BANKING
EYHAB AEJAZ CO-FOUNDER , BREACH INSURANCE
The biggest names in crypto exchange usually provide the most choice . For example , Kraken and Coinbase are known for their wide spectrum of coin trades ,
with Coinbase currently trading over 450 different cryptocurrencies , while Kraken will trade 160 . Robinhood , meanwhile , focuses on the few , prominent currencies , but does offer commission-free trading on some coins .
Crypto regulation is tightening up According to Tom Crosland , CEO of CoinZoom – the crypto-to-cash conversion fintech – regulation will be the mainstream driving force . “ Some in the crypto space virulently oppose regulation , arguing that it would hinder innovation and contradict the very decentralised foundations upon which cryptocurrencies were built . In this scenario , financial task-forces would take a hands-off approach , leaving the industry to self-regulate .”
Crosland argues that the implementation of a clear and well-developed set of regulations will be critical for integrating cryptocurrencies into the global financial system . “ For the industry to continue to grow and become mainstream , customers must have trust in the infrastructure and framework underpinning it – and it starts with regulation .”
He points out that trust cannot be founded in an environment that “ permits bad actors to roam freely ”. Indeed , the UK ’ s Financial Conduct Authority ( FCA ) recently reported a
100 % increase in alleged crypto-related scams in 2021 compared to 2020 . The cost of cryptocurrency fraud also amounts to
US $ 19.2bn worldwide .
Such eye-opening data , he believes , is a clear driver for change . “ Clear accounting rules are critical to achieving this , not only helping companies shape their crypto strategies , but also providing them with the tools they need to make crypto a safe and orderly marketplace for investors .”
Cryptocurrency insurance is a growing trend More and more insurance providers are recognising the need to provide protection options when it comes to digital assets .
Breach Insurance is an insurtech startup that provides insurance technology and