From the point of its launch until now, the cryptocurrency-blockchain industry seems to be making significant growth. The cryptocurrency industry came into being as a medium for people to mine decentralized tokens. This idea with the passage of time has morphed into an alternative solution to the traditional bank financing industry.
On one hand, the current year 2020 has caused so much trouble for the global economy but on the other hand, it has worked wonders for the crypto-industry. Almost every crypto-exchange around the world has reported that it has experienced a surge in its customer volume as well as trading.
The surge in the number of new investors has worked directly proportional to the price increase of cryptocurrencies. As per the crypto-data analysts, the number of unique users has increased from 35 million to 100 million in the past couple of years.
Based on the above facts, countries from around the world have started to recognize the importance of the crypto-blockchain industry. Countries like Russia, China, South Africa, Georgia as well as the EU have started passing laws to regulate the cryptocurrency industry.
However, the number of countries still reluctant to adopt the cryptocurrency technology is way higher than the ones who are willing to. The regulators from around the world state that the main reason behind this is due to the lack of regulations governing the crypto-world.
Nathan Catania who is a former regulator has shared the same concern about the cryptocurrency industry. Nathan Catania currently works with XReg Consulting, which is a team of former regulators and assurance professionals whose specialty is in the crypto-assets and their regulations.
Catania has stated that despite the amount of growth and recognition cryptocurrency has earned, it still does not change the fact that it is an unregulated entity. This lack of regulatory structure has led the cryptocurrency somewhat unsafe for these countries to adopt.
Catania commented that although the regulations may be really expensive to implement it will bring in worldwide recognition. Once that happens, the cryptocurrency will become the technology to surpass all other sectors.