Web3 Sector Needs Tighter Regulation To Ensure These Technologies Are Used In A Fair Way
Crypto and Web3 industry As it continues to grow and mature, regulation can no longer be done primarily through enforcement actions. Instead, the industry should move towards a regulatory and legislative framework that recognizes its potential and importance. digital currency and applications such as decentralized finance (DeFi) is a term used to describe a range of financial services that can be conducted without the institutional intermediaries of the traditional financial world. Why we need more decentralization in 2023 and Web3 Sector Need for tighter regulation of centralization crypto player.
While some cryptocurrency users have argued that the regulation would destroy the underlying decentralization of Web3, Web3 regulation requires users and “investors” as well as wallet providers, exchanges, token issuers, decentralized There are also benefits for cryptocurrency players such as DeFi companies. Let’s focus on the specific benefits that both users and businesses derive from Web3 and a great set of standards suited to the crypto market. Government regulation seems impossible in a truly decentralized protocol, but it is. This is why his Web3 officials in India and around the world are not calling for regulation of decentralized networks.
In a recent blog post, Coinbase CEO and co-founder Brian Armstrong wrote: In the on-chain world, this transparency is built in by default and there is an opportunity to create even stronger protections. Crypto regulation of centralized players can only be done by government authorities and is designed to protect consumers and ensure that these technologies are used fairly and transparently.
The banking giant added that the recent cryptocurrency collapse was not due to decentralized protocols, but to centralized cryptocurrency players. With this, the Web3 industry around the world is looking forward to accelerating crypto regulation across jurisdictions in 2023.
FTX Collapses Lens to Scrutinize Volatile Markets
Founded in 2017, FTX Trading Limited is incorporated in Antigua and Barbuda and headquartered in the Bahamas. The founders were Sam Bankman-Fried, who became his CEO of the company, and Gary Wang, Chief Technology Officer. The privately held company operates his FTX.com, a leading crypto derivatives exchange and trading platform, and in early 2021 he claims to have over 1.2 million registered users. In January, FTX raised $400 million in its Series C funding round, valuing the cryptocurrency exchange at $32 billion. The FTX token FTT had a market cap of $14 billion in March. FTX is commonly cited as the second largest cryptocurrency exchange, after giant Binance Holdings Ltd., which overwhelms competing exchanges.
The 2021 NASSCOM Industry Report on Cryptotech estimates that India’s Web3 industry could create over 800,000 new jobs by 2030. However, the vacuum around active policy debate could eventually snowball talent and capital out of our country, resulting in the loss of his India-centric IP in the Web3 space. Currently, Web3’s policy description is unfortunately viewed from the prism of his one-off case of cryptocurrency trading.
