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Home»Regulation»Binance is pushing for a balanced regulatory approach to crypto to ensure that innovation and growth are not stifled
Binance urges balanced regulatory approach for crypto to ensure innovation, growth are not stifled
Regulation

Binance is pushing for a balanced regulatory approach to crypto to ensure that innovation and growth are not stifled

2023-05-03No Comments3 Mins Read
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Binance believes that the core principles of a crypto regulatory framework should be consumer protection, market integrity and financial stability.

The exchange made the statement in its response to a recent consultation initiated by Britain’s HM Treasury regarding the regulation of crypto assets.

Binance said watchdogs should take a balanced approach to regulating the crypto industry to ensure it can continue to grow and innovate in a competitive environment.

The exchange added that “disproportionate regulation” will eventually lead consumers to turn to markets and operators not bound by these rules – which could lead to financial stability problems.

“Same risk, same regulatory outcome”

Binance said it agrees that crypto asset financial services activity should be properly defined and regulated. However, the regulatory regime must ensure that it does not affect the underlying non-financial activity of a crypto asset.

The exchange said crypto assets that pose similar risks to other traditional financial assets should be treated in the same way under the regime, and it should ensure that watchdogs like the FCA create rules that are “consistent” with the framework.

The exchange added that regulators should also consider that “new technology is changing the balance of risks” associated with “clearing, settlement, accountability, transparency and governance.”

Pragmatic revelations

In addition, the rules must take into account the “nuances” of different crypto-assets and adapt regulations accordingly to these assets and their underlying technology.

Binance also said the regime should create “pragmatic” rules around crypto asset disclosures to ensure consumers have access to the “correct information”.

Exchanges should be responsible for the process of listing and delisting new cryptocurrencies and conducting necessary due diligence on issuers. As such, exchanges will also be held responsible for any violations or counterfeits.

See also  State regulators secure full refunds for investors in $1 billion settlement with GSB Group

The exchange added that it supports the introduction of a proper regulatory framework for admission and believes market abuse will decrease once these rules come into effect and there is “greater oversight” of the markets.

DeFi

According to Binance, the Treasury should carefully and clearly define DeFi in its regulatory regime, as its “future development” is uncertain.

The exchange said DeFi affects markets “differently” than traditional financial services and carries its own unique risks and benefits.

Binance added that DeFi would continue to evolve rapidly and disrupt markets in new ways – which should be carefully considered when drafting legislation and policies for the industry.

The post Binance Pushes for a Balanced Regulatory Approach to Crypto to Not Hamper Innovation and Growth appeared first on CryptoSlate.

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