Davos participants urged to focus on regulating cryptocurrencies

The World Economic Forum (WEF) is likely to fail if it cannot focus on regulating cryptocurrencies. Nigel Green, CEO of deVere Group, said, FinBold reports.

The expert noted that this should become a priority of the annual Davos meeting of Forum participants.

Delegates must urge their governments to stop the chatter and move to action. This is especially important in light of the recent FTX collapse, he stressed.

Green argues that broader adoption of digital assets by institutions requires appropriate legislation.

“As more institutional and private investors increase the share of cryptocurrencies in their portfolios, the latter will inevitably play a larger role in the international system,” said the CEO of deVere Group.

The absence of laws would threaten the global financial industry, he warned. Green pointed to the potential economic benefits of regulating digital assets within a formal framework.

The expert proposed adopting an international approach in developing supervisory rules.

Earlier in the US Congress created a subcommittee devoted to digital assets.

In January the European Parliament moved the final vote on the comprehensive regulation of crypto-asset markets (MiCA) to April.

In 2022 part of the World Economic Forum’s Davos agenda became decentralized autonomous organizations.

Read ForkLog’s Bitcoin news on our Telegram — crypto news, prices and analysis.