Vageesh Potnis Predicts Major Shift in Global Crypto Regulation

Vageesh
Potnis,
a
known
cryptocurrency
expert
has
anticipated
structural
reforms
in
the
overbearing
regulations
for
cryptocurrency
which
by
extension
will
benefit
the
investors
and
businesses
as
well.
Potnis
gave
a
presentation
in
one
of
the
blockchain
conferences
in
the
course
this
week
citing
recent
regulatory
changes
as
the
United
States,
European
Union,
and
China
as
the
reason.

Potnis
put
into
perspective
that
while
there
are
achievements
some
have
made
Headways
in
other
countries
there
are
still
grappling
with
how
to
put
in
place.
The
E.U.
has
gone
further
than
anyone
previously
by
instituting
heavy
punitive
regulations
under
the
advertising
enhances-Cry-MiCa
regulation
that
became
effective
in
July
2023.
The
purpose
of
this
framework
is
to
improve
the
level
of
consumer
safety
and
corporate
governance
on
the
market
by
creating
stricter
regulations
on
obtaining
operating
licenses
and
reporting
for
service
providers
of
cryptocurrencies.

On
the
other
hand,
America
has
moved
way
behind
in
regulating
the
mound,
due
to
enduring
court
cases
featuring
the
Securities
and
Exchange
Commission
(SEC)
against
major
players
in
the
domain
like

Ripple
and

Coinbase.
Potnis
pointed
out
that
even
though
there
have
been
some
positive
steps
on
the
way
of
the
development
of
the
regulatory
pressure
on
the
crypto
market,
for
instance,
the
recent
approval
of
the
ETFs
on
the
spot
market
for
bitcoin
and
ethet
ether,
the
situation
is
on
the
contrary.
He
thinks
the
definitive
issues
will
also
impact
the
crypto
volatility
as
they
may
happen
soon.

“Countries
are
waking
up
to
the
fact
that
there
is
a
need
for
well-defined
regulations
for
investor
protection
as
well
as
avoiding
corruption,”
Potnis
said.
“The
next
few
years
are
very
crucial
as
we
have
global
powers
such
as
the
US
and
China
who
are
completing
their
crypto
regulation
strategies.”

In
particular,
succumb
to
the
crypto
currency
China’s
outright
ban
on
both
mining
and
the
transactions
of
Bitcoin.
Potnis
forecast
that
more
nations
would
toe
the
lines
if
the
crypto
currency
was
seen
as
a
threat
to
their
financial
slant
as
this
has
happen
in
China.

For
investors,
Potnis
recommended
a
good
understanding
of
the
regulatory
evolution
especially
in
the
US
and
EU
since
these
blocs
are
likely
to
set
the
pace
on
how
the
rest
of
the
world
will
follow
suit.

While
the
world
observes
the
regulation,
Potnis
cautioned
investors
as
to
the
fact
that
the
only
way
to
understand
the
movement
is
by
paying
attention
and
that
they
should
be
prepared
for
change
or
no
change
in
the
movement
of
the
crypto
market,
whichever
way
it
goes.