The cryptocurrency market has seen a downfall in recent months, with Bitcoin having dropped around 70% since its last all-time high value of more than $68,0000. The accelerating declines caused by macroeconomic factors such as the rising interest rates, inflation and economic uncertainty. It is unclear how long crypto's decline might last, it is evident that volatility is unpredictable, however it is not unprecedented.
Although it is not the first time the market faces challenges, the question comes to mind on how can this be prevented?
The solution is enforcing suitable regulation, enhancing consumer protection, with the overall aim to overcome future challenges that will be faced within the volatile digital asset market.
Gibraltar is moving in the right direction and has even built its own reputation as the 'hub' for cryptocurrency and blockchain businesses. The recent legislation amendment made in April this year, relating to market integrity and protection against price manipulation, further strengthening Gibraltar's framework for DLT regulation.
Gibraltar is a leading jurisdiction for DLT firms wishing to operate in a regulated environment, creating certainty for providers and protection for consumers.
If you would like to establish your DLT business within Gibraltar, contact isabella.lombard@hassans.gi for more information.
Celsius Lending Platform Suspends Withdrawals and Transfers due to "extreme market" conditions. blockworks.co/...