- Switzerland’s Finma CEO states that the crypto market needs stricter regulations.
- The volatile market resembles the 1928 US stock market.
Swiss Financial Regulations joins the list of nations planning to implement stricter laws and restrictions on cryptocurrency and its market. The reason being stated is to protect the investors and public in their respective nations.
Urban Angehrn, CEO of Switzerland’s Financial Market Supervisory Authority (Finma), addressed a conference on June 22, in Zurich, that much more precautionary systems have to be implemented when coming to the crypto market.
“It would seem to me that a lot of trading in digital assets looks like the U.S. stock market in 1928, where all kinds of abuse, pump, and dump, are now in fact frequently common.”
He also expressed the desire to use the technology to safeguard consumer identities and handle the huge amount of data and computation. The drastic downfall in the market has escalated interest and fear about the blockchain platform among the higher authorities.
Current Crypto Market
The position of the market at present is totally upside down from where it stood last November. The coins hit their All-Time High (ATH) and the total market cap was around $3 trillion. But now, the coins have gone below their 18-month low and the market cap is only $900 billion.
Other than the market condition, the SEC focuses on different exchanges and limits their working. Parallelly many blockchain networks were vulnerable and their transaction validation also got halted. The major exchanges that got stuck in the above troubles are Terra, Binance, Ripple, and Celsius.