According to Fundstat Global Advisors LLC, a slew of regulatory moves announced this week are favorable for the cryptocurrency region.
Regulators committed to stomping out illicit activity involving crypto
The crypto industry is helped by the recent regulatory cleanup of bad actors, such as the U.K. Financial Conduct Authority banning the sale of crypto derivatives and the U.S. Department of Justice issuing an enforcement framework is advantageous because it will help mitigate the sector’s nefarious activities. Better crypto rules in the crypto community will improve start-up talks.
After a vigorous defense of the $10,000 mark in early September, Bitcoin has pushed up to $11,000. Crypto enthusiasts have also been cheered by the acquisition of $50 million in Bitcoin by Square Inc. in a bet by CEO Jack Dorsey that it will be a financial empowerment instrument.
Crypto regulations in most countries are still in a grey area
Some nations have welcomed the technology and creativity behind cryptography and have provided favorable regulations for the industry. South Korea passed laws making crypto trading legal in the country earlier this year. Crypto laws are still vague in the majority of states in the United States. More before, the US CFTC said they were aiming to establish a comprehensive crypto industry system.