In a previous piece that focused on the
high incidents of crypto related scams, we highlighted how some countries in
the Europe and Asia have approached this as well as the question of ICO/IEO and
whitepaper regulation. Crypto industry players are instrumental in crafting the
relevant regulations while regulators take a back seat.
The article underlined that in these countriesâ particularly Asia onesâthe blockchain and crypto companies have progressed due to less stringent regulations.
Regulatory authorities in those countries appear to be more keen on seeing this fledgling industry grow while also striving to keep consumers of crypto products protected.
The risks of self regulation
Nevertheless, opponents of this approach often highlight the risks involved by pointing out the fact that most high profile cases of hacking have occurred in Asia. For instance, fraudsters, scammers and hackers have struck and made off with hundreds of millions of dollars in Japan yet that has not deterred or discouraged authorities there from allowing this industry to grow further.
This Asian approach is quite a contrast with governments and regulatory bodies in Africa, which appear to have taken a wait and see approach. As per their adopted custom, African leaders wait and hope that Western countries will make the first moves. They then simply follow or copy and paste without studying and fully understanding the dynamics of their own circumstances.
For example, when governments and regulators in Europe repeatedly refused to recognize Bitcoin as legal tender, the same stance was adopted by
Posted from my blog with SteemPress : https://africablockchainmedia.com/news/is-self-regulation-the-answer-to-growing-problem-crypto-scams/2020/03/11/