December 8, 2023

Nigel Green called on the WEF to discuss the rules for regulating cryptocurrencies

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Nigel Green called on the WEF to discuss the rules for regulating cryptocurrencies

deVere Group CEO Nigel Green believes that if the World Economic Forum (WEF) does not focus on regulating crypto assets, the organization will fail.

Nigel Green is convinced thatAt the opening of the 53rd meeting of the WEF in Davos, issues related to the supervision of the cryptocurrency industry need to be considered, and they should be a priority on the agenda. Delegates attending the forum should urge governments to focus on developing standards for cryptocurrencies, rather than engaging in empty talk, Greene said.

“Without a doubt, behind the cryptocurrency ecosystemcontrol is needed, and this should be discussed first at the Davos summit. If WEF participants remain silent about cryptocurrencies, it will be a complete failure,” Green said.

The head of deVere Group named the reasonsaccelerated introduction of rules for cryptocurrency companies. First of all, this will protect investors from fraud, as well as prevent bankruptcy of crypto lenders and incidents like the collapse of the FTX exchange. Wider adoption of digital assets at the institutional level also requires the adoption of appropriate laws. Green noted that more and more pension and mutual funds, investment banks, business trusts and hedge funds, not to mention individual investors, are showing interest in cryptocurrencies.  

As cryptocurrencies spread, theyinevitably become an important part of the international financial system. Therefore, due to the lack of laws regulating digital assets, the cryptocurrency sector can become a serious threat to the global financial industry, the CEO of deVere Group is convinced. He is confident that if the crypto industry operates within the law, it will be able to positively impact the economies of different countries.

Earlier, Nigel Green called Bitcoin one of the best asset classes and said that the increased volatility of cryptocurrencies will not frighten long-term investors.