The vector of development of the cryptocurrency industry in 2021

Global regulators have developed a great interest in what is happening in the cryptocurrency market. This year will not please all specialists who carry out activities related to digital currency. Legal regulation will be tightened around the world, and in the future, restrictions will only increase.

As the market began to grow rapidly, government services could not ignore what was happening. Thus, the main purpose of the American Commission for the Control of Securities Transactions was to monitor their issue. Not so long ago, the Ethereum Foundation faced significant claims from the regulator, and at the moment it is not known how this will turn out, and whether staking will continue to exist. The issuer of the oldest coins, Ripple, faced similar accusations. According to the SEC, XRP is a security that should not have appeared on the market in this way. Crypto traders are worried about this turn of events and dont know what to expect next. Since large amounts of digital assets are circulated in this area, experts make forecasts regarding the dynamics for the near future.

“Over the course of several years, one can observe how more and more restrictions and prohibitions have appeared on the cryptocurrency market. Regulation does not give positive consequences, and only "tightens the nuts". Without KYC and AML, no exchange or payment service working with cryptocurrency can exist. It should be noted that recently such actions were considered illegal in relation to the owners of the currency, since the nature of the cryptocurrency provides for anonymity. Of course, this does not apply to all cases, but it was this idea that was originally conceived by Satoshi. Now people are starting to get used to the fact that exchanges and regulators have all the information that affects trading. Of course, there are several sites in our country that avoid forced KYC, but you need to understand that the main task of the government is to fully regulate and track cryptocurrency. "

At the moment, the situation in the country is ambiguous. If you follow the latest changes, you can conclude that government services are trying to crush the cryptocurrency market. Recently adopted laws have significantly complicated the activities of currency traders, which makes them go into the shadows or look for other directions, forgetting about digital assets.

Important news
CoinTracker Announces Cryptocurrency Tax Payment Program in India
The creation of a company to control compliance with the requirements and taxation standards was carried out in India due to the adoption in the state of a number of regulations that were aimed at profitability from the use of digital assets. Market participants use CoinTracker to create and approve work with coins and NFTs on different platforms and wallets.
G7 countries demand to adjust digital assets to banking standards
The G7 countries want to significantly increase control over cryptocurrency assets in the international arena and approve more regulatory requirements. This should eliminate financial stability risks. At the same time, the representatives recalled that they are still dealing with problems in the Terra system, and also that it is necessary to quickly create regulation for issuers.
Robinhood plans to compete with MetaMask
Robinhood has announced plans to introduce a standalone DeFi hot wallet. With its help, participants can implement transactions with digital currencies, as well as with non-fungible tokens. This version will be a standalone tool linked to the Robinhood marketplace and will have features similar to other hot wallets. Take MetaMask as an example.
Cryptocurrency turnover in Turkey is banned
Turkey has officially begun to suppress any attempts to turnover cryptocurrencies in the country. Representatives of the Central Bank of the state explained that such restrictions will be in effect until it becomes possible to control this industry, keep records of all funds.