CRYPTOCURRENCY
Micheal Ramsbacker , CPO of Trulioo , a leading online identity verification fintech , is convinced this will play a large role in the development of the DeFi sector . He says crypto users will naturally gravitate towards exchanges that embrace stricter regulations because new research shows that consumers now want to see visible signs that organisations are focused on protecting them .
Indeed , 66 % of crypto users claim that they have become more tolerant of identity verification measures during the past three years , and 78 % are more comfortable with identity verification checks taking longer .
“ Diving down into specific sectors , it ’ s likely that we ’ ll see identity verification take on an even more critical role within the crypto sector . Recent events will likely lead to increased regulation across all areas of cryptocurrency and decentralised finance and , in particular , exchange functions . Regulators will look to bring in rules to protect consumers .”
Ramsbacker says that from a consumer perspective , confidence and trust around crypto is probably at the lowest level it ’ s ever been . “ Our own research last month found that 83 % of crypto users said crypto companies should be doing more to reassure and protect customers .
“ Against this backdrop , I think it will increasingly be a case of the market deciding how the crypto sector recovers and the direction it takes going forward . I predict that we ’ ll see mainstream crypto investors voting with their wallets and favouring platforms ( and jurisdictions ) that are embracing , rather than trying to escape , regulation .”
“RECENT EVENTS WILL LIKELY LEAD TO INCREASED REGULATION ACROSS ALL AREAS OF CRYPTOCURRENCY , DECENTRALISED FINANCE , AND , IN PARTICULAR , EXCHANGE FUNCTIONS ”
MICHEAL RAMSBACKER CPO , TRULIOO
Better help for victims of crypto fraud Last year in the UK , the judiciary introduced a new legal gateway called the CPR to fintechmagazine . com 99