Global Banks Reiterate Crypto Regulatory Call at Davos

The World Economic Forum, held in Davos, Switzerland, continues. Senior government officials and financial experts exchange ideas on the future of the economy in the sessions.

Although cryptocurrencies have not been mentioned much at the event in recent years, the increasing adoption in recent years has brought the digital asset discussion to Davos.

In a panel held recently at the event, central bank executives of various countries talked about the future of cryptocurrencies. At the panel, Singapore Senior Minister Tharman Shanmugaratnam, UBS Group President Colm Kelleher and European Central Bank director Francois Villeroy de Galhau took the floor.

The authorities jointly agreed on the urgent regulation of cryptocurrencies. ECB executive Galhau noted that financial regulation should now focus on non-bank elements:

“Non-bank companies are now a problem today. These institutions also play important roles in the financial sector and are not under control. We must make the necessary arrangements in this area, starting with cryptocurrencies.”

“Editing Crypto Legitimates Crypto”

After the statement of the ECB executive, the Singaporean executive made an interesting statement. Shanmugaratnam reiterated that crypto is an inherently speculative asset, saying:

“Regulating the cryptocurrency industry could make this madness legitimate. In this case, the fight against money laundering activities will become much more difficult.”