Could licencing of crypto exchanges by local authorities boost adoption of crypto?

[⭐ Raymond Blue]

It is true that there is always light at the end of the tunnel. After months of battling with Non compliance regulation architecture which has forced them out of some European countries and the recent case with SEC. It's good to see Binance in good spotlight again after securing license to be the first CEX to operate in El Salvador. There are a couple of other exchanges like Bitget who has also gained more ground across the continents especially in Asia recently due to the exchange compliance to local authorities in delivering quality crypto services to her users having obtained the required licence of operation.
I am excited for this development because investors/users have more confidence in an exchange who has the requisite permit of operation. If more crypto exchanges are to be licensed, do you think it could help boost the confidence of users towards mass adoption of crypto?

[PaulPeterPedro]

On 8/12/2023 at 7:03 PM, Raymond Blue said:

It is true that there is always light at the end of the tunnel. After months of battling with Non compliance regulation architecture which has forced them out of some European countries and the recent case with SEC. It's good to see Binance in good spotlight again after securing license to be the first CEX to operate in El Salvador. There are a couple of other exchanges like Bitget who has also gained more ground across the continents especially in Asia recently due to the exchange compliance to local authorities in delivering quality crypto services to her users having obtained the required licence of operation.
I am excited for this development because investors/users have more confidence in an exchange who has the requisite permit of operation. If more crypto exchanges are to be licensed, do you think it could help boost the confidence of users towards mass adoption of crypto?

Sure, most people are skeptical about investing in crypto because it is not regulated, so they fear losing their funds. Getting the needed license from the authority means that the exchange activities are regulated and perhaps audited from time to time to ensure users' assets are well secured. It's a welcome development, IMO.