9 November 2020
The mood of fear, uncertainty and doubt, otherwise known as FUD, that has gripped some of the largest cryptocurrency exchanges since October heightened last week — and it had nothing to do with the United States presidential election.
An increasing likelihood of enforcement?
But maybe there is a method to all this “FUDiness.” Syren Johnstone, who is executive director of the compliance and regulation program at the University of Hong Kong and has written about regulating crypto exchanges, suggested to Cointelegraph that the global regulatory pendulum is swinging in the direction of tighter control:
“In Hong Kong the government this week proposed to bring all crypto-assets under the oversight of the securities regulator by using money laundering concerns as the stepping stone. Legislation has been proposed in the EU and the U.S. that drives crypto-assets into existing regulatory silos. These actions indicate the wind has definitely changed direction — [while] strengthened regulatory mandates increases the likelihood of enforcement.”
... Click here to read the full text.