It is well known that cryptocurrency assets are highly volatile, and the collapse of the largest platform has once again highlighted the risks of cryptocurrency assets lacking basic protection. These losses signify that cryptocurrency assets have entered a dangerous period, and their market value has lost trillions of dollars.
A new analysis by the International Settlement Bank in November last year showed that Bitcoin (the largest cryptocurrency asset) has fallen by nearly two-thirds from its peak at the end of 2021, and about three-quarters of investors have suffered losses on Bitcoin. Clearly, strengthening financial regulation and developing global standards is more helpful in solving many problems of cryptocurrency assets.
Based on this, on February 28th, the global blockchain trading platform supervision inquiry platform, WikiBit, held a roundtable discussion on "The Impact of Global Cryptocurrency Regulations on Practitioners and Investors," inviting many well-known trading platforms, media organizations, and industry experts. Bitvenus, as a cryptocurrency trading platform focusing on safety and compliance, was invited to attend this meeting.
BitVenus representatives believe that cryptocurrency regulation is a key step in realizing industry legalization and providing a secure investment environment. Other participating experts also unanimously agreed that the lack of clear cryptocurrency regulations brings uncertainty to the market, and many investors hesitate to invest due to concerns about the legality of cryptocurrency. Therefore, it is urgent to have clear regulatory guidelines, impose more severe penalties for fraudulent behavior, and have closer cooperation between industry practitioners and regulatory agencies.
BitVenus's official representative stated that clear regulatory guidelines help to enhance investor confidence and promote the development of the cryptocurrency industry. However, there are challenges in implementing regulations for relatively new and complex industries like cryptocurrency. Industry practitioners should also play an active role in formulating regulations, and the industry should collaborate with regulatory agencies to develop guidelines that protect investors without stifling innovation.
In addition, BitVenus's official representative also emphasized the issue of bad behavior in the cryptocurrency industry. To prevent fraudulent activities, industry practitioners need to use advanced technologies such as artificial intelligence and machine learning to identify suspicious transactions and behavior. Industry practitioners should also play a more active role in formulating regulations because they have the professional knowledge to help develop guidelines applicable to everyone.
During the meeting, the WikiBit community also raised a question to all CEX representatives: How to protect users' cryptocurrency assets and save funds during transactions?
In response, BitVenus's official representative suggested enhancing security by using two-factor authentication and creating a strong and unique password for trading accounts. As a global leading trading platform, Bitvenus will continue to provide users with the best and secure cryptocurrency trading services and actively participate in the construction of industry regulation.
In summary, when an industry is regulated, it also means that the industry's development is transitioning from disorderly to orderly. For practitioners or pioneers in the cryptocurrency industry, safe and compliant operation is the core element for standing firm in the long term!