The race for crypto regulation has begun as the EU shapes the new kind of crypto world with clear crypto regulation much better than the US.
A few days ago, the European Union clarified the rules on crypto-assets, the rules that give it an advantage over other crypto-jurisdictions and far ahead of the US rules that slow down the growth of crypto in the crypto market.
The clear regulation of the European Union will be a better place for the growth of crypto assets and many have compared it to US regulation that should be a big market for crypto but obscurity(difficult to understand). Yes, the US SEC is unable to create clear rules for compliance and regulation, and as a result the state lost ground in crypto regulation.
In fact, it is not today that US regulations have been criticized for their enforcement actions against crypto companies and the lack of proper regulation that has put many large crypto companies in big trouble for not providing comprehensive regulation.
Several crypto companies in the US were already planning to expand their business outside the US when the SEC is putting more pressure on crypto companies. Coinbase, Binance and others are already on the verge of moving away from US crypto as the government standstill on crypto regulation.
The EU as a positive development towards crypto-asset for the industry could be a figure for other countries.
The new rules being implemented will ensure clear tracking of any crypto transaction like traditional transactions, providing information about the sender and receivers and this will help combat money laundering.
In fact, these new EU regulations caused a lot of criticism for US regulations that they have seen the kind of regulations that they need for development, and if they are not taken care of, the US will lose ground in crypto business to European countries and their long time several companies will choose to move away from US crypto and to other crypto jurisdictions who are ready to create a favorable environment for crypto business.
That could be true, as I also believe that EU legislative clarity will bring more competition to other crypto jurisdictions, especially the US which is using regulation to hurt the crypto market.
I think crypto business is dieing in United States, or what did you think will happen to crypto in the future?.