PARIS, France — When it comes to legislation, the crypto industry may have reached a tipping point.
Following a series of crackdowns, CEOs of many prominent crypto companies told CNBC that regulators are beginning to take a more favorable stance to digital currency.
While China has explicitly outlawed cryptocurrency, countries such as the United States and the United Kingdom have declared plans to add regulatory control to the young market.
On the margins of the Paris Blockchain Week Summit, Changpeng “CZ” Zhao, CEO of Binance, the world’s largest crypto exchange, told CNBC, “The tide is absolutely turning.”
Binance was forbidden from engaging in any regulated business in the United Kingdom last year, and its services were curtailed in Singapore after the central bank warned it might be in violation of local regulations.
Zhao claimed regulatory conversations about cryptocurrency have turned from “negative” to “positive” in a speech that kicked off the gathering on Wednesday.
The event’s MC used the crypto slang term “wagmi,” which means “we’re all going to make it,” before introducing Zhao.
“To be honest, I think we made it,” he added, adding that crypto is a lifeline for some in Ukraine as a result of Russia’s invasion.
However, the crypto world has a long way to go before it is widely accepted. And the fate of the industry is mainly determined by the methods taken by various worldwide regulators.
To read our blog on “The CEO of Amazon is bullish on the future of cryptocurrencies and NFTs,” click here.
