In
a recent panel discussion hosted at the Finance Magnates London Summit
(FMLS:23), prominent figures in the digital asset industry shared crucial
insights into the evolving landscape of crypto regulation. The panel, moderated
by Erwin Voloder, the Head of Policy at the European Blockchain Association, delved
into the challenges and transformations catalyzed by recent events, notably the
collapse of FTX.
The
discussion on Crypto Regulation after FTX underscored the pivotal role of
regulation in shaping the industry’s trajectory. Despite the challenges posed
by FTX’s downfall, the consensus among panelists, including Stephanie Ramezan, the Head
of UK at Gemini, Audris Siow, the Head of Business Development for EMEA at Talos, Dan
Moczulski, the Managing Director for UK at eToro, Andrey Stoychev, the Prime Brokerage at
Nexo, and Alex Royle, the Head of Compliance and Regulatory Affairs for EMEA at
Galaxy, was that regulatory intervention is essential for the industry’s growth
and sustainability.
Reflecting on the market
turbulence in 2021-2022, the panelists emphasized the need for a proactive
approach to compliance. Ramezan highlighted Gemini’s commitment to prioritizing
regulation from the outset, fostering a culture of trust and collaboration with
regulators. “We are so close, yet so far, this is how I feel. I’ve been
speaking on panels in the crypto space for nearly five years, and I feel like
the real progress, especially in the UK, has only really been made in the last
maybe six or nine months,” she added.
Stephanie Ramezan, Head of UK at Gemini
Siow
underscored the importance of addressing conflicts of interest and implementing
tried-and-tested practices, such as the separation of responsibilities and
duties. “Regarding regulation or transparency, I think there was a general
sweeping assumption that centralized means there’s no assurance that it gives
you legitimacy. There is still an element beyond transparency and regulation
around it,” she commented.
Audris Siow, Head of Business Development, EMEA at Talos
Moczulski
provided insights from eToro‘s
perspective, noting the resilience of the crypto audience during the
“crypto winter.” He observed that unlike traditional markets, crypto
investors tended to hold their positions, indicating sustained demand even in
challenging times.
He commented: “It is clear the Middle East and Asia are
keen on this market. The jury is still out on the US, but there are strong
voices against making it a…
