According to a top-level executive of deVere, a popular financial management firm, Nigel Green, the World Economic Forum (WEF) risks failing should it focus on regulating the crypto industry. The deVere Group CEO also warned the global body to focus on other economic issues instead of cryptocurrency.
A Call for Crypto Regulation
On the heels of the 2023 WEF summit in Davos, Nigel Green revealed that if the upcoming event failed to address the crypto regulation agenda, the WEF is bound to “spectacularly fail.” According to him, there is no doubt that regulating the crypto industry is necessary.
But should the decision-makers fail to advance the agenda, they have failed woefully. Furthermore, the executive dared delegates attending the upcoming summit to push to regulate the digital asset ecosystem through their respective authorities.
He added that the time to take action is long overdue. It is worth noting that several events are driving the call for regulation of the crypto space, especially after the recent FTX collapse, which further prolonged the bearishness of the crypto market.
However, despite being a long-term crypto advocate, Green noted that the sector, having experienced many challenges, should be regulated. The CEO explained that the rising adoption of digital assets by individuals and institutions is enough reason for implementing guidelines for the sector.
Also read:“As more institutional players join the fray, increasing exposure to cryptocurrency, the mainstream financial sector will see more crypto influences than ever before.” Meanwhile, the executive cautioned that the absence of guidelines would pave the way for crypto to disrupt the global financial system.
In addition, Green clamored for investors’ protection due to the volatility of crypto assets adding that the high-profile collapse of trading platforms and fraud cases is an eye-opener to regulators across the globe.
Crypto Potentials
Apart from calling for regulations, the dVere CEO believes cryptocurrencies can impact the world’s economy under a formal regulatory structure. He added that countries could kickstart their digital economy drive with robust regulatory oversight.
According to Green, these regulators can use cryptocurrency to advance their financial stability and improve revenue generation. Before Green’s statement, experts believed that crypto could solve most economic challenges facing countries, provided proper adoption and deployment exist.
Crypto technology, as revealed by experts, can bring positive economic changes to countries worldwide. With the removal of third parties like banks in transactions, individuals benefit from seamless digital asset transactions.
However, despite the broader adoption of crypto assets, some people are still skeptical of cryptocurrency. In another development, Green stressed the need for global collaboration in designing crypto regulations while adding that virtual assets are here to stay with more bull rallies ahead for the industry.
Meanwhile, the executive’s sentiment comes when the crypto space is experiencing a Bitcoin-led market rally for the first time in weeks.
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