DeFi is a great tool when you know exactly what you’re doing, but that can’t be applied to the vast majority of users, especially those who aren’t crypto-native. Moreover, the idea of decentralized finance (DeFi) and “Not your keys, not your coins” is a fallacy - more money has been lost due to people misplacing their keys than via any exchange hack ever. You can’t expect people to remember highly complex addresses or write down 12 random words on a piece of paper. This starts with the basics, i.e., user experience. Crypto tech needs to “disappear”Īs for where we go next, when it comes to the mass adoption of cryptocurrencies, we really need the technology to “disappear.” In other words, it shouldn’t be visible to regular retail users, nor should they need a degree in cybersecurity to be able to interact with it. This represents a watershed moment for crypto - the point at which the industry grew up. While heated debates about crypto regulation have been taking place for years, we now know that regulators are in favor of championing new technologies while ensuring consumers are protected and criminal elements removed. Securities and Exchange Commission recently announced that it would make cryptocurrencies its focus going forward, setting forth plans to enact its own regulations. Correspondingly, the European Parliament introduced a legal framework for crypto assets in the EU in March 2022 to “boost benefits and curb threats” of crypto.
In turn, and in what was the second-biggest event for crypto, came the Queen’s Speech in the U.K., which set out the government’s plans to introduce legislation to reduce economic crime and help crypto businesses grow.
This is where Western law enforcement agencies started putting more focus on regulation.
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