Hassan Maishera
TL;DR
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Bybit’s CEO believes that regulators don’t consider crypto as a crisis; rather, they see it as an opportunity.
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He added that regulators are looking to work with crypto entities and not against them.
Regulators See Crypto As An Opportunity
CEO of Bybit, Ben Zhou, revealed in a recent interview that he doesn’t think financial regulators globally consider crypto as a crisis.
According to Zhou, the way regulators approach the cryptocurrency market differs in various continents. However, he believes that cryptocurrency licensing is no longer a process governed by anxiety and fear. Despite the varying approach, regulators globally are looking to work with crypto companies and not against them. He stated that;
“You start to see many regulators realizing this is actually an opportunity, rather than a crisis. Hong Kong, for example, is becoming extremely aggressive, trying to attract crypto companies, trying to attract talent."
He added that although regulators want to achieve the same goal, each of them has their respective journeys at the moment.
Dubai’s VARA Is More Advanced
Zhou believes that Dubai’s Virtual Assets Regulatory Authority (VARA) is currently more advanced than Hong Kong’s regulatory body. Zhou added that;
“I think Hong Kong is at the very early stage, a little bit like how Singapore was maybe three, four years ago. They're at the grandfathering stage.”
According to the Bybit CEO, VARA currently has sophisticated and detailed procedures exchanges need to go through before they can get licensed. The regulatory agency looks into how the exchange scrutinizes transactions, addresses sanctions, Anti-Money Laundering practices, and preventative measures against polluted addresses.
Bybit doesn't have a presence in the United States and recently shut down its operations in Canada due to the unfavorable regulatory environment. Zhou pointed out that Canada’s attitude towards crypto dramatically changed after FTX’s collapse last year.
Despite the challenges, Zhou revealed that Bybit will consider re-entry into the Canadian market if the rules change.
