SNEAK PEEK
- Binance believes in regulating emerging technologies through a risk-based approach.
- The exchange advocates for exchanges to take responsibility for the listing and delisting processes.
- Binance supports the implementation of a Crypto Market Abuse Regime.
Binance, one of the world’s leading cryptocurrency exchanges, recently responded to the UK’s HM Treasury’s consultation on the future regulatory regime for crypto assets. In a series of tweets, Binance’s CEO, Changpeng Zhao, known as CZ, highlighted some key points from the company’s response to the consultation.
Last week #Binance responded to the UK HM Treasury’s consultation on the ‘future financial services regulatory regime for cryptoassets’.
Always good to see policy makers openly seek input and suggestions.
Quick thread about our response.
— CZ 🔶 Binance (@cz_binance) May 2, 2023
Firstly, Binance believes that a same risk, same regulatory outcome approach is the right way to regulate emerging technologies. According to the firm, this approach considers the unique benefits and risks of novel innovations and ensures that regulations capture the intricacies of these technologies.
Moreover, in another tweet, Binance acknowledges that regulations should fulfill policy objectives while considering the specific industry characteristics they seek to regulate. Although it is a difficult undertaking, it is imperative to guarantee that regulations are effective and suitable for the industry. However, Binance is ready to contribute to this course of action.
On the same note, CZ added that Binance is certain that a clear definition of decentralized finance (DeFi) is needed for effective regulation and innovation. Given the rapid expansion of the DeFi sector, Binance believes that a clear comprehension of its nature and regulatory framework is crucial.
Last but not least, Binance advocates that exchanges should be responsible for handling the listing and delisting processes. Based on the firm’s response, the exchange should give users precise details through transparent guidelines and extensive scrutiny.
In conclusion, Binance supports the introduction of a Crypto Market Abuse Regime (MAR) to mitigate the risks and challenges specific to the crypto industry. This would include greater market surveillance and regulation to reduce bad actors.
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- Source: https://investorbites.com/binance-responds-to-uk-crypto-regulatory-regime/
