Is this the next "We don't get it thus it's all scam" crusade?

Yesterday, I was interviewed by an Estonian television about the regulatory challenges facing cryptocurrency exchanges and the use of blockchain technology. In the interview, I addressed several topics related to the complex and evolving landscape of cryptocurrency regulations.

One of the topics we discussed was the recent accusations against Binance , a leading cryptocurrency exchange, for its alleged violations of laws and regulations. While some may believe that there are more opportunities to bypass laws and regulations when it comes to cryptocurrencies, the reality is that laws apply to cryptocurrencies just like they do to any other asset class. However, it is true that blockchain technologies and the associated cryptocurrencies are not yet sufficiently regulated, which leaves room for companies to make mistakes with what they believe to be the right course of action. The problem is that there are currently no clear laws and regulations in place, which makes it difficult for companies to comply, and when a new approach is taken, it's easy to sue the company for not following the new regulations.

We also talked about the problems associated with the regulatory framework for blockchain technology. The lack of a regulatory framework is the biggest challenge facing the industry. While Europe is working on new regulations with MiCA, it only regulates a small part of this technology. When it comes to cryptocurrency exchanges or other service providers similar to banks that MiCA regulates, they should probably follow largely the same tools and methods as other financial institutions when it comes to EUR, USD, RBL, etc. However, for Bitcoin , Ethereum , and other tokens, the same solutions don't work. Regulators still need to understand why they are different and how to set fair rules for them, including when and if a transaction or user can be blocked.

Finally, we addressed the common claim that criminals love using cryptocurrencies for their activities. However, I explained that this claim is not entirely true. Blockchain technology is one of the most traceable ways to move money, which is why smart criminals prefer to use cash or gold instead. The reason why cryptocurrencies have a negative reputation is because of their association with Bitcoin, Litecoin , DOGECOIN , and other similar cryptocurrencies, whose primary use case has been the movement of financial assets regardless of national currencies, as a hedge against hyperinflation and potential government intervention. This is why they have been associated with criminal activity in the past, but it's important to understand that cryptocurrencies, as a whole, have a much wider range of applications, from supply chain management to online payments, and their potential benefits far outweigh the risks.

Overall, the interview was an excellent opportunity to discuss the issues and challenges facing the cryptocurrency industry today. It is clear that the regulatory environment for cryptocurrencies is evolving, and it will be interesting to see how it develops in the coming years. I look forward to following these developments closely and sharing my insights with you all.

And this is also one of the main reasons why our team is organising a Tallinn web3 week for the second year, to get builders, founders, digital artists and regulators behind the round table and educate each other to build a better future.