The CEO of Allianz GI directed his thoughts towards Andrew Bailey who is the head of Britain’s Financial Conduct Authority, stating:
“You should outlaw it [crypto]. I am personally surprised that regulators haven’t stepped in harder.”
Recently, the G20, which is a global forum that hosts government officials from 20 of the largest world economies, came to a consensus to regulate the crypto space primarily and ensure that digital assets are not used to fund criminal activities or launder money. As a declaration released by the G20 stated:
“We will regulate crypto-assets for anti-money laundering and countering the financing of terrorism in line with FATF [Financial Action Task Force] standards and we will consider other responses as needed.”
With this initiative to regulate crypto, many governments could refrain from imposing a blanket ban on this industry. Doing so could leave governments in the dark while individuals and institutions continue to use consensus currencies for different use cases.
So, the need for building a sustainable crypto ecosystem is bigger than ever. Some smaller economies such as Malta, Singapore and Switzerland have recently brought multi-billion dollar businesses and fast-growing startups by doing so.
Still, the risk of money laundering and crime financing is still big – mainly seen through two banks (Danske and Deutsche Bank) which suffered two big scandals that surpass the entire market cap of cryptocurrencies.
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