deVere Group CEO Nigel Green believes that if the World Economic Forum (WEF) does not focus on regulating crypto assets, the organization will fail.
Nigel Green is convinced that at the opening of the 53rd meeting of the WEF in Davos, it is necessary to consider issues related to the oversight of the cryptocurrency industry, and they should be a priority on the agenda. The delegates present at the forum should convince governments to pay special attention to the development of standards for cryptocurrencies, and not to make empty talk, Green said.
“Without a doubt, the cryptocurrency ecosystem needs control, and this should be discussed first of all at the Davos summit. If WEF participants keep silent about cryptocurrencies, it will be a complete failure,” said Green.
The head of the deVere Group called the reasons for the accelerated introduction of rules for cryptocurrency companies. First of all, this will protect investors from fraud, as well as prevent the bankruptcy of crypto-lenders and incidents like the collapse of the FTX exchange. The wider introduction of digital assets at the institutional level also requires the adoption of relevant laws. Green noted that more and more pension and mutual funds, investment banks, commercial trusts and hedge funds are showing interest in cryptocurrencies, not to mention individual investors.
As cryptocurrencies proliferate, they inevitably become an important part of the international financial system. Therefore, due to the lack of laws regulating digital assets, the cryptocurrency sector can become a serious threat to the global financial industry, the CEO of the deVere Group is convinced. He is confident that if the crypto industry works within the law, it will be able to positively affect the economies of different countries.
Earlier, Nigel Green called bitcoin one of the best asset classes and said that the increased volatility of cryptocurrencies will not be able to scare long-term investors.
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