He also added that Indonesia’s tax regime on cryptocurrencies is not optimal, and licenses should be available more easily in the nation. Doing the same thing with traditional VCs (venture capital) will take years,” he said. Today, any entrepreneur with a decent background can raise $10 to $20 million in a matter of days. “Blockchain provides a very useful tool for entrepreneurs to raise money. We should set strong standards for the industry,” he added.ĭuring the talk, Zhao said that blockchain technologies are changing the business environment all across the world, as it helps entrepreneurs to generate funds in a speedy manner. Regulators have a role but it’s not 100 percent their responsibility. “The crypto industry collectively has a role to protect consumers. Zhao, popularly known as CZ, also argued that the onus needed to be on businesses as much as regulators to ensure best practice is adhered to. He added: “We need to work very closely with regulators all around the world to make this industry more robust.” But we should do this properly and in a stable way,” said Zhao. We do need some regulations in the crypto industry. “Crypto industry should increase transparency and sophistication. Speaking during a session at the B20 conference in Bali, Indonesia, Zhao said that the crypto industry needed a regulatory framework to make the sector more resilient and therefore more viable. In the meantime, please contact Binance Labs if you think you qualify.
To reduce further cascading negative effects of FTX, Binance is forming an industry recovery fund, to help projects who are otherwise strong, but in a liquidity crisis.
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