Crypto adoption is growing but this year 2022 has not been good as we have seen a few events of losing money. We have seen a couple of incidents this year where people lost money and the recent one that has happened with ftx is a bigger one where many people have lost the money. This is not a good signal in the market I believe and it may also distract many new investors to stay away because no one wants to lose money through the investment. We invest money in crypto to earn some profit and if the money is lost just because an exchange has done some mistake or it is done intentionally then it's sad. Because of the Ftx incident, many other platforms including blockfi have been going through a tough time. It is just one name but I believe there will be many more names coming in later who have been part of the FTX exchange and now they are not in the position to run the operations.
We need to learn about such bad incidents and I am sure many people who are part of the crypto ecosystem have learned that they need to on their crypto and should not rely on any centralized exchange. The basic fundamental that applies here is that we need to have custody of our crypto with us but there are still some challenges with this. This segment is growing and there are a lot of people who are still not opening a hardware wallet because of various reasons. It is also because the hardware cost is not less and one has to pay a decent amount to buy one hardware wallet. There is also a risk that if you lose the key to your hardware wallet then there is no way that you can recover your funds. If you keep your friends on the centralized exchange wallet then we can see a similar situation that has happened with ftx.
We expect regulation in the crypto market and with such incidents, it is even more imperative to have the regulation so that people do not lose their funds. If an exchange for Amal practice then there should know that they need to go through the consequences. I hope that with regulation there will be control on such incidents where exchanges will not follow ethical practices like using the customer's funds for any other purpose. This is not a fair practice where exchanges to use user funds and when they face loss on these then users have to struggle with the withdrawal. India is one of the countries where regulation is not in place and it is also expected that we are not going to have it soon.
There has been an update for the parliamentary session in the winter season and the crypto bill has not been added to the list. It means we are not going to have regulation in India for cryptocurrency soon and we have so have no idea when there will be an update. It is expected that many other countries might look into the matter where they and try to bring regulations to safeguard the user's funds and this can also be a little strict on the basis of some of the incidents that happened this year.
Thank you so much
Stay Safe
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There's no denying that the recent FTX collapse was a huge blow to the crypto world. It's left a lot of people wondering if we'll see tougher regulation in the space as a result.
At this point, it's too early to say for sure what will happen. But if history is any guide, we could see some stricter rules and regulations come into play in the wake of the FTX collapse. We'll just have to wait and see what the future holds.
We may see more government involvement in the crypto space, as well as more rules and regulations. This could make it more difficult for exchanges to operate, and we may see fewer derivative products in the market. However, it is still too early to say for sure what the future of regulation in the crypto space will be.
Thank you for sharing this info
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