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WEF will "spectacularly fail" unless it advances crypto rules

 

January 16, 2023 (Investorideas.com Newswire) The World Economic Forum (WEF), which starts today in Davos, Switzerland, will "spectacularly fail" unless it advances cryptocurrency regulation, warns the CEO and founder of one of the world's largest financial advisory, asset management and fintech organizations.

The stark warning from Nigel Green of deVere Group comes as business, financial, economic, political, media, academic and civic leaders head to the Swiss mountain resort for the annual four-day conference.

It's returning to its traditional timeslot and destination after two years of pandemic-triggered disruption.

Its return coincides with Bitcoin, the world's biggest crypto by market capitalisation, recording a staggering 28% jump in value since the beginning of January.

The deVere CEO says: "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.

"The time for endless platitudes on greater regulatory scrutiny is over. Action is required.

"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."

Nigel Green, who has long been an internationally high-profile champion of digital currencies such as Bitcoin, cites three key reasons why regulation is needed.

"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.

"Yet crypto remains a relatively young market and, therefore, a volatile one.

"As such, in the interests of avoiding wide-scale disruption to the safety and soundness of the broader global financial system, crypto must be brought into the regulatory tent and held to the same standards as the rest of the system."

He continues: "Second, after a year of significant crypto firm collapses, accusations of top-level fraud and prison sentences for insider trading, there's no denying that greater scrutiny would help protect investors.

"Third, regulation could provide a potential long-term, sustainable economic boost to those countries which introduce it as crypto is widely regarded as the future of finance."

What is needed now, says Nigel Green, is a workable internationally agreed and recognised regulatory framework that "is sensible and doesn't hamper innovation or compromise the inherent nature of the digital assets and market."

After Bitcoin reached above $21,095 on January 13 for the first time since November 8 2022, he told the media that: "The 'crypto winter' is thawing amid growing signs that inflation is beginning to cool. Of course, the crypto market will not go in a straight line - no market ever does - but we expect the bears to go into hibernation and bulls are ready to run!"

He concludes: "Cryptocurrencies are here to stay and the market is only set to grow exponentially.

"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."

t: +44 207 1220 925
e: george@priorconsultancy.co.uk
Twitter: @PriorConsults

deVere Group is one of the world's largest independent advisors of specialist global financial solutions to international, local mass affluent, and high-net-worth clients. It has a network of more than 70 offices across the world, over 80,000 clients and $12bn under advisement.

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