The Chief Operating Officer at Caleb and Brown which is Melbourne based cryptocurrency brokerage Jackson Zeng provide tailored financial services to institutions and provide the high-net worth clients.
After the creation of Bitcoin asset class of cryptocurrency has grown rapidly and 10 years later the industry made huge amount of progress towards the decentralized form of money in the exchange form.
Debilitating damage of hacks of online of exchanges is still the problem cryptocurrency is facing. These known hubs for crypto trade are prone to the hacks because of the high risk of holding large amounts of assets.
In Caleb and Brown following are the three areas which are the most important for cryptocurrency space to bloster the consumer confidence and increase its adoption.
1.Regulation: Crypto exchange framework
The financial regulators should approach the crypto space with same degree of monitoring to ensure the interest of businesses and consumers both get protected. Standardized framework and auditing requirements need to be developed by the regulators.
We have seen some of the developments like KYC laws developed by the government but other financial sector regulations are still lagging behind.
2.Business accountability and security
All the businesses and exchanges that operate in crypto space need to check the security as their primary concern. In 2019 most of us have learned the difficult way about the dangers which are associated with storing the private keys to crypto on any digital exchange. The New Zealand based exchange hack Cryptopia is the unknown and mysterious disappearance of private keys and even in the case of Canadian exchange QuadrigX the risk of trusting the third party to take the custody of assets.
All the businesses and exchanges should prioritize security and should be accountable for their customer compromised assets. In coming time only those businesses could survive who operate their system with integrity and responsibility.
- Education of Consumer
The last key is to improve personal education regarding the cryptocurrency and learn the safe handling practices. Earlier it was quite difficult to get the knowledge regarding crypto but now with the help of internet we can learn the facts regarding crypto so to be stress-free one must have sufficient knowledge and education regarding Cryptocurrency.
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Source of Information: Cryptonews.com