Most early cryptocurrency adopters were drawn to Bitcoin because it served as a means of opting out of the existing financial system they considered unfair and bound to fail.
Today, the reality is that the majority of cryptocurrency owners are seeking more validation of the industry from governments in the form of friendly and unambiguous regulations.
Alon Muroch, CEO of Blox.io, is one such member of the crypto industry that expects regulation to have a positive impact on the industry. In a recent interview with Finance Magnates, he discussed crypto industry regulations and his project which looks to help individuals monetize their financial data:
As you have more regulation enabling you to act as a crypto investor, as a crypto holder, as a crypto company, as a crypto fund–obviously, there’s more value to the industry as a whole… If you’re considering three to five years from now, definitely there will be a very positive outcome from supporting regulation. The industry is growing up–every year is better than the previous one.
Muroch: States Need to be Tactful with Regulations to Stay Competitive
Sharing his views on the effects of regulations on the crypto industry, the Blox.io CEO, remarked that most developed nations are yet to come out with clear-cut regulations on cryptocurrencies. According to Muroch, countries like the U.S and U.K are instead finding ways of making industry professionals and businesses aware of practices that are not welcome.
Muroch is also of the view that the waiting game being played by most developing countries is a necessary stage in the formulation and implementation of crypto-specific laws. States have to first learn and understand the nascent industry before stepping in with regulations, the CEO believes.
He further explained that the need to stay competitive globally also makes it important for countries to get it right when producing with regulations that might affect the cryptocurrency industry. Countries such as Estonia, Japan, Switzerland, and Malta are creating crypto paradises to attract businesses, while States that plan to do otherwise risk driving out businesses and innovators to friendlier jurisdictions, he argues.
Muroch also took the opportunity to spell out what Blox.io seeks to achieve. He explained that the advent of blockchain technology has given individuals ownership of their financial data which was previously controlled by financial institutions like banks.- adding that financial data such as exchange transactions and trades can be of value when properly organized and managed:
If we think that data is the most important thing that we have as a digital identity, then financial data is definitely the next revolution, or the next phase