In the fast-paced world of cryptocurrencies, security and regulation are two crucial pillars that are essential for the growth of the industry. Despite this realization, there is a disagreement over who should be responsible for ensuring safety and regulating the industry: should it be the industry itself, users, or external regulators?
During a panel discussion in Istanbul Blockchain Week 2023, Robert McCracken, ecosystem leader of Alchemy Pay, stressed the need for self-regulation within the crypto industry.
He stressed that in light of the events of 2021, the industry has suffered a loss of confidence from everyday observers due to the bridge-related hacking.
In addition, he expressed optimism that the industry will continue to develop due to the emerging technology. However, he stressed the need for crypto to address its issues and institute internal regulations to prevent a repeat of past crashes and breaches.
User Responsibility
Kadir MedinaDirector of Business Development at Toobit exchangereiterated her opinion and stressed the role of the individual user in ensuring their own safety.
She advised users to be proactive, conduct thorough research and stay up to date with the rapidly evolving crypto landscape to make informed investment decisions.
She emphasized that while it is difficult to spot all scam projects, it is important for users to be vigilant before investing.
Kadir added that at Toobit, this is part of the message to all of its customers. “We always encourage our new users and customers to do some personal research.”
Alexandre ChesseSales Manager France, Middle East and Africa, fire blocksadded that while security is vital to the digital economy, “no security is unbreakable”.
That’s why at Fireblocks, they “built a zero-trust architecture with multiple layers of security and different ways for institutions to conduct their operations.”
Importance of external regulation
The Director of Global Sales, GK8, May Michelson, said that having regulation in place will inspire confidence in the industry. She added that one of the regulators’ jobs is to ensure users are only provided with trustworthy projects to invest in.
Alexandre echoed May’s point of view, emphasizing the need for “regulation for broader mass market adoption” of cryptocurrencies. In addition, he suggested that banks should participate in the ecosystem by offering crypto services to their customers.
However, “this will only ever happen if there is regulation and we have seen this happen in many different places in the UAE and across Europe.”
He also stressed the need to implement safety measures within the industry, such as B. appointing trusted personnel for different roles, establishing governance mechanisms and identifying external stakeholders.
The Fireblocks representative stressed the importance of being prepared for worst-case scenarios by implementing response plans.
He cited cases of crypto exchanges and chains being hacked where a response plan limited the damage.
Also read; Stablecoins are changing payment transactions: industry experts have their say
Learn Crypto Trading, Yield Farms, Income strategies and more at CrytoAnswers
https://nov.link/cryptoanswers
Comments are closed.