Idealists think society can thrive without any rules. However, history does not support this theory. All societies function within a rules-based structure. Regulations are necessary to maintain order. They are necessary for development and growth. The history shows all industries go through an evolution process that ends in less or more regulations.
Crypto Industry Development at a Critical Stage
Cryptocurrency development is seeing a critical moment. Groundbreaking technologies have been the driving force behind this industry. The sector must be freed from the elements that want to use it only for their short-term gains. These are the corrupt entities, including criminals and money-launderers who profit from the losses of others. Crypto and blockchain technologies were not designed to benefit these people. The goals were to infuse new technologies into the financial system and free it from self-interest and interference. This is the way to ensure financial democracy so that everyone can invest in and profit from the financial markets.
Some Level of Regulation Is Beneficial
While it is true only a few corrupt entities are involved in corrupt activities, it is that small group that tarnishes the image of this sector. It is important to take action now and weed out such entities from this sector and prevent their re-entry. Regulations should not be viewed negatively. Some regulations are beneficial. They will help this industry to grow.
Without regulating the crypto space, the risk of exploitation in this sector increases. It needs advanced regulations to abide by the laws and retain its freedom. The crypto industry will grow when it has proper regulations in place.