The governor of Sweden’s central bank, Riksbank, Stefan Ingves, said in a recent statement that the increasing popularity of Bitcoin would result in more regulations from lawmakers. Bitcoin and altcoins have seen expanded adoption over the past year, with Wall Street banks launching crypto-related services.
Ingves commented:
“When something gets big enough, things like consumer interests and money laundering come into play. So there’s good reason to believe that [regulation] will happen.”
In addition, the governor mentioned that there is a need for cross-border coordination between regulators worldwide to address money laundering.
The matter of cryptocurrencies and unclear regulatory frameworks has been a topic of discussion worldwide. Federal Reserve Vice Chairman of Supervision, Randal Quarles, expressed worry over the current regulatory provision to crypto. Quarles said that federal agencies need to be sure of the appropriate regulatory approach before proceeding to create a framework. The vice chairman’s comment coincides with the recent freefall across the crypto market, resulting in huge losses in the value of major cryptocurrencies.
On the other hand, the European Union is not committed to “place a comprehensive framework enabling the uptake of distributed ledger technology (DLT) and crypto-assets in the financial sector” by 2024. The EU aims that the framework will address the risks associated with DLT and crypto-assets.
The minister for financial markets in Sweden, Asa Lindhagen, has revealed the government’s stance on regulations for crypto. Lindhagen said that the Sweden government is currently engaged in building a regulatory framework for exchanges.
Image Credits: Pixabay
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