Stronger crypto regulation will not eliminate the threat of digital asset crime

OKCoin believes stronger crypto industry regulation will not eliminate fraud

Megan Monroe, OKCoin’s exchange chief compliance officer, believes that creating conditions for tighter regulation of the digital currency industry will not eliminate fraud. Monroe believes that the existing legal regulations in the United States are sufficient to exercise control over cryptocurrency market players. At the same time, the top manager of OKCoin considers these legal provisions “not clear and friendly enough.”

“A clear regulatory framework with established jurisdictional boundaries, flexible compliance standards and open communication channels with registrants (as well as with state regulators) would be a good way to initiate an evolving framework for market participants to grow their businesses. [This] would provide retail customers that seek to work with regulated entities a clearer understanding of the investor protections that would be available to them,” said Monroe.

She also pointed out that the authorities of various countries are not yet keeping pace with the changes in the cryptoindustry. Therefore, the only way to eliminate the threat of fraud is likely to be the creation of “incubators”. We are talking about the development of digital platforms for various projects in the field of digital assets. At the same time, crypto projects will have to openly and understandably talk about the risks possible for clients and investors.

Dorsey: “every Twitter account can be linked to a Lightning wallet”

Twitter founder Jack Dorsey said that in the future, the accounts of social network users can be linked to a Bitcoin wallet with support for the Lightning Network. The entrepreneur had previously made it clear that Twitter could add support for Lightning.

Such innovation may give a powerful impetus for the greater popularization of the first cryptocurrency, but it is not yet clear when the social network will add this function. Dorsey also noted that it is unlikely that it will be possible to store NFT on wallets tied to a Twitter account.

We would like to remind the readers that the Lightning Network allows for faster and cheaper transactions by opening channels for sending and receiving funds. The Sphinx Chat wallet works on the basis of the network.