying out for regulation and the response from partners has shown this,” added Oleksandr Lutskevych, CEO of CEX.IO. “Uncertainty is the biggest fear, and regulation is critical to provide the stability we need.

“Unfortunately, there is no regulatory consensus – worldwide or otherwise. For cryptocurrencies to move towards the scale and ubiquity possessed by fiat currency, it needs cohesive, considered and comprehensive regulation. Thus, regulation will be a catalyst, not an inhibitor to the crypto market’s development.”