Crypto Surge Means Regulation More Important than Ever

June 2024

The price of crypto has long been associated with volatility which has driven interest and adoption of new currencies with every price boom (and caused much consternation in some if the price crashes). Recently, the price of Bitcoin has once again skyrocketed, drawing the attention of everyone in the industry and many who have yet to interact with the space. It’s not too hard to understand why when at the time of writing, the price of bitcoin has surpassed $68,000: an increase of more than 60% since this time last month. 

This meteoric rise has left Bitcoin sitting at the 13th largest currency by market cap! As has been the case in the past, this surge in value is bringing in people new to the crypto space. This can be a boon as a wider adoption of crypto and Blockchain not only increases the price of crypto even further, but helps drive innovation and the development of solutions that improve the value and usefulness of both technologies. 

However, as adoption grows, so does the chance for fraud and scams to take place. Those most at risk at such a time are likely to be the newcomers who are not as experienced with the technology and the panoply of practices, companies or services that surround it. This does not mean that others are immune to the risks though; even those experienced in the crypto space are at risk of malicious actors, particularly as price fluctuations (especially rapid rises such as the crypto world is experiencing at the moment) may lead to them looking to move or sell crypto, or to invest in new opportunities quickly. In order to protect everyone involved, safety precautions in the form of regulations need to be put in place. 

Regulators around the world are working to ensure that people are not taken advantage of as crypto once again starts to dominate, and governments are examining regulations and practices in light of the potential that crypto and blockchain technology brings. Examples of this can be found in China’s recent AML law revision, the UK’s upcoming legislative changes, the SEC’s ongoing battle with the crypto space, or in any of Blockpass’ Regulatory Overview articles that are released each month. Indeed, just this week, the Hong Kong Securities and Futures Commission has blacklisted a number of fake exchanges and in the US, the Chairman of the Commodity Futures Trading Commission called on Congress to improve crypto regulation, calling out the recent price surge.  

Blockpass is ideally suited to facilitate this expansion of crypto and blockchain in a compliant manner for a number of reasons, but a few noteworthy examples can be seen in key features that suit the introduction of new people to the crypto space. 

Firstly, Blockpass’ solutions boast a great user interface and user experience, with the UI/UX quality being praised by customers. Secondly, Blockpass was designed with crypto in mind, which means it’s perfectly situated for rapid integration to meet crypto company needs; however, it’s also compatible with any industry’s regulatory needs. With customisable features and development that sees adaptability considered alongside meeting regulatory advancements, Blockpass can be implemented by anyone, anywhere, who needs compliance solutions. This ties into one of Blockpass’ most significant features, which is the nature of its reusable identity format. This means that as the network grows, pre-vetted users are exposed to more and more companies and are able to onboard with the click of a button, and don’t have to go through tedious compliance measures over and over! 

The goal of Blockpass is to provide safe, secure, efficient and effective compliance measures to ensure that the growth of crypto can continue in a manner that benefits good actors. With a continually growing number of partnerships and new developments such as the Advanced KYC BotTM which came out earlier this year, Blockpass can solve regulatory needs around the world with the speed that is needed as the crypto world advances and expands. 

About Blockpass

Ditch tedious onboarding and say hello to seamless compliance with Blockpass, the ultimate turnkey solution for KYC, KYB, and AML. Experience the market's most efficient and cost-effective compliance suite, built by seasoned compliance veterans and crypto-natives. Automate compliance processes, eradicate fraud, and onboard globally with confidence. Verify businesses worldwide, launch bank-grade verification for your organization, and instantly activate compliant KYC/AML for DeFi, exchanges, token launchpads, NFT mintings and beyond. Through Blockpass’ decentralized network of a million pre-verified crypto-enthusiasts and a thousand pre-verified businesses, you can expand your reach effortlessly. Leverage Advanced KYC BotTM for intelligent remediation, On-Chain KYC® for data-free anonymity, and Unhosted Wallet KYCTM to meet Crypto Travel Rule regulations. Join Animoca Brands, Cardano, Polygon, Chainlink, Delta Exchange, National Geographic, TinyTap, Seedify, ChainGPT, Iskra and many more in partnering with Blockpass for compliance you can trust, growth you can accelerate and an experience you can enjoy. Join the cutting edge of secure, streamlined onboardings.

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- By Matthew Warner