The cryptocurrency market continues to grow by leaps and bounds in all parts of the world, which is why those who already run them, as well as some dedicated companies in the industry, have begun to suggest global regulations.
With the regulations worldwide for the cryptocurrency markets, they seek to guarantee the access to emerging technologies, liquidity and secure platforms, among others, without limiting growth and innovation.
The foregoing arises in the midst of the recent market rises, the arrival of new investors, as well as the consolidation of the cryptocurrenciesThe objective is for the industry to advance healthily while protecting users.
And, although some countries such as El Salvador, have implemented mediations regarding the use of cryptocurrencies after being legally approved in the local congress at the request of the president, Nayib Bukele, there are other regions such as Mexico where there are no regulations and agencies such as the National Commission for the Protection and Defense of Users of Financial Services (CONDUSEF), call not to do transactions with cryptos.
According to experts on the subject of cryptocurrencies, they expend excessive amounts of energy and, at the moment, it is estimated that the production of bitcoins needs as much as the entire country of Denmark. For this reason, many consider that it is not a sustainable practice in times of climate change and human intervention in vital ecosystems for the planet, however, its users and growth demand regulatory measures.
According Binance, infrastructure platform blockchain (blockchain), there are 10 fundamental rights of users of crypto that could serve as a point of reference to initiate conversations with the industry in general, including other exchanges, blockchain innovators, policy makers and world leaders.
Said fundamental rights of cryptocurrency users would be the following:
-That all people have access to financial tools, such as cryptocurrencies, that allow greater economic independence.
-That industry participants have the responsibility to work with regulators and legislators to form new standards for crypto assets. “Smart regulation encourages innovation and helps keep users safe.”
-That platforms cryptocurrencies force themselves to protect users bad actors as well as to implement user authentication processes (KYC) to prevent financial crimes.
-Consideration of privacy as a human right, so that personal identification data (PII) must be subject to strict levels of protection.
-“The cryptocurrency investors they have the right to access the exchanges that keep their funds safely, in safe custody with comprehensive deposit insurance ”.
-That the markets maintain a solid level of liquidity in order to guarantee a stable and friction-free trading environment.
-In the seventh point it is established that the regulation and innovation are not exclusive, in the sense that cryptocurrency investors “deserve secure access to emerging technologies and practices, including NFTs, stablecoins, gambling, performance mining, and more.”
-Reduce the knowledge gap on the subject of crypto, so that users can have accurate information and with simple language on the subject to avoid being victims of misleading advertising.
– ”Markets that offer derivative instruments must be subject to the appropriate regulations. This ensures that all users meet the eligibility requirements and that their transactions are settled fairly”.
Finally, they accuse that regulation of cryptocurrencies it is unavoidable, as users have the right to share their views on how the industry should move forward with the blockchain platform they are using.
In this way, due to its rapid advance, the market requests that worldwide regulations be made to prevent investors from falling into possible fraud as well as that these help companies to have universal standards in their account management.
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