Vishal Sacheendran, Binance's Head of Regional Markets, stated that the upcoming U.S. presidential election is unlikely to significantly influence global regulations surrounding crypto.
Vishal Sacheendran, Binance's Head of Regional Markets, stated that the upcoming U.S. presidential election is unlikely to significantly influence global regulations surrounding crypto.
Speaking at the Token2049 event, he emphasized that crypto regulations are decentralized and largely determined by individual countries.
Sacheendran pointed out that countries in the Middle East, Latin America, and Southeast Asia are already developing their own regulatory frameworks that cater to their specific needs.
He highlighted nations like India, Thailand, and Indonesia as emerging markets that are fostering crypto innovation. “India is coming to the fore for getting their regulations in order,” he noted, referencing the country’s large population and potential market for digital assets.
In Southeast Asia, Thailand has implemented several crypto-friendly regulations, including allowing local asset management firms to launch funds to invest in U.S. spot Bitcoin exchange-traded funds.
The country has also introduced a regulatory sandbox aimed at fostering innovation within the crypto sector. Similarly, Indonesia's financial regulator established a sandbox in March to evaluate local crypto firms before product launches.
Sacheendran also discussed the Abu Dhabi Global Market (ADGM) as a model for regulatory frameworks in other regions. He explained that the ADGM has successfully treated crypto as another asset class, similar to real estate and stocks, paving the way for other jurisdictions to follow suit.
While the U.S. market continues to face regulatory challenges, particularly from the Securities and Exchange Commission, Sacheendran believes that the trend of establishing comprehensive regulations for digital assets is growing globally.
As for Binance's future, Binance CEO Richard Teng said in April that the exchange is currently in the process of establishing its global headquarters, with discussions ongoing regarding potential jurisdictions.
The company aims to ensure that its regulatory environment supports its extensive user base, which numbers approximately 225 million.
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