Wallets Confirmed Pro Regulation During WikiBit's Crypto Regulation-Themed Panel from qocsuing's blog

Wallets Confirmed Pro Regulation During WikiBit's Crypto Regulation-Themed Panel

A roundtable panel was organized by WikiBit, the global blockchain exchange regulatory inquiry platform, on February 28th. The panel of experts comprises representatives from top players, including CoinW, XT, DeepCoin, Bitvenus, FoxWallet, HyperPay, and Assure Wallet. The panel discussed the impact of global crypto regulations on practitioners and investors. All the participants are positive that crypto regulation is a crucial step towards legitimizing the industry and providing a secure investment environment. In addition, they also emphasized the need for the blockchain industry to take responsibility for safeguarding the interests of investors.To get more news about WikiBit App, you can visit wikifx.com official website.
The panel highlighted the pressing need for a clear regulatory guide, harsher penalties for fraudulent practices, and closer collaboration between industry practitioners and regulators. They emphasised that the lack of clarity around cryptocurrency regulations creates uncertainty in the market, leading to investor hesitation due to concerns about the legality of cryptocurrencies.

Bao from WikiBit stated that "regulations must be clearly defined and consistently enforced. We need to make sure that investors have a clear understanding of the regulatory landscape and their rights and responsibilities." Skylar Wu from CoinW exchange pointed out that "Regulators, attorneys, and politicians, can they understand the crypto basics or are they even able to understand coding as crypto is not self-explanatory? Crypto is still in its infancy with high entry barriers. Therefore the regulations will be even more difficult to apply to this industry, including taxes." Bitvenus Operation Manager, Mr. Enghan, added that "the industry should work with regulators to create guidelines that protect investors without stifling innovation."
The lack of clarity around cryptocurrency regulations creates uncertainty in the market, and many investors are hesitant to invest due to concerns about the legality of cryptocurrencies. The panel all agreed those clear regulatory guidelines could help increase investor confidence and drive the growth of the crypto industry. However, there are challenges to implementing regulations for a relatively new and complex industry like crypto.

Bad actors in the industry are a major concern, and stronger penalties must be put in place to deter fraudulent practices. Assure Co-founder, Mr. Sky, stated that "we need to create a culture of transparency and accountability in the industry. Companies should be held responsible for their actions, and penalties should be severe enough to deter fraudulent practices."To prevent fraudulent activities, HyperPay Marketing Manager, Mrs. Lima suggested that companies should use advanced technologies like artificial intelligence and machine learning to identify suspicious transactions and behavior.

Industry practitioners should also take an active role in shaping regulations, and the industry should work with regulators to create guidelines that protect investors without stifling innovation. William from XT Academy and the Business Development Manager of Deep Coin, Mr. Leonardo all emphasized the importance of building trust between the industry and regulators through open dialogue and collaboration. Industry practitioners should take a more active role in shaping regulations since they have the expertise to help create guidelines that work for everyone.
During the session, two questions were picked from the WikiBit community. The first question was directed to all the CEX representatives. The community asked what CEX recommended for users to protect their cryptocurrency assets and save money while trading on their platform. Enghan, shared his ideas, saying, "First, use two-factor authentication to activate and bring every extra layer of security to your account by requiring a quote from the mobile device. Second, create a strong, unique password for your exchange account. Last but not least, keep an eye on market trends and make informed trading decisions. This can help you avoid losses and capitalize on the opportunity."

The other question was directed to all the blockchain wallets joining the AMA. The community asked how blockchain wallet providers prevent and mitigate potential hacks or breaches, and what steps users should take to ensure the security of their crypto assets. Natalie from Fox Wallet said that the most important details to be aware of, in this case, are the types of hacks that can occur, such as token airdrops, phishing sites, and token approval. They also emphasized the importance of using approval management tools, warning of hash signatures, and cooperation with third parties to prevent and mitigate potential hacks or breaches.

Overall, the roundtable discussion hosted by WikiBit highlighted the importance of protecting investors in the crypto industry. Clear regulatory guidelines, harsher penalties for fraudulent practices, and closer collaboration between industry practitioners and regulators are necessary to achieve this goal. As the discussion came to a close, a consensus was reached among the panelists. Crypto regulation is a vital step toward the industry's growth and legitimacy. With the support of key players and experts in the field, the path to a secure and thriving crypto industry is clear. By embracing these changes and working together to protect investors, we can pave the way for a bright future for crypto.