Given some of the more spectacular crashes in the digital assets space in 2022, the year of 2023 is one in which regulators will need to play a more central role. Opinion by NJChrisRobbins
, but also the ongoing work to create a regulatory framework for digital assets in the financial industry undertaken by government agencies.With some of the more spectacular crashes in the digital assets space in 2022, combined with the growing links between cryptocurrencies and the traditional financial system, 2023 is a year in which regulators will need to play a more central role, according to Zheng.
“A crypto regulatory framework needs to be further established and clarified for a new crypto bull market to come,” Zheng said. “It is absolutely imperative to have regulatory audits and transparencies to ensure that stablecoins are fully collateralized and centralized exchanges are well capitalized to avoid the repeats of the [Terra] and FTX failures.
“The time for endless platitudes on greater regulatory scrutiny is over. Action is required,” he said in a statement. “Should those in attendance at the WEF not advance the agenda of crypto regulation as a result of the 2023 summit, they will have spectacularly failed.
Green also recently commented on the recovery in digital asset prices, noting that the recent crypto winter appears to be thawing. “Of course, the crypto market will not go in a straight line – no market ever does – but we expect the bears to go into hibernation and bulls are ready to run,” he said in comments made over the weekend.“Crypto market cycles come and go,” Zheng said. “This time is no different than the previous three extreme bear market cycles during Bitcoin's 14-year short history. The crypto market is driven by fear and greed, just like any other financial markets.
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