As the importance of Bitcoin and other cryptocurrencies in the financial markets continues to rise, so too do calls for increased regulation.
Writing in NLJ this week, Celso de Azevedo and Marc Samuels, both of 36 Group, explore the most recent regulatory developments both in the UK and US. They note that Mastercard is integrating Bitcoin into its payment systems, BNY Mellon has announced plans to hold Bitcoin and cryptocurrencies for its clients and Tesla recently bought $1.5bn of Bitcoin for its corporate treasury.
‘These events reflect a surge of institutional interest in the emerging Bitcoin and cryptoasset class,’ they write. And ‘just as we have seen growth in value, so too have we seen a flurry of regulatory and political activity in connection with cryptocurrency in the first quarter of 2021.’
Their article looks at recent developments on regulation and explains why 2021 could be ‘a big year for cryptocurrency regulation’.
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