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The cryptocurrency industry has performed remarkably since its inception but is now facing a critical hurdle that requires careful consideration and regulatory expertise to overcome. Despite the speed of the industry’s growth and rate of global adoption, the gap between the industry and global regulation is only widening as new innovation breaks through to the public domain. Although efforts are being made by both sides, a lack of crypto familiarity by regulators and the lack of regulatory expertise by the industry are hindering innovation in the sector. To resolve this, traditional finance (TradFi) institutions like MultiBank Group have began to venture into the crypto space. The Regulatory Gap Over the last decade, the crypto industry has grown drastically as tech entrepreneurs and forward-thinkers have founded a plethora of crypto platforms and protocols to push the boundaries of the space. The problem faced by these new arrivals who are often unfamiliar with the hurdles posed by financial regulators can quickly overwhelm and stunt operations. On the other hand, regulators most attuned to TradFi systems can be equally stifled by by the complexities of decentralization and blockchain technology. The unfamiliarity experienced by both innovators and regulators creates a stark regulatory divide between both parties, leading to misunderstandings and potential conflicts. To overcome this miscommunication, a bridge across the gap must be established for future stability for the crypto industry and clearer legislation by regulatory bodies. Efforts to Bridge the Industry   The gap between the crypto industry and regulators is slowly closing as efforts to regulate crypto and the activities of the Web3 space are gaining momentum. Across many countries, specific regulatory actions are taking place, aiming to provide increased oversight over crypto transactions, crypto exchanges, and initial coin offerings (ICOs). Despite the positive step in the right direction, these new regulations can…

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Filed under: News - @ August 1, 2024 2:22 pm