Central Bankers Call for Comprehensive Crypto Regulation at Davos Event

• Central Bank leaders at the WEF in Davos agreed on the need for comprehensive crypto regulation.
• This regulation is welcomed by industry leaders who have been calling for it for a while.
• The necessary regulation should border on Anti Money Laundering, (AML) and Know Your Customer (KYC).

At the World Economic Forum (WEF) event in Davos, leaders of Central Banks and financial markets expressed their views on the need for regulation of the crypto industry. Tharman Shanmugaratnam, Chairman of the Monetary Authority of Singapore (MAS) was particularly vocal in his opinion on the matter, noting his concern about legitimizing an industry that is highly speculative and unsafe for investors. He was joined by François Villeroy de Galhau, the Governor of the Central Bank of France who agreed that the core basis of regulation has to be applied to every token that is in circulation in the industry.

The call for regulation of the crypto industry has been ongoing for a few years now, with industry leaders clamoring for the introduction of regulations to protect investors and promote the growth of the industry. The need for regulation is further highlighted by the emergence of digital currencies such as Bitcoin (BTC), which has gained widespread adoption in recent years. The general sentiment amongst Central Bankers is that the required regulation should border on Anti Money Laundering, (AML) and Know Your Customer (KYC). This will help to prevent malicious actors from taking advantage of investors and also promote transparency and trust in the industry.

Colm Kelleher, the Chairman of Swiss multinational banking firm, UBS was also present at the Davos event and had a slightly different take on the matter. He noted that any digital currency that is issued must be “regulated like a security,” and the regulation should be in line with existing securities laws. The need for a comprehensive framework that is tailored to the industry was also voiced by the panel, with the understanding that an effective regulatory framework can help to protect investors while also promoting growth in the crypto industry.

In conclusion, the Central Bank leaders at the World Economic Forum in Davos agreed on the need for comprehensive crypto regulation. These regulations should focus on Anti Money Laundering, (AML) and Know Your Customer (KYC) and should be tailored to the industry to ensure that its growth is not hindered. Industry leaders have welcomed this call for regulation, as it will help to protect investors and promote transparency and trust in the industry.

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