Cameron and Tyler Winklevoss who founded the Gemini exchange told about the importance of regulating the cryptocurrency market. According to experts, without control, all investors canâ€™t be fully protected. For comfortable interaction between bidders, certain guarantees are needed, which independent platforms do not have.
Control is security guarantees for traders
“Companies that work with bitcoin should use standard and unique regulatory systems. Otherwise, all market participants will be in danger. If we talk about the introduction of new standards, it is impossible to do so, as there are a lot of sites. Consumer protection, which is implemented by other financial institutions, should be taken as the main example,” Tyler Winklevoss said.
According to the expert, now it is important not to allow fraudsters and scam projects to spread on exchanges, getting rid of signs of illegal activity, as in the future, it will be almost impossible to identify them. In addition, holders of tokenized securities should also be interested in protection.
According to Winklevoss, the Association of virtual commodities created by them will allow to monitor the market and display the abstracts to ensure the security of personal data. An important aspect of the development of the industry should be the interaction with government agencies but within the rules of circulation of electronic means and blockchain. Regulators should do their part in ensuring security, but not take it fully.