Exchange Insights: Industry Players talk Crypto Regulation in 2023
So far 2023 has been a seismic year for crypto. The New Year saw an end to a difficult bear market, and February has seen an onslaught of moves by global regulators.
Just today it was rumoured that Gary Gensler's SEC had decided to categorise all digital assets other than Bitcoin as Securities.
In the wake of the news, industry players gathered at London's annual Blockchain Economy Summit to discuss what's next for crypto.
At the heart of the regulatory conversation is the idea that exchanges need to work hand-in-hand with regulators to protect innovation. This means four things: Communication, stabilising markets, increased transparency, and better security.
Delphine Forma - Senior Compliance Manager at BitMEX exchange - explained that CEX's need to open up transparency to users to help manage risks.
"Transparency is a big topic, especially after FTX - there is a big discussion around Proof of Reserve - we need to show what is happening inside and be more transparent about everything we do," said Forma.
"We do what we can in compliance, through our coin listings we strive to ensure a good product, but we need a good customer.
"[And this means] customer education - teaching users how to protect themselves".
Michelle Maiuri - Marketing & Growth Director at Deepcoin Exchange - agreed. Adding that she anticipates customer education to be at the heart of progress in 2023.
"[2023 will be] all about education and regulation," claimed Mairuri.
"If we put twice the effort into education of users, how many would have suffered in Terra or FTX? We need to double down on education".
This is reflected in conversations with regulators according to Delphine as she explained how BitMEX is working to improve government relationships.
"Education is
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