The cryptocurrency space is facing regulatory pressure at the moment, with numerous regulators looking to regulate the activities of the market.
Steven Parker, the CEO of the Crypterium wallet app, has revealed in a recent interview that regulating the cryptocurrency space is important. He pointed out that regulators are worried about money laundering or un-educated customers losing lots of money. Parker added that;
“The US has been very fragmented, and the SEC is now urgently looking at how they have a joined-up approach. Europe is arguably leading in a direction that manages the risks but also attempts to facilitate innovation. Countries like Germany and Switzerland have strict policies and registration processes.”
Despite the incoming regulation, Parker pointed out that it is crucial to avoid over-regulation in a sector that oversees rapid innovation. The Crypterium CEO said decentralised finance (DeFi) is still in its early days and will experience massive growth over the coming years. He added that;
“We are in the early days, but we see several areas where convergence is happening. At Crypterium, we enable pay-in and payout through partnering with traditional banks and card companies – our own Visa Europe card is particularly popular. We are also seeing more and more players such as Paypal and Visa offer crypto as a payments alternative.”
The cryptocurrency space has recorded massive interest from institutional investors and fund managers over the past few months. Parker believes that the trend will continue for a long time as the cryptocurrency space is just starting to grow.
The Crypterium CEO said he isn’t surprised by the exponential market growth as he believes in the potentials of cryptocurrencies and blockchain technology. Parker discussed the possibilities of cryptocurrencies overtaking the fiat financial system.
He pointed out that stablecoins have the opportunity to supplement traditional finance. Despite the appearance of stablecoins, Parker is confident that more countries will follow El Salvador and make Bitcoin a legal tender.
The cryptocurrency market cap remains above $2.5 trillion despite the losses recorded in recent weeks.