Justin Sun, the founder of Tron DAO (TRX) and a Huobi Global adviser, believes that rules are advantageous to the cryptocurrency market. In an exclusive interview with CNBC, he emphasized that a globally united rule would suit the spirit of blockchain.
Sun stated that blockchain technology arose to establish a global standard for financial dealings, and so an international regulatory framework would be a good fit for the crypto business.
He stated:
“I believe a unified regulation is also good for the industry because blockchain itself is focusing on providing unified standards for global payments and settlements. So that’s why we are also willing to collaborate with governments to come up with a unified blockchain standard.”
Sun emphasized that regulation would greatly help Asian users who require “certainty and security.”
Sun believes that Asian markets “with a transparent and clear regulation” will lead the next crypto bull run in 2023 and 2024. Clear regulatory frameworks, according to Sun, allow full transparency into the market, attracting high-net-worth individuals.
Finally, Sun discussed briefly how Singapore and Hong Kong fight to attract Web3 companies. “They basically play different roles,” Sun explained as Hong Kong introduced Web3 sponsorships and Singapore tightened security regulations.
Sun hinted that the rest of the globe might follow suit and take action to stimulate Web3 development within their borders:
“I think this [competition] will also happen between the US government and other governments as well.”
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