The concept of freedom permeates the entire crypto community. Thus, maintaining freedom requires making sure that the industry is open, unambiguous, and compliant with the law and other government regulations. I fervently think that cryptocurrency has to be controlled. Additionally, I believe that the sector should deliberately set the example and concentrate on the advantages that government oversight may offer.
Regulating cryptocurrency is a vital step in its development if we intend to join the mainstream economic markets. While suspicions of tax evasion and financial fraud are being looked into, Binance is now prohibited in several economies for having disregarded regulations for quite a while now.
As our industry develops, strict regulation will inevitably arrive; therefore, let’s embrace it. Suppose we don’t participate in the conversation and act properly. In that case, we fall into the interests of individuals who want to completely forbid banks and other financial organizations from engaging with cryptocurrencies.
As a forerunner of the industry, Viktar Prakapenia suggests that investors ought to guard the framework from abuse and safeguard customers. On the other hand, financial regulation alone without the input of specialists can result in blunders and miscalculations, unforeseen effects, and significant risk.
There would only be a single route ahead if we like to see advancement in our industry: we must work with governments and policymakers to design the most appropriate legislation.
Forthcoming financial regulation is anticipated to incorporate certain sustainable and environmental standards regulating the carbon footprint of cryptocurrencies, which is precisely acceptable because if we want to create next-generation finance sustainable, we need to guarantee greener technology and better sources of energy are being utilized.
As a result of regulation, the industry should become more legitimate because it will support investor and consumer rights, fair trading, and financial soundness as anticipated by Viktar Prakapenya. This interdependence will draw potential investors and enable the mainstreaming of cryptocurrency.
This will eventually increase the industry’s trustworthiness. In effect, the most successful operators will ascend to the forefront and grow progressively successful, while dubious rivals will leave the sector.
The success of our sector is evidenced by the fact that regulation is the succeeding phase for cryptocurrencies. As the following chapter of cryptocurrency growth comes to a close, we must never feel dreadful about it but rather gladly accept regulation.
About Viktar Prakapenia
Viktar Prakapenia is a seasoned investor and skilled entrepreneur in the IT industry. He founded the investment company VP Capital, specializing in blockchain and fintech startups, as well as computer vision and artificial intelligence companies like Facemetrics and Banuba.
Viktar Prakapenia is proficient in cutting-edge and highly inventive technologies. He has degrees in law, and computer science, and a doctorate in Business Administration. He has established several successful technology companies that he has since sold.