There is no denying that cryptocurrencies are rapidly conquering the world. In less than a decade, perceptions have changed dramatically.
We are seeing a fusion of traditional finance and cypto exchanges. What impact might it have?
The Ongoing Payments Revolution
Since 2020, the number of Bitcoin ATMs worldwide has increased significantly. The number of active ATMs has doubled in just one year. Such a dramatic increase clearly shows the growing demand for the world’s largest crypto asset. However, the prices of other cryptocurrencies have also risen, with ETH’s annual return even surpassing that of BTC.
Bitcoin ATM
The listing on Coinbase earlier this year was considered a watershed moment for the entire cryptocurrency industry. Market participants and leading economists described it as a major milestone in the cryptocurrency world, starting the process of integration with traditional finance. With U.S. exchanges now reaching investors in mainstream stock markets, this could even be a catalyst for further digital asset adoption.
These cards work with MasterCard and Visa payment systems. Crypto cards may contain both cryptocurrencies and fiat currencies (USD, EUR, etc.). Many platforms and cryptocurrency exchanges working in this niche are designed to provide their customers with maximum flexibility, or to offer a novel option to attract new users.
Reduce Risk to Limit Vulnerability
The importance of cryptocurrency regulations has grown in recent years as the number of illegal political parties has proliferated. U.S. Securities and Exchange Commission (SEC) Gary Gensler said the U.S. Congress needs to enact legislation on the country’s cryptocurrency exchanges because current law does not place them under the direct jurisdiction of any regulator.
Coinbase
A Coinbase spokesperson said the company is ready to discuss regulatory measures. The U.S. Treasury Department previously proposed requiring financial firms to verify users’ personal data during transactions with crypto wallets that allow cryptocurrencies to be stored outside of exchanges.
Despite recent proposals to more strictly regulate the cryptocurrency space globally, as well as 6 anti-money laundering directives that would empower financial institutions and authorities to more effectively combat money laundering and terrorist financing in the EU, it should not Fear of entering the world of digital assets.
Progress is an unstoppable force, and in the long run, crypto-enabled cards are an inevitable tool for the future convergence of the financial and crypto worlds.
Strive for Innovation
Over the next few years, more and more people will not want to miss out and join the rapidly emerging digital finance industry. This regulation is a double-edged sword, but if properly addressed, people will benefit from this initiative, being able to interact and enjoy the exciting and new possibilities of a dynamically growing industry. We can’t imagine what the industry will offer tomorrow, but we can say for sure that compliance with strict regulations will have a major impact on this. If you want to start cryptocurrency trading, choose wisely.
