Sunday, June 23, 2024

Platforms are expected to report crypto trades in three years

2021 was an important year for global crypto regulations. While some like China dealt with crypto in the harshest possible way, others like El Salvador opened their doors to new possibilities. Across Asia and Oceania, Bitcoin adoption rates were impressively high. European markets also gave crypto the space to grow, with some cities like Amsterdam being global crypto hubs. In the context of maturing regulations worldwide, one survey found that trading platforms will need to report to regulatory bodies in the next few years. The survey interviewed numerous asset managers, financial experts, and professional traders. Most of them agreed to the fact that crypto trades will soon be reportable, in as little as 3 years. Most of them also agreed that the United States of America will be the first country to implement such a regulation.

Crypto regulations need to mature for the system to be of global relevance. While governments determine regulations to the highest extent, cryptocurrency exchanges are also learning to better handle compliance. With matured practices and policies from both ends, regulations can finally solidify from the chaos it is now. How long it will take is debatable, but most experts agree that 2022 will be a very significant year. 2020 and 2021 were the beginning of the global crypto boom, and 2022 will shape the development further. If governments at large adopt anti-crypto policies, it will be very tough for cryptocurrencies to grow. On the contrary, wider regulations will encourage a lot of research and innovation.

Cryptured Team
Cryptured Team
The writers team at Cryptured.com is composed of passionate and experienced journalists who cover the latest developments in the crypto and blockchain space. They aim to provide accurate, unbiased and easy-to-understand news and information for their readers, as well as insights and analysis from industry experts. The writers team is always on the lookout for new and exciting stories that can help the general public learn more about the potential and challenges of these technologies.
RELATED ARTICLES

Most Popular