The crisis in Ukraine proved that charities and those in humanitarian crises, not the constantly referenced cartels and arm dealers, stand to benefit most from crypto adoption. Will regulators take note?
Despite its reputation as the wild west of finance, we can already see just how much crypto regulation is in place. Anyone who has tried opening a crypto account is aware that it is not straightforward, with numerous regulatory hurdles to clear.And the regulators have not been slow to make their views plain on the use of crypto to bypass sanctions in the current conflict.
Whether it’s a result of these pressures or something from their own ethical positions, many large crypto exchanges are now enforcing sanctions. But they resist calls for a blanket ban, arguing that it would hurt ordinary Russians. And then there’s the argument that people will just find other ways of busting sanctions: “If people want to avoid sanctions there’s always multiple methods,”Changpeng Zhao, CEO of Binance. “You can do it using cash, using diamonds, using gold.
The regulators have not won this war, not by a long shot. But they are tightening the noose on ways to circumvent crypto sanctions. And our own experience tells me that regulatory scrutiny of crypto assets is only going in one direction.It’s never going to create a perfect system that allows funds through to where they are needed, while preventing them from being used by bad actors.
This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research when making a decision. The views, thoughts and opinions expressed here are the author’s alone and do not necessarily reflect or represent the views and opinions of Cointelegraph.is the CEO of NexPay, a Lithuanian fintech startup providing banking infrastructure for the digital assets industry. Uldis has more than a decade of experience working in finance and managing venture investments, where he has served on the boards of different companies.
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