The CEO of Binance digital asset exchange, Changpeng Zhao, is revealing a way of increasing the global adoption of cryptocurrencies.
In an interview with Yahoo Finance, the Binance CEO says that having regulations for the digital asset industry would “ease” crypto adoption.
“I do believe that having regulatory clarity will actually ease adoption. There is a group of guys who got into crypto early, many of them may be libertarians, anarchists etc. They hate any kind of regulation.
But I think for the mainstream users, the rest of the 90% or 95% of the users that are still not in crypto yet, having regulation will actually ease them into crypto.”
According to Zhao, not all regulations designed for the crypto industry are “good.”
“Regulatory clarity definitely helps. But it’s not to say that all regulations could be good. We have to look at the specific regulation. For example, we’ve seen in other countries where they have a clear ban on crypto. That’s one type of regulation that’s clearly not good…
Bad regulations are bad. Good regulations are good.”
On the recent comments by the chairman of the U.S. Securities and Exchange Commission (SEC), Gary Gensler, that most crypto assets are securities, the Binance CEO says that it is a “simplistic” view.
“I believe classifying all of crypto as security is probably a bit simplistic.
There are many different types of cryptocurrencies. Some of them are closer to currencies, and some of them are closer to other asset types. I could clearly point to many different tokens that are clearly not securities.
I think that’s a more simplistic view.”
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