Bitcoin’s move into the mainstream has received tacit endorsement from a range of financial leaders and institutions, underscoring its emergence as a distinct asset class. Next up: New regulations. “It’s impossible for digital assets to go mainstream without clear regulation and sufficient safeguard,” Vytautas Zabulis, CEO of H-Finance, a digital asset trading company based in Vilnius, Lithuania, said in a research report. “As Bitcoin becomes an institutional asset, market participants expect regulation to be in place to protect capital and have clearly set rules,” the report said. “As cryptocurrencies start being treated as a new asset class, at least some clear rules will need to be put in place to solidify international adoption.” But it’s unclear what the new regulations might cover or when new rules will be enacted. For many lawmakers, the primary concern is the possible use of Bitcoin to fund illegal activity. Some foreign governments seek a complete ban on cryptocurrency while others seek to curb its commercial use. It’s a confusing mix pulling in opposite directions. For now, Bitcoin is generally wide open and an opportunity for gutsy investors. Tesla’s Elon Musk and Twitter ‘s Jack Dorsey have invested in the cryptocurrency, lifting its profile and… Read full this story
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