The Crypto industry Moves ahead of traditional financial sectors, and imbuing regulations would hold them to a higher standard – says Leigh Travers

Binance CEO Leigh Travers believes a regulatory framework will increase the standard of the crypto industry, as the current state of the local crypto regulatory efforts is restricted by a lack of clarity.

Fortunately, the cryptocurrency sector has always prided itself on being a safe decentralized system of ledgers out of reach from the government or any central authorities regulating it. This feature and its profitability is what makes it attractive to people globally and cause active participation to further develop and advance this digital system in all aspects of the world.

Regrettably, the crypto sector has seen a dire share of price fluctuations and decline previously, and currently, added to this decline are continuous criticisms and acts to control the crypto market through regulations, taxes, and borders.

Generally, the Vision of the crypto sector and Web3 space is building a profitable ecosystem unrestricted by borders, bans, and discrepancies, and safe for everyone and without new regulations the cryptocurrency and Web3 space still keep on the evolving and developing technology that benefits the world.

Currently, this vision is fully supported by numerous cryptocurrencies through advancements and developments of technologies, with IOTA foundation’s carbon footprint technology for fighting climate change, Bitgreen eco-friendly blockchain, and Exeno global online crypto platform with the first-ever c-commerce platform where you can purchase varieties of products and technologies using safe crypto payments.

According to the Cointelegraph, without regulations in place, crypto services cannot prove their viability, and cryptocurrencies such as Bitcoin (BTC) and Ethereum (ETH) do not fit into the current classification for property or financial products, hence the need for clearer regulations.

Do you think the crypto sector requires more regulations?