In a recent interview, Jeremy Allaire, the Chief Executive Officer of investment application Circle said that there is a need for developing coordinated legislation by the national regulators in the field of cryptocurrencies.
According to Jeremy:
“Ultimately there needs to be normalization at the G20 level of critical crypto-related regulatory matters.”
Jeremy believes that regulatory support is crucial for the development of technology. Major economies around the world should launch coordinated regulations for the crypto industry. Jeremy supports the idea that bigger economies should work together to regulate the crypto industry. It will help in establishing international rules. A more regulated environment will support the growth of the crypto industry.
Circle is a peer-to-peer payment technology company which was founded by Jeremy Allaire and Sean Neville in 2013. It is a Goldman Sachs backed startup. Circle Pay, the mobile payment platform of Circle, allows the users to hold, send, and receive fiat currencies. The company also holds BitLicense by New York State Department of Financial Services and virtual currency license from British Government.
Speaking to Reuters, the international news agency, Jeremy Allaire said that at this stage it is essential to regulate the Initial Coin Offerings (ICOs). Jeremy added that:
“When it comes to token offerings, how should they be treated? Which token offerings are securities, which are not? The trading venues — are they like spot commodity markets that need to have rules in place around market manipulation?”
Currently, different countries have different rules and regulations regarding cryptocurrencies. Some countries are crypto friendly and allowing the crypto industry to grow while other countries are taking a drastic approach and banning the crypto exchanges and crypto trading. In Europe, cryptocurrencies are mostly unregulated though countries such as France and Switzerland are working on the regulations related to Initial Coin Offerings. Financial watchdog of Great Britain is also examining the crypto industry.
If we want the crypto industry to grow, we should take steps to clear the regulations related to the crypto world. The decision of globally regulated cryptocurrency could be a catalyst for the growth of the crypto industry.