Today, Herbert Sim was featured on Coinspeaker‘s article entitled “Crypto Market Makes a New Low, Is it Right Time to Buy Bitcoin This Black Friday?“:
“Bitcoin’s latest plunge is evidence of the need for greater regulatory oversight to give a boost to investor confidence,” said Herbert Sim, Chief Commercial Officer at Cryptology, a cryptocurrency exchange based in Singapore. “There is already a huge amount of capital tied up in cryptocurrencies, in excess of $100 billion, so why allow it to continue being a rogue market?”
“In order for the space to move forward and investor confidence to settle, regulators need to put standards in place to separate the weeds from the roses in the cryptocurrency world. Having oversight of the cryptocurrency “Wild West” will legitimize, and subsequently stabilize the industry, which will allow it to reach the next step of maturity.”
He continued: “Institutions and governments alike are beginning to accept that cryptocurrencies are likely to become an integral part of the financial system. The last few months have seen the beginnings of clear initiatives from the FCA and SEC to build out a coherent policy. It’s just a shame it’s taken this long for them to get on board.
Regardless of price moves, it’s clear that the cryptocurrency community is here to stay, with institutions offering new modes of trading such as options, futures and trading on margin. As a result, in order to move forward the government regulators need to find a way of establishing a working relationship with the community, as opposed to being at odds.”