Mercuryo Welcomes EU Moves to Safeguard Crypto Sector - and Calls for Regulators in Other Markets to Follow Suit

  • Infrastructure
  • 01.07.2022 11:05 am

Leading payment infrastructure company Mercuryo has welcomed steps taken by the EU yesterday to agree on a regulatory framework for the crypto sector and calls on other regulators to follow suit to provide much-needed clarity for businesses and consumers alike.

Research conducted by Mercuryo has uncovered a desire for clarity around crypto. Two-thirds (68%) of British people say they want to see cryptocurrency become more regulated. 61% also worry about falling victim to a cryptocurrency scam, and 47% currently feel their money is safer in other forms of investment than in a cryptocurrency.

This sentiment is echoed by UK businesses. Among those that do not currently use cryptocurrency, one in four (24%) cite a lack of regulatory clarity as a reason why. 37% say it is because they don’t understand cryptocurrency well enough, and 26% are concerned about the risk of scams for their customers, mirroring consumers’ security concerns.

As a result, 64% of UK businesses say they are apprehensive about introducing or accepting cryptocurrency payments. This is despite the majority (52%) also recognising that it could increase the size of their customer base.

Petr Kozyakov, CEO of Mercuryo, comments: “This provisional agreement by EU regulators to safeguard the crypto sector is a welcome step in the right direction. There is a real desire for a clear set of rules to protect individuals and businesses who have adopted cryptocurrencies already, weed out bad actors, and encourage others to adopt crypto as a result. 

“The crypto market is rapidly evolving to reflect an innovative and dynamic ecosystem. An effective regulatory framework would unleash the potential of our sector, and open it up to even wider adoption and utility. I hope that other regulators will follow suit and work together with industry leaders to deliver a clear and effective global framework which will allow the sector to flourish.”

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