CRYPTO 2050
“ I BELIEVE VERY STRONGLY THAT BY 2050 THE CONCEPT OF ‘ OWNING YOUR DIGITAL CONTENT ’ WILL BE STANDARD ”
ALUN EVANS CEO AND CO-FOUNDER OF FREEVERSE
Crypto industry stakeholders should prepare for tighter regulation because this seems to be the reality in nearly every jurisdiction . This needn ’ t be a bad thing , though . Some regulations may stifle innovation and limit innovation , but most crypto regulation will likely be quite rudimentary because the industry has not been regulated much until now .
Expect safeguards for customers and the setting of minimum standards for crypto operators – something which recent events , like the collapse of crypto exchange FTX , have proven necessary .
“ In the immediate next few years , we can expect to see more countries developing and implementing their own regulatory and legal frameworks for the use of crypto ,” explains Daniel Seely , financial services lawyer at Freeths specialising in cryptocurrency .
“ Different countries will inevitably take different approaches to this . Some are already using cryptocurrencies as formal legal tender , meaning it is becoming increasingly embedded into those countries ’ economic systems , and also directly exposing more people to crypto itself .
“ Other countries may take more stringent approaches , or indeed reject crypto entirely ,
which may be down to any number of economic or political reasons . However , given that crypto appears here to stay and will see increasing global use , these governments will eventually need to embrace crypto if they are to compete on the world stage . “ Over time , we may see situations where countries develop formal treaties and international frameworks to oversee the use of crypto . A directive from the European Union , for example , would result in all member states ending up with the same economic arrangements , creating a consistent approach that provides greater opportunities for those looking to use and exchange crypto internationally .
“ From this perspective , crypto could be seen as similar to the euro , in the sense of being a single , common form of currency .”
100 October 2023