The future of cryptocurrency lies in the proper understanding and implementation of government regulation, according to the Chief Executive Officer of Coinroom, Jeffrey Mersinger.

Mersinger Calls For Regulation

Mersinger gave a passionate presentation at the World Blockchain Summit in Amsterdam where he argued that cryptocurrency is much more than just a volatile asset, but rather a powerful tool of economic and technological progress.

He stated that it was time to acknowledge the importance of this new technology and accept the reality of its power and potential, and that governments should play an important role in helping the sector mature and preparations to become commonplace.

Steps Towards Regulation

Mersinger outlined a few immediate steps that could be taken towards the regulation of cryptocurrency markets:

  • Enforcing standards for exchanges to ensure adequate user protection
  • Creating safe environments for trading and investing
  • Implementing taxation and anti-money laundering (AML) approaches
  • Ensuring investors’ funds are protected
  • Clarifying regulatory liabilities

He said it was the responsibility of service providers, like banks and exchanges, to ensure there is a consistent regulatory framework that all participants must comply with.

Big Progress Needed

Mersinger concluded his presentation by emphasising that there is still much work to be done to ensure that cryptocurrency becomes an accepted means of commerce and financial activity and that governments must take active roles in its regulation.

He believes that regulation and compliance is not a ‘burden’ on the sector, but rather an ‘opportunity’ and a sign of its maturity and acceptance.

Mersinger urged those in attendance to act quickly, as he believes that without proper regulation, cryptocurrencies may never realise its potential.

The future of crypto is in government regulation, according to Jeffrey Mersinger. He believes that standing up for the sector and creating a system of standards would ensure its growth in the future.