The CEO of Binance, the largest cryptocurrency exchange, Changpeng Zhao (CZ), spoke in an interview with Yahoo Finance on 28 September that good regulation will help the mass adoption of crypto.
One Thing to Drive Adoption of Crypto
Changpeng Zhao, CEO of Binance, reveals how cryptocurrencies can be adopted more widely around the world. Regulating the digital asset industry would “ease” crypto adoption, according to Binance’s CEO.
“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,” he said.
He added, “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.”
Not All Regulation Created for Crypto are Good
CZ believes that not all regulations developed 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,” said the Binance CEO.
He mentions another country where crypto is clearly banned, “that’s one type of regulation that’s clearly not good, Bad regulations are bad. Good regulations are good.”
Gary Gensler, chairman of the US Securities and Exchange Commission (SEC), recently stated that most crypto assets are securities, which Binance CEO says is simplistic.
“I believe classifying all of crypto as security is probably a bit simplistic.”
He also explained, “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,” it detailed.
“I think that’s a more simplistic view,” added him.