Cryptocurrency Regulations Worldwide: The Key to Adoption & Reiteration of Crypto!
Cryptocurrencies have become one of the most valuable financial tools. They have the potential to contribute to a much more sustainable economic model compared to traditional monies.
From facilitating cross-border transactions to peer-to-peer operations, cryptocurrencies eliminate many financial barriers. However, the crypto markets are some of the most volatile and vulnerable spaces, prone to hacks, security breaches, and illicit finance. All these have halted growth and adoption.
While opinions can differ, it’s a fact that without regulation in play, crypto markets won’t survive for long. Safety is just one aspect that regulation can bring, and it’s time we take a closer look into the topic.
Regulation in Crypto: Paving a Safer Future for All
Regulation in crypto has always remained unwelcome because of a common misconception — it will bring centralization with it. But that is untrue.
Regulation and centralization are both different branches of the traditional world. Regulation refers to the laws defined by a country’s legal systems to assure user security and financial fair play.
The aftermath of an unregulated financial market, like crypto, can be as tragic as we have seen in the biggest scams and hacks of 2022. If embraced optimally with the proper regulation, crypto can transform the entire financial system for the greater good. TradFi institutions worldwide acknowledge this point while also suggesting that laws are integral to this whole process/space for sustainable growth.
A safer future for crypto can be built together, where regulators can fill the gaps in user security to prevent financial losses.
The convergence of TradFi to DeFi with regulation
The future of finance should be seen as a convergence of TradFi and DeFi, not a battle between the two. More than ever, the crypto space today needs new regulations that can secure the market and help in its sustainable expansion. Fortunately, various countries think this way and are rolling out their specific crypto regulatory guidelines.
Some early movers in creating new laws are the European Union, the US, China, Brazil, India, South Korea, Japan, Australia, Singapore, and more. In particular, the EU Regulation has made significant steps in creating MiCA and the SEC with US crypto regulation. Astra’s partnership with KPMG is a powerful statement for the digital asset world, as now there is an innovative way for companies to implement the laws.
Astra: KYC for Web3
While each of these attempted laws is exceptionally significant to the future of crypto, Astra is the key to unlocking their application. Among the few names in the industry to drive a safety revolution in Web3, Astra is bringing regulation without compromising on decentralization and user anonymity. Its globally patented compliance technology empowers Astra to enable the entire Web3 ecosystem to enhance consumer protection.
Astra’s mission is to equip crypto applications/dApps with a range of regulatory compliance tools for ensuring financial compliance standards can be met across the Web3 industry. Astra also works closely with renowned legal firms to strengthen its mission and vision.
Earlier this year, Astra added regulation experts Mick Mulvaney and Kirstjen Nielsen as the Strategy Advisors. Mulvaney was the Ex-White House chief of staff for former President Donald Trump, and Nielsen headed the Department of Homeland Security from 2017 to 2019.
Furthermore, the latest Astra and KPMG partnership is a testimony of Astra’s efforts to bring regulation and safety into Web3. Astra’s compliance solution also includes a Decentralized Legal Network (DLN) of legal and regulatory experts from global firms facilitating on-chain KYC services, something no other service can offer. KPMG will play a vital role in this process and be one of many renowned companies forming part of the DLN.
Astra is a leading protocol to bring safety and trust to the crypto space by eliminating the existing risks. With our AML and KYC screening, we aim to drive massive Web3 adoption.
Astra: KYC for Web3