The cryptocurrency space is one that remains elusive to investors, particularly as the industry has yet to see established and effective regulatory systems that keep the crypto market safe and secure.
The cryptocurrency space is one that remains elusive to investors, particularly as the industry has yet to see established and effective regulatory systems that keep the crypto market safe and secure. According to a recent article published on Coingeek, the solution lies in companies like BIG Blockchain Intelligence Group (CSE:BIGG, OTC:BBKCF, WKN:A2JSKG), which is currently developing a suite of tools for policing the cryptocurrency market, driving security and accountability in the space. Its two main products, QLUE and BitRank, are designed to support authorities in tracking scammers using proprietary search algorithms and supporting investors with ‘risk-scoring’ tools.
When it comes to cryptocurrencies, there are also concerns around the lack of jurisdictional control, which makes it easier for criminals to develop scams. Per the Coingeek article, this issue has led to declarations from the likes of IMF Chief Christine Lagarde, who said that “enforcement would require international cooperation.”
Shone Anstey, CEO of Blockchain Intelligence Group, believes that there are opportunities for countries to work together. “Where possible the government will use MLATs (Mutual Legal Assistance Requests). MLATs are used by law enforcement agencies around the world to make official requests,” he said. Anstey believes that this, alongside the implementation of KYC and AML protocols between multiple jurisdictions, will be a key way for regulators to oversee scams that cross national borders.
The cryptocurrency space continues to hold the interest of investors, Anstey points out. However, there needs to be an increased focus on deploying effective policing and regulations across the industry. “A new cohort of businesses and investors are wishing to enter this rapidly evolving space. But they can just as easily decide not to do so if they see an absence of robust regulations. They wish for their investments to be secure and to gain the confidence of their clients who might also become cryptocurrency investors in their own right.”
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