So how do you regulate a new market that is decentral in nature?
Best Answer: Let them regulate themselves
It may sound surprising but the world’s two most crypto friendly nations are going this way. Very recently both Japan and South Korea have announced the formation of a self-regulatory program for crypto exchanges.
The idea is that those with hands-on experience in the blockchain industry will be able to do as good a job at setting and enforcing guidelines than any government body, if not better. The notion has also been championed by the CFTC in the United States, and by CryptoUk in the United Kingdom.
Depending on the circumstances, self-regulation doesn’t always work out. India had formed the DABFI crypto self-regulatory body back in February 2017. Yet now, after a sweeping crackdown from India’s central bank, crypto exchanges in India are fighting for their right to exist and many will likely relocate.
The pressure is now high for Japan and South Korea to deliver quick and comprehensive results that demonstrate their ability to service themselves in a satisfactory way.
With the airstrikes in Syria now seemingly behind us, the geopolitical outlook is looking somewhat more stable as many believe the Western response to Assad’s chemical weapons is now complete.
Stock markets in the United States rose yesterday as tensions eased. However, markets do seem to be under pressure in Asia this morning despite some rather picture perfect numbers from China.
The Chinese government seemed to get exactly what they were looking for as GDP growth came in at 6.8%, exactly as anticipated. When the headline figures are this great, many are looking to alternative figures like industrial production, which did not quite meet its quota.