When It comes to regulation, the crypto world may have taken a U-turn. The CEO of several major crypto companies told CNBC that regulators are beginning to take a more positive approach to digital currencies following numerous crackdowns targeting the space. Countries like Britain and the U.S. have announced moves to bring regulatory oversight to the growing market, whereas china, on different occasions, has banned crypto overnight.
Binance CEO Changpeng “CZ” Zhao, the world’s largest crypto exchange, spoke with CNBC on the Paris Blockchain Week Summit’s sidelines and said, “the tide is definitely turning.” Last year, U.K. regulators barred Binance from undertaking any regulated activity in the county. In Singapore, Binance limited its services after the central bank warned it might violate local regulations. While kicking off the event with his speech on Wednesday, Zhao said regulatory discussions around crypto have shifted from “negative” to “positive.” Before introducing the Binance CEO, the MC of the program used the popular slang in crypto, “wagmi,” which stands for “we’re all gonna make it.” He said, “to be honest, I feel we kind of did make it,” adding crypto serves as a lifetime for some in Ukraine amid Russia’s invasion. Many cryptos experts will say, “we are still very much early in the space.” But, the crypto space still has a long way to go before it can be generally accepted everywhere. The industry’s fate solely depends on the approaches that different global regulators will take.