Binance Australia’s General Manager, Ben Rose, recently spoke on the reality of crypto regulation in the current market. He noted that the field has been gradually but consistently subject to change and has a lot of “moving parts” that make it a challenge for businesses to stay up-to-date. He said regulation is ultimately an inescapable facet of the industry and all businesses must follow the laws they are legally required to follow. He believes it’s important that businesses “embrace the regulation” and focus on “being compliant with the law” rather than “fighting against it.”
He notes that although governments and regulatory bodies may seem slow to act, they’re taking their time to ensure proper implementation of laws. He provided some useful advice to businesses engaging in the crypto industry, saying that the best thing to do is to “pay attention to the laws and regulations as they come out.” He also expressed the importance of getting ahead of the curve, saying “If you wait until the regulator comes to you, you’ve already fallen behind the pack.”
Overall, Rose took the view that regulation and law enforcement will only help to legitimize the industry and bring it closer to full mainstream acceptance. He concluded that despite the fact that regulation can present some challenges and inhibits some aspects of the crypto industry, it will ultimately benefit businesses in the long run.