The exchange publishes its own guidelines for regulating the digital asset industry
Binance, the world’s largest cryptocurrency exchange in terms of trading volume, has urged regulators to create global regulatory rules for the cryptocurrency market, and also published its own ten-point vision of legal control of digital assets:
- Everyone should have access to digital (virtual) currencies and assets in accordance with applicable law, which, in turn, will contribute to a greater level of economic independence;
- Industry actors must work with regulators and policy institutions to shape new cryptocurrency standards. Good regulation fosters innovation and ensures user safety;
- Cryptocurrency platforms are required to protect their users from intruders and implement KYC and AML to prevent financial crimes;
- Confidentiality is a human right and Personally Identifiable Information (PII) must be subject to a strict level of protection in accordance with applicable regulations and the protection of personal data;
- Users in the field of cryptocurrencies have the right to access exchanges that ensure the safety of their funds and have a funds insurance system;
- Markets must maintain a high level of liquidity to ensure a stable and free trading environment;
- Regulation and innovation are not mutually exclusive. Cryptocurrency users should have secure access to new technologies, including NFT, stablecoins, staking, profitable farming, etc.
- When it comes to cryptocurrencies, it is important to fill knowledge gaps. Users are encouraged to receive accurate information about cryptocurrencies without fear of becoming victims of misleading advertisements or information and this is their right;
- Markets offering derivatives should be subject to appropriate regulations. This will ensure that users are eligible and that transactions are managed fairly;
- Regulation in the cryptocurrency space is inevitable. Users have the right to share their views on how the industry should evolve with their chosen blockchain platform.
In early November, Binance announced support for nine blockchain and cryptocurrency startups as part of the Binance Labs innovation incubator.