FTX Collapse: African Crypto Industry Leaders' Perspective and Advice to Regulators – Bitcoin News

The collapse of FTX and subsequent calls for tougher regulation by the likes of U.S. Senator Elizabeth Warren have increased the likelihood of regulators adopting even stricter crypto laws. In Africa, crypto industry participants warn of the unintended consequences arising from rushed and over-restrictive regulations.

In Africa, where FTX had a minimal footprint, commenters believe regulators there are likely to use the crypto exchange’s collapse as justification for refusing to regulate or for banning crypto entities altogether. This will be despite crypto assets’ game-changing role in Africa’s remittances and cross-border payments arena.

Instead of introducing tougher laws, the SIBAN boss said it would be best if the U.S. Congress, the U.S. Securities and Exchange Commission , and other regulators were to consider regulatory “frameworks that encourage and require accountability, security, and transparency in the crypto market.”

I can’t seem to explain this enough. While the West sees Bitcoin as just another financial asset for X% gains. Bitcoin is a lifeline for Africans and any company, institution, regulation, that doesn’t recognize this is not yet ready for the African market. BitcoinisCash

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Sure. One of those who could die

It should be done without labels

hedge funds and masses of people ytSelf-host wallet btc owner whales have a hard time selling it without doing KYC and in some cases, this can wreck them financially. People lose access to their btc wallets which makes that btc frozen for all time.

I am a bit of skeptic, but know a lot of aspects about BTC. So, let's make few things straight - BTC is an investment asset - like gold, it's scarce, but it's easier to acquire it and big players like pay-pal and grayscale are holding it, same with a lot of banking institutions

But they will. That's exactly why this happened

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Thankss a millon

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