Business

Cryptocurrency survey finds investors want more regulatory certainty

Sixty percent of the players in the cryptocurrency space see greater clarity around regulation as the key to the growth in crypto adoption, a SALT survey during the recent Crypto Bahamas conference found.

The survey noted that 55 percent of those polled think “regulatory uncertainty is most likely to hinder adoption”. They also contended that other things likely to hinder crypto adoption include security breaches, volatility and the general “lack of belief in the utility of the blockchain”.

SALT, the global thought 

leadership forum focused on innovation and investing, that partnered with crypto trading firm FTX to put on Crypto Bahamas last month, said in a statement that the survey featured feedback from more than 225 people invested in the blockchain, digital assets and web3 space. 

“The survey explored attendees’ views on key themes of the conference agenda,” the statement noted.

“Attendees, which included both decentralized finance (DeFi) and traditional finance (TradFi) leaders, were bullish on crypto.

“The majority (70 percent) of respondents shared that they plan to increase their exposure to crypto at least 25 percent through the end of the year.

“Nearly seven in 10 respondents (69 percent) believe that bitcoin will go above $50,000 by the end of 2022.”

The Bahamas has been the leader in the cryptocurrency and digital assets space terms of regulations since the country passed the Digital Assets and Registered Exchanges Act in 2020. Now, FTX and other major crypto exchanges are looking to The Bahamas to domicile their companies, hoping for a well-regulated digital assets sector.

Executive Director of the Securities Commission of The Bahamas Christina Rolle said recently that The Bahamas will continue to tweak its DARE legislation as the digital assets sector grows and changes.

SALT’s survey found that the biggest things to watch in the space are “games (32 percent), followed by NFTs (28 percent) and DeFi (26 percent)”.

“When asked what the most positive impact on institutional crypto adoption over the next year will be, 60 percent of respondents cited clarity around the regulatory framework, followed by Spot ETF approval (15 percent) and devaluation of fiat currency (13 percent),” the statement said.

Founder of SALT and SkyBridge Capital Anthony Scaramucci said in the statement that Crypto Bahamas “created momentum around the important discussion of the institutional adoption of crypto”.

“But we’ve really just scratched the surface in educating and advancing the conversation and these investments,” Scaramucci said.

“Regulation is the single most influential aspect around the advancement and adoption of crypto. Now, it’s up to regulators to act.”

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Chester Robards

Chester Robards rejoined The Nassau Guardian in November 2017 as a senior business reporter. He has covered myriad topics and events for The Nassau Guardian. Education: Florida International University, BS in Journalism

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