The cryptocurrency market is largely unregulated in different parts of the globe.

The cryptocurrency market has become one of the most important financial markets in the world. The enormous potential of the ecosystem was evident when the market reached $3 trillion in November 2021,.

However, the cryptocurrency market is still largely unregulated in many parts of the globe. The activities of cryptocurrency companies are being regulated by regulators in a variety of ways.

Blockchain.com CEO Peter Smith told CNBC in a recent interview that there have been improvements in regulating the activities of cryptocurrencies. He stated ;

“We’ve been working on regulations since 2014, and we are not done yet. It won’t be a 2022 story. I believe it will take several more years. We have a dedicated policy and compliance team as well as a legal team that works on licensing. We have a dedicated policy and compliance team and a legal team that works on licensing.”

He stated that he believes there has been improvement in regulatory aspects of cryptocurrency. Positive changes in regulation can be seen in the defined approaches in Germany, Singapore, Singapore, and the Netherlands.

Smith however added that ;

“It will take a few years before we get some definitive answers to some regulatory questions.”

When asked about the customer’s identity in cryptocurrency transactions, Blockchain.com CEO stated that the company follows all anti-money laundering regulations and KYC regulations.

But, he stated that there are some companies that don’t follow the rules. Smith urged regulators to consistently enforce the rules to ensure that cryptocurrency markets are properly regulated.

The cryptocurrency market has lost more than since it reached a record $3 trillion in November 2021.. The total market cap for cryptocurrency is more than $1.3 trillion at press time.

Bitcoin remains around the $30k region, down from the $69k all-time high it achieved late last year.