Why Crypto Needs Regulation Knowing Your 10 Fundamental Rights

Why Crypto Needs Regulation

Binance, the world’s leading blockchain ecosystem, proposes 10 basic rights of Cryptocurrency asset users, hoping to guide the discussion and formulation of global Cryptocurrency asset market regulatory rules. Binance today released a series of advertisements around the world, advocating “protecting the basic rights of users without affecting growth and innovation”, including ensuring that users can safely use emerging technologies, obtain liquidity, and ensure the security of the platform.

“Binance has always adhered to the principle of user first, from security to community experience is our focus. This is the key to Cryptocurrency assets, and in the development of the industry, we cannot ignore this. Through these 10 basic rights, We want to speak out for those who are suppressed by the so-called traditional high-end finance,”

said Changpeng Zhao (CZ), founder and CEO of Binance.

The market has been at a high level recently, and new investors are constantly pouring into the market, and the crypto-asset industry is also becoming more mature. In this context, Binance is discussing the formulation of a global regulatory framework with regulatory agencies and policy-making agencies to achieve the goal of protecting users, continuing to innovate in a responsible manner, and ensuring the healthy and healthy development of the industry.

Binance believes that the 10 basic rights of Cryptocurrency asset users proposed today will serve as guidelines to promote more constructive dialogues in the larger industry, including other trading platforms, blockchain innovators, policymakers and global leaders.

In an advertisement describing 10 basic rights, Binance also stated that stronger supervision will be inevitable in the future, and emphasized that “smart supervision” is of great benefit to the development of the industry. “Regulating the crypto asset market is like putting on a seat belt in a car. A more regulated market can better protect our users.”

“Regulation and innovation are complementary. As an industry participant, we hope to actively communicate with regulators and global leaders as much as possible to find the most effective regulatory method, and more importantly, to promote innovation while protecting users. Binance looks forward to working closely with regulators to help them increase their understanding of the industry and see more possibilities in the crypto-asset industry,”

CZ said.

Go to Binance Official Website

Knowing Your 10 Fundamental Rights

The following are 10 basic rights of Cryptocurrency asset users

  1. Everyone should have the right to access financial products like Cryptocurrency assets in order to have stronger economic autonomy.
  2. Industry participants have the responsibility to work with regulators and decision-makers to develop a new set of standards for the crypto asset industry. For example, intelligent supervision can not only stimulate the industry to launch innovative activities but also help ensure the safety of users.
  3. Protecting users from violations is an obligation that a responsible Cryptocurrency platform should undertake, such as implementing mandatory KYC procedures to prevent financial crimes.
  4. Privacy is a basic human right, and personally identifiable information (PII) data should be strictly protected.
  5. Cryptocurrency users have the right to use exchanges that can protect the security of their assets so that funds can be fully secured.
  6. A healthy financial market should have stable liquidity to ensure that users can minimize transaction costs.
  7. Regulation and innovation are not opposites. Crypto users should be able to practice emerging technologies on a safe basis, including NFT, stablecoin, mortgage, liquidity mining, etc.
  8. For the Cryptocurrency industry, the most important thing is to bridge the cognitive gap. Users should be able to learn more comprehensive and accurate information about Cryptocurrency assets, so they don’t have to worry about losses due to unfair or deceptive advertising.
  9. In order to make the derivatives market more regulated, appropriate regulations are necessary. In this way, it can be ensured that each participating user meets the qualification requirements and the result of the transaction is fairer.
  10. The regulation of the Cryptocurrency industry is inevitable. *As for how the industry should develop with the blockchain platform of its choice, users also have the right to express their opinions.

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About Binance

Binance is the world’s leading blockchain and Cryptocurrency asset infrastructure provider, with a series of financial products, including the digital asset trading platform with the highest transaction volume. The Binance platform is trusted by millions of users around the world, committed to promoting the free flow of currency, and has launched a series of powerful crypto asset products, including trading and finance, education, data and research, social welfare, investment and incubation, Decentralization and infrastructure solutions, etc.