With the recent crypto crackdowns by security departments from across multiple countries, it’s easy to assume and fear that the death of cryptocurrency is looming and it’s going to be in the hands of the governments.
Some countries outright banned the use and trading of cryptocurrencies, some compete for control and regulation. Recent uprisings of projects failing to deliver what they promise, along with speculation and legal litigations surrounding crypto exchanges displaces the trust that these authorities have for cryptocurrency.
Fortunately, all hope is not lost, as amidst this constant barrage of bad news against Bitcoin, cryptocurrency, SEC, and other Market Conduct Authorities (MICAs) who are in charge of keeping these projects in check. Ensuring they don’t engage in illicit activities against the country, and most importantly against the users and investors who trusted and supported them.
SEC’s distinctions are clear about punishing the exchanges which allow unregulated assets to be traded and held, however securities like Bitcoin can not be touched by SEC. This sparked a There is a glimmer of hope for Bitcoin believers and other crypto users who are afraid that SEC may shut down cryptocurrency usage in the United States, which is one of the countries with the highest amount of cryptocurrency users.
But what about digital finance? How does the MICA feel about cryptocurrencies vying to replace the banking industry as we all know it? Let’s find out!
MICA’s outlook regarding Digital Money and Financing
While some people assume that MICAs against the existence of cryptocurrency and the way people use it for profit and its primary use cases, this assumption is incorrect. For the most part, MCAs focus more on the handling of securities and assets more than the industry itself; with the cryptocurrency world riddled with scams, money laundering, and other forms of funds mismanagement to evade the law, it’s only fair that MICAs are watching this industry closely.
Thanks to the transparent nature of Crypto Financing and the willingness of projects like Scallop to undergo regulation and close monitoring, the industry has been granted permission to operate in full efficiency.
This is a testament to the notion that, as long as you prioritise the best interests of the investors first and foremost, you can never go wrong in the FinTech industry.
Crypto Financing—Digital Money Revolutionised
While the topic of regulation remains a heated argument within the space, the emergence of Crypto Financing from projects like Scallop ushered in a new age of Funds and Token Management in the industry.
Revolutionary features like safety nets provided to users to protect their funds from all types of danger. With other amenities and added use cases, it makes a suitable addition. It may even become an effective replacement against CEXs, who aren’t one of the best management platforms when it comes to storing your digital wealth.
The existence of Crypto Financing and Platforms like Scallop enables the industry to take a massive leap forward into the new age towards a safe and productive cryptocurrency industry, that is still effectively decentralised and autonomous from the economic turmoil of the outside market, yet regulated and lawfully allowed to operate and service users without compromise!
Wrap Up
While the outside world is in turmoil and the weak-links in the cryptocurrency industry that gave crypto its bad reputation are getting picked off by MICAs across the world. The future of Crypto Banking spearheaded by Scallop is looking bright. Thanks to its utter transparency and the fact that it prioritises the welfare of users more than profit or expansion.
With more iterations of this wondrous industry coming soon as more and more visionaries see the potential in the Crypto Banking and the future that it brings. We can expect more projects that reinvents the whole concept, much like how the Crypto-world is slowly being reinvented by Digital Financing.
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Disclaimer: Blockmanity is a news portal and does not provide any financial advice. Blockmanity's role is to inform the cryptocurrency and blockchain community about what's going on in this space. Please do your own due diligence before making any investment. Blockmanity won't be responsible for any loss of funds.
