础蝉听Bitcoin聽hits all-time price highs, regulation must now become a major priority for financial watchdogs, affirms the CEO of one of the world鈥檚 largest independent financial advisory organisations.
The call-to-action from Nigel Green, chief executive and founder of deVere Group, comes as the price of聽Bitcoin聽hit a new record high, surging past $61,000 on the deVere Crypto exchange on Sunday for the first time.
Mr Green says: 鈥淲hether crypto cynics like it or not, there鈥檚 no getting away from the fact that聽Bitcoin聽is becoming an increasingly important part of the global financial system.
鈥�Bitcoins in circulation are now worth $1 trillion, with prices having rallied 890% over the last year. Most major financial institutions, including investment giants and payment companies, are now backing the world鈥檚 largest cryptocurrency, and there鈥檚 ongoing soaring interest from retail investors.鈥�
He continues: 鈥淭he move towards digital currencies is going to increase 鈥� and at pace 鈥� over the next few years. This is why financial regulators must now make regulation of the crypto sector a major priority.
鈥淲ith a growing dominance,聽Bitcoin聽and other cryptocurrencies must be held to the same standards as the rest of the financial system with a robust, workable international framework.
鈥淭his will help reduce any potential disruption to global financial stability, protect investors, tackle illicit activity and deliver an economic boost to countries that adopt and adhere to it.鈥�
Previously, the deVere boss, who is a long-time, high-profile cryptocurrency advocate, has said that one of the best ways to address the regulatory issues is via the exchanges.
鈥淣early all foreign exchange transactions go through banks or currency houses and this is what needs to happen with cryptocurrencies. When flows run through regulated exchanges, it will be much easier to tackle potential wrongdoing, such as money laundering, and make sure tax is paid,鈥� he has noted.
鈥淔or this to happen, banks will need to open accounts for exchanges, which is why they must be regulated.鈥�
The deVere CEO concludes: 鈥淲e鈥檙e at an important point for Bitcoin, which is now worth more than many countries鈥� GDP.
鈥淔inancial watchdogs need to bring this asset class into the regulatory tent sooner rather than later via the exchanges.鈥�
