Nigel Green, the CEO of financial management firm deVere Group, has warned that global lobbying organization the World Economic Forum (WEF) will likely fail if it fails to focus on crypto regulation.
According to Green, if the 2023 WEF summit scheduled for Davos fails to tackle the crypto regulation agenda, the organization will “spectacularly fail,” he said in a statement shared with Finbold on January 16.
“There can be no doubt that regulation of the crypto ecosystem is required, and it should be a priority at this year’s WEF in Davos. <…> Should those in attendance at the WEF not advance the agenda of crypto regulation as a result of the 2023 summit, they will have spectacularly failed,” he said.
The executive further challenged delegates attending the forum to push their respective governments to focus on crypto by acting instead of ‘talking the talk’ stressing that it’s time for action.
“The leaders assembled in Davos at the WEF must next week return home to their governments who then need to insist that their financial regulators must stop ‘talking the talk’ and begin to up the ante on regulating the cryptocurrency market,” he added.
Events driving crypto regulations
Notably, Green, a long-term crypto proponent, and regulations advocate noted that several incidents in the sector had necessitated the need for regulations. He pointed out that the increased adoption of digital assets by institutions calls for enacting the necessary laws. According to Green:
“First, as more and more institutional investors – including pension funds, mutual funds, investment banks, commercial trusts, and hedge funds – as well as individual investors, increase their exposure to crypto, and as mass adoption increasingly takes hold, inevitably cryptocurrencies will play an ever-greater role in the international financial system.”
He also cautioned that a lack of laws would open the crypto sector to pose a threat to the global financial industry. At the same time, Green cited that investors need to be protected following the high-profile collapses and fraud cases that have been witnessed in the industry.
Potential of cryptocurrencies
The deVere founder believes that if cryptocurrencies operate under a formal structure, the industry can positively impact the economies of different countries.
Elsewhere, he proposed the need to have an international approach in designing crypto regulations, stressing that digital assets are here to stay while noting that bulls are likely to prevail.
His sentiment comes when the crypto market is witnessing a mini-rally led by Bitcoin (BTC). Notably, the rally has resulted in Bitcoin briefly attaining a yearly peak above $21,000.
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