A new research study conducted by ETHAX – a regulated and licensed crypto firm – suggests many adults are in favor of crypto regulation and aren’t looking to trade any bitcoin without proper protocols in place.
ETHAX Sets the Tone for Regulatory Compliance
Regulation is something of a two-sided coin (pardon the pun). On one hand, the crypto space has been riddled with crime since it first came about. We all remember the early days of Coincheck and Mt. Gox, which occurred in Japan four years apart in 2014 and 2018. Both are listed among the deadliest attacks to occur on crypto exchanges. Together, both account for more than $1 billion in crypto losses.
In addition, scams are occurring in the crypto industry on an individual level. There are several incidents of traders and other individuals believing what they are told about certain investment opportunities and schemes. They forward funds to specific accounts and try to get involved in new trading platforms they hear about on social media only to find that they are controlled by scammers that have no intention of giving them their money back or allowing them to make withdrawals when their investments expand.
With certain rules and regulations in place, one can assume that incidents like these would become a thing of the past. With organizations like the BBB now labeling crypto scams to be the second most hazardous scams in the world, one can only feel these regulations aren’t coming fast enough.
At the same time, crypto has long billed itself as a world without third parties and prying eyes. One should have full financial freedom and autonomy when it comes to their unique monetary decisions. That has long been the message provided by the crypto space, and it’s this message that has ultimately brought so many people to the crypto forefront. They want to be able to engage in transactions and other financial behaviors without having anyone looking in on what they’re doing.
This survey suggests there is great comfort to be had in regulation and that many investors are willing to trade financial independence for that comfort. Data from ETHAX shows that roughly 75 percent of adult traders are not willing to step into the crypto space unless regulators become serious and implement proper safety protocols.
Are Investors Missing Out?
Dan Da Rosa – CEO and co-founder of ETHAX – said in an interview:
We have always known there is a massive potential for a crypto brand that instils legitimacy, quality, and accessibility at the heart of its services and products, and this research shows there is a much-needed alternative to unregulated brands alienating potential new investors from the industry. We are excited to launch a unique licensed and regulated platform that opens up the crypto market to new investors whilst offering a trustworthy, technology-driven, professional platform.