What this crash will do is thrash out many of the regulatory grey areas. Some jurisdictions will clamp down in a bid to protect consumers from the kinds of losses suffered by many when Terra UST and its sister coin Luna crashed in May.<\/p>\n
Others will use the extreme outcomes of this crash as points of learning for what needs to be prevented in the future.<\/p>\n
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Regulation has already been expedited in several jurisdictions. The EU published its MiCA legislation at the end of last month, which aims to protect the EU\u2019s financial sector and keep it competitive. That’s while enabling consumers to have access to more innovative products. Overall, it aims to harmonize the EU\u2019s approach to crypto regulation, so that each jurisdiction represented is on the same page.<\/p>\n<\/div>\n
Meanwhile, the G20 has just recently pledged to establish a framework for regulating cryptocurrencies that are intended to extend across every country represented by the group. The Financial Stability Board, which unites the financial interests of the group, said it was time to bring the \u201cspeculative\u201d crypto sector under a regulatory code.<\/p>\n
\u201cThe failure of a market player, in addition to imposing potentially large losses on investors and threatening market confidence arising from crystallization of conduct risks, can also quickly transmit risks to other parts of the crypto-asset ecosystem,\u201d it said.<\/p>\n
Calls for US Regulations<\/h2>\n The US has also stepped up its work on regulating crypto, recently banning federal staff with crypto holdings from taking part in the debate on crypto regulation where they may have a conflict of interests.<\/p>\n
US Securities and Exchange Commission Chief Executive Gary Gensler has reiterated his belief that BTC is the only cryptocurrency that can fairly be defined as a commodity \u2013 potentially handing it off for oversight by the Commodities Futures Trading Commission (CFTC). That’s while SEC keeps a steely grasp of everything else, ETH included, much to that community\u2019s chagrin.<\/p>\n
As the pace of regulation steps up, so, too, is the confidence of the gambling industry likely to grow.<\/p>\n
Gambling has come too far down the path of regulatory control to risk a backlash by incorporating crypto too soon. But as frameworks emerge to mitigate those risks, licensed operators are likely to begin opening their products up to crypto and blockchain innovations.<\/p>\n","protected":false},"excerpt":{"rendered":"
The crypto crash continues to get worse. Bitcoin (BTC) has plummeted since mid-April from a value of around $40,000 to just $20,856.35 at its highest point yesterday. However, the effects of that plunge on the gaming industry hasn’t had a big impact to date. Often, gambling is seen as a recession-proof industry, in which the […]<\/p>\n","protected":false},"author":69,"featured_media":220871,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[24066,33810],"tags":[],"acf":[],"yoast_head":"\n
Gaming Industry Avoids Worst Of Crypto Crash - Casino.org<\/title>\n \n \n \n \n \n \n \n \n \n \n \n \n \n\t \n\t \n\t \n \n \n \n \n \n\t \n\t \n\t \n