Digital Currencies Need to Be Legally Regulated

In the Grand Live Broadcast on July 24th, Miles Guo mentioned that the SEC investigated Coinbase recently in the United States.

The SEC has a legally mandated regulatory function for U.S. securities, and although widely criticized by most people, the U.S. securities market would not have been so regulated without the SEC. An unregulated market, whether for securities or digital currencies, would be a disaster. The existence of regulation can legitimize the scope of interests to more people.

The SEC recently sued Coinbase for suspected money laundering and wire fraud. But the institution is not a compliant regulator, and there is not any regulatory party currently responsible for regulating digital currency, however, it does not mean Coinbase can get away with money laundering and fraud. Regulation of the SEC is on the one hand, and regulation that is more advanced and compliant with digital currencies is on the other. In any case, the digital currencies currently on the market all have original sins, which cannot be erased out of thin air.

From the perspective of the Himalaya Exchange, reasonable and compliant supervision is in line with the premise and basis of the rules of the financial market. Himalaya Exchange began to strictly implement KYC procedures from the first day, its equity is professional and clear, all kinds of qualifications and banking, financial licenses are being actively obtained, and there are a variety of countries are pending to grant the license currently. Every penny of Himalaya Exchange is under the supervision of the US dollar, and over two dozen banks are currently being regulated by the United States, which eliminates the widely criticized money laundering suspicion of digital currencies.

Such strict laws and standardized operations of the Himalaya Exchange will become an important reference standard for global regulators of digital currency. All legal supervision ultimately protects the rights and interests of users. On the contrary, Coinbase and Zhao Changpeng’s Binance continue to exploit loopholes to fraud and do money laundering relying on the so-called emerging blockchain technology and regard the law as nothing. The consequence of getting rid of regulation is to put itself in harms and the way to fall. Only under the right traction of the reins can there be a healthy, safe, and long-term interconnection of interests.