A call for global regulatory frameworks for the cryptocurrency market has been published on Binance’s official resources.
Such an appeal was published on behalf of Binance CEO Changpeng Zhao. The introduction of global regulations should positively affect the protection of user rights, the development of emerging technologies, and the development of the industry as a whole.
The regulation is proposed to be based on The 10 Fundamental Rights for Crypto Users:
- Universal access to digital (virtual) currencies and assets.
- Interaction of industry participants with state regulators to shape unified standards of the crypto sphere.
- Implementation of KYC and AML standards for users of cryptocurrency services.
- Protection of personally identifiable information data.
- Implementation of standards for security and insurance of user funds on exchanges.
- Maintaining a high level of liquidity on cryptocurrency markets.
- Universal safe access to emerging technologies.
- Providing free access to reliable knowledge about cryptocurrencies.
- Separate regulation of the cryptocurrency derivatives market.
- The right for users to share their voice on the development of the industry and specific blockchain platforms.
Amid inevitable regulation, Binance calls for it to be directed primarily at protecting the interests of ordinary users. In this context, the company encourages regulators to cooperate in developing common standards for regulatory policy.
At the same time, government regulation of the crypto market is increasing at the level of individual countries. For example, The Economic Times, citing knowledgeable sources, reports on the plans of the Indian government to ban the use of cryptocurrencies as legal tender. According to the publication, the development of the bill is being finalized. The initiative also includes a ban on advertising services of crypto companies and consideration of cryptocurrencies only as assets. The bill is expected to be considered in February 2022.