Following the UK’s recent crackdown on the exchange platform, Binance, eToro chief executive officer, Yoni Assia, predicts that this is just the beginning, with further regulation and consumer protection around crypto on the horizon.
In an interview with the Financial Times, Assia stated “We are seeing a significant increase in the interest of retail investors and traders in the crypto market. As a part of that growth, we should also expect regulators to carefully look at this growing business of retail investors in the crypto markets.”
As various nations have begun to heavily police cryptocurrencies and related trading, many experts within the digital currency sphere have met this shift with relative disdain due to the historical lack of intervention or protection offered by government bodies — a sentiment echoed by Assia’s comments.
“The most important thing for regulators is to understand crypto, and understand that it is here to stay,” Assia went on to say, stressing the importance of regulators learning more about non-fiat currencies before enacting new rules and legislations.
Despite initially launching as a stock exchange platform back in 2007, eToro’s shift to allowing crypto trading as of 2013 resulted in a whopping 16% of their revenue over the past year coming from crypto assets.
This means that restrictive legislation around trading would almost certainly cause a huge dent in their operations.