Bitcoin's Price Hits New Record High Fueling Fresh Demands for Regulation Financial watchdog group says Bitcoin and other cryptocurrencies must be held to the same standards as the rest of the financial system

By Jacob Wolinsky

This story originally appeared on ValueWalk

As Bitcoin hits all-time price highs, regulation must now become a major priority for financial watchdogs, affirms the CEO of one of the world's largest independent financial advisory organizations.

The call-to-action from Nigel Green, chief executive and founder of deVere Group, comes as the price of Bitcoin hit a new record high, surging past $61,000 on the deVere Crypto exchange on Sunday for the first time.

Green says: "Whether crypto cynics like it or not, there's no getting away from the fact that Bitcoin is becoming an increasingly important part of the global financial system.

"Bitcoins in circulation are now worth $1 trillion, with prices having rallied 890% over the last year. Most major financial institutions, including investment giants and payment companies, are now backing the world's largest cryptocurrency, and there's ongoing soaring interest from retail investors."

He continues: "The move towards digital currencies is going to increase - and at pace - over the next few years. This is why financial regulators must now make regulation of the crypto sector a major priority.

Reducing Any Potential Disruption

"With a growing dominance, Bitcoin and other cryptocurrencies must be held to the same standards as the rest of the financial system with a robust, workable international framework.

"This will help reduce any potential disruption to global financial stability, protect investors, tackle illicit activity and deliver an economic boost to countries that adopt and adhere to it."

Previously, the deVere boss, who is a long time, high-profile cryptocurrency advocate, has said that one of the best ways to address the regulatory issues is via the exchanges.

"Nearly all foreign exchange transactions go through banks or currency houses and this is what needs to happen with cryptocurrencies. When flows run through regulated exchanges, it will be much easier to tackle potential wrongdoing, such as money laundering, and make sure tax is paid," he has noted.

"For this to happen, banks will need to open accounts for exchanges, which is why they must be regulated."

The deVere CEO concludes: "We're at an important point for Bitcoin, which is now worth more than many countries' GDP.

"Financial watchdogs need to bring this asset class into the regulatory tent sooner rather than later via the exchanges."

Editor's Pick

Related Topics

Branding

AI vs. a Human Touch: Finding The Right Balance When It Comes to Branding

With branding at the forefront of every marketing strategy, finding the balance between AI and genuine human interaction will help brands foster authentic connections and enhance the customer experience, ultimately driving them ahead of the competition and facilitating long-term growth.

Business News

Christian Influencer Found Guilty of Defrauding Dozens, Ordered to Pay Nearly $90,000

Dana Chanel was the co-owner of two businesses that she heavily promoted to her 1.1 million Instagram followers.

Business News

These Are the Top 10 'Mega Airports' in North America, According to a New Report

J.D. Power's annual ranking named Detroit Metropolitan Wayne County Airport highest for customer satisfaction for 2023.

Money & Finance

How to Calculate Your Net Worth and Grow Your Wealth

Use this online tool to gain a clear picture of your personal net worth and protect your financial future.

Business News

Rupert Murdoch Is Stepping Down As Chairman of Fox. Meet His Son Lachan, the Real-Life 'Kendall Roy' Taking Over the Family Business

Lachlan will now be the sole executive at the helm of the Fox and News Corp global media brands.

Business News

Renowned Federal Judge, 96, Faces Yearlong Suspension For Refusing to Retire

Judge Pauline Newman, a highly respected figure in patent law, has been suspended for one year by her colleagues due to mounting concerns about her mental fitness.