Crypto platforms require transparent operating rules from regulators

According to Bloomberg, global crypto exchanges have renewed calls for relevant regulators as the international legal landscape in this area continues to change before our eyes.

Speaking to Bloomberg reporters, representatives from UK trading platform eToro and Australian exchange Bitpanda expressed concern that inadequate anti-money laundering measures and know-your-customer (AML/KYC) requirements are preventing them from planning their business strategy.

Eric Demuth, CEO of Bitpanda, told reporters: “We would welcome clear laws and regulations to understand where we stand. position”. 

In 2018, despite rapid regulatory action taken by several governments such as South Korea, some jurisdictions continue to crack down on the cryptocurrency space through bans. Last month, Indian central bank officials said institutions must stop providing services to crypto businesses entirely by the end of July. The two companies are planning to challenge the decision in court.

EU regulators, including the European Central Bank, have come out in support of international efforts to standardize rules, although some sources said the volume of digital assets was still too small to take urgent action.

In February, ECB Supervisory Board Chairman Daniel Nooyi told the press that cryptocurrency regulations “are far from high on his list affairs.”

Unexpected decisions, however, can lead to significant business consequences. “The benefits of regulation are clear," said eToro managing director Iqbal Gandham. "The appropriate legal framework will both protect consumers and ensure the longevity and legitimacy of the industry." Gandham is also chairman of UK industry group CryptoUK, which is committed to lobbying for greater transparency and legality in the conduct of crypto businesses..

According to https://cointelegraph.com