Benzinga – Bittrex Global CEO Oliver Linch recently spoke with Benzinga about the transformative potential of blockchain, the UK’s regulatory approach, and the rise of decentralized finance (DeFi).
“Nobody denies that there is something really important going on here,” he stated.
Linch emphasized the undeniable impact of blockchain technology, noting that while many sectors claim to be disruptive, blockchain stands out due to its genuine innovation.
As the crypto community anticipates Benzinga’s Future of Digital Assets conference, Linch’s insights provide a comprehensive understanding of the current challenges and the path forward for the industry.
The most sophisticated financial institutions, from big banks to brokers, are actively exploring ways to leverage this technology, he explained.
UK Regulators: Regarding the UK’s regulatory stance, Linch expressed concerns about the country’s fragmented approach, which he described as a mix of numerous initiatives that often conflict with one another.
This inconsistency, he believes, might push more crypto exchanges to reconsider their presence in the UK.
Bybit’s recent decision to exit the UK market is a testament to these challenges, he says.
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Other jurisdictions have an opportunity to step up, Linch adds. While regulation is crucial, creating an ecosystem where digital assets can thrive is equally important.
“Law is a big part of that, but it’s not the only thing that’s going on,” he says.
DeFi also has its challenges, especially when it comes to security. Centralized systems, like Bittrex Global, can ensure innovation, security, and regulation more effectively than their decentralized counterparts, Linch explains.
He advocates for a proactive approach, and a harmonious relationship between virtual asset exchanges, financial institutions, and regulators.
The crypto industry needs to engage with regulators constructively, he says.
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© 2023 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
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