Point Zero Forum Recap: CZ: Regulation is Not Enough to Eradicate Problems in Crypto

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“Regulation will help, but it will not completely eradicate the problems. Regulations will help, but it will not entirely solve this problem. I think education is really important, we need to do more of that.”

This is the answer of Changpeng Zhao, aka CZ, founder and CEO at Binance, during the Point Zero Forum, 3.0, when Calvin Cheng, the Director of Calvin Cheng Web3 Holdings FZE, asked him if regulations will solve the problems that the crypto industry have.

Cheng asked about the issue to CZ after some complications happened recently in the industry, like the LUNA collapse.

“In regulated markets, companies fail, startups fail. Failure is part of the innovation system, in innovative new industries, there are gonna be failures. We do very much want to seek more regulatory clarity – just to know what to operate and what not to operate.”

Changpeng CZ ZHao, CEO of Binance

Further, CZ clarified that stronger regulations can eliminate bad players in the industry.

On the other hand, when Cheng asked him about the things that the regulators are doing wrongly, CZ answered it with a laugh saying that he will not use such a strong word.

“I think it will take years or decades for regulations to really shape out. And even today, the industry is still young. Most regulations are focused on centralized exchanges, but there is DeFi, there is NFTs, there is Metaverse. So metaverse, what is it? We don’t really know yet,” said CZ. “How would you expect regulators to make regulations about something that’s not even formed, regulators (will) not gonna design the ecosystem. It is an iterative process where the centralized exchanges or relatively large businesses – they should be regulated and we welcome regulation and we wanna work very closely with the regulators.”

And when Cheng asked CZ: If you have a wishlist of one thing that you hope that you hope that regulators would do in the next six months, one would be this one thing?

The Binance CEO immediately answered: Licenses everywhere.

Point Zero Forum is an exclusive invite-only, in-person gathering of select global leaders, founders and investors that discussed the Decentralized Finance (DeFi) and Web 3.0 Industry happened last June 21 to 23, 2022 in Zürich, Switzerland.

CZ discussed “Weathering the Storm and the Next Phase of Growth” during the conference, the discussion’s moderator was Calvin Cheng.

Earlier this month, CZ announced that Binance is interested to secure two licenses, the virtual assets service provider (VASP) license and the e-money issuer (EMI) license, from the Bangko Sentral ng Pilipinas (BSP).

Currently, Binance has gained licenses from France, Dubai, and Bahrain, and is applying for registration in Switzerland, Sweden, Spain, Netherlands, Portugal and Austria.

This article is published on BitPinas: Point Zero Forum Recap: CZ: Regulation is Not Enough to Eradicate Problems in Crypto

Disclaimer: BitPinas articles and its external content are not financial advice. The team serves to deliver independent, unbiased news to provide information for Philippine-crypto and beyond.

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