The cryptocurrency market has attracted more and more attention from global companies and large investors in the last few months. These processes strengthen the position of the market itself, and also show the willingness of world-famous companies to change the status of digital coins.
Last year, the crypto market remained only an option in the investment portfolio and did not cause much interest among large companies. This was due to the instability of the market and complex mechanisms in operations with cryptocurrencies. Now the situation has changed, and it's not just about the ever-increasing flows of investment in bitcoins and other coins. The very attitude of global market players to cryptocurrency as a financial instrument has changed.
In the Asian markets, some financial giants are already trying to expand the list of cryptocurrency opportunities. Customers of the Japanese SBI Group have received a new opportunity to earn on the XRP token by renting it out. Despite the launch of such a mechanism, this success was local and tied to the digital asset, which is in a difficult situation due to the SEC showdown.
A real breakthrough in this regard was the announcement of the payment giant Visa about an expanded list of operations with cryptocurrencies and easy withdrawal of funds. The company is already developing software that will allow millions of users to access digital assets. Another important step in the universalization of cryptocurrencies was made by Elon Musk, who announced that Tesla will accept bitcoins as payment for its products. These statements led to a sharp growth in the digital asset market, as well as a signal that electronic coins will become a full-fledged participant in everyday financial transactions.
It is precisely because of the recent trends in the transformation of the cryptocurrency market and its gradual access to a wide range of users that the issue of legislative regulation is particularly acute. Despite the fact that transactions with digital assets are legally fixed in many countries, their detailed regulation is not provided due to the youth of the market. Now the governments of the countries will address this issue with special elaboration. For example, the Russian Federation has already developed a draft law on the mechanism of taxation of cryptocurrency as the property of an individual. Such initiatives will become extremely important in the next few years amid the assimilation of the crypto market with the global and national banking systems.
Although necessary, the legal regulation of transactions with cryptocurrencies also carries risks for the market. Digital assets can repeat the fate of securities, the legislative regulation of which has reached the point that investors and traders began to restrict the right to conduct transactions with certain types of central banks. To what extent this scenario can be repeated with the cryptocurrency market is hard to say. Full and painless legislative implementation of cryptocurrencies in the financial transactions of any person will be the main task of national and global governments.
The material has been provided by InstaForex Company - www.instaforex.com