Binance moves forward with crypto regulations by gaining approval in Poland, while UBS chairman cracks down on regulators.
Since the FTX explosion, crypto regulations have been a primary focus of regulators to protect investors. In addition, there are also demands from investors and institutions for regulatory clarity on the asset class.
Colm Kelleher, chairman of Union Bank of Switzerland, lashed out at regulators for “closing their eyes” to the non-banking sector. At the same time, Binance announced it had achieved regulatory compliance in Poland.
UBS Chairman Is Waiting For Crypto Regulations To Accommodate Its Clients
Colm Kelleher expressed his frustration over the regulatory landscape for the non-banking sector in a panel discussion during the World Economic Forum.
According to a Reuters article, the chairman of UBS agreed that banks and insurance companies are well regulated and systemically safe. But, he believes, regulators should move to eliminate risks from the non-banking sector.
Regarding the recent turmoil in the crypto market, Colm Kelleher warned that without proper crypto regulations such a scenario would “return in one form or another”.
On behalf of UBS, he said, “We are looking for a regulatory framework that will allow us to accommodate this for our customers.”
BeInCrypto writers believe that an increase in crypto regulation in 2023 seems inevitable.
Binance gets regulatory green signal in Poland
The Changpeng Zhao-led exchange announced today that its Poland unit is fully compliant with local crypto regulatory standards. Polish citizens will need to sign new terms and conditions in order to continue using Binance’s services.
Kyrylo Khomiakov, head of Eastern Europe at Binance, welcomes the Polish government’s initiative towards crypto regulations. They say, “The cryptocurrency industry needs effective and fair regulation to help drive mainstream adoption of digital assets. We strongly believe that a stable regulatory environment can support innovation and instill confidence in the industry and long-term growth.” required to install.
Earlier this month, Binance received a regulatory license in Sweden. It now has regulatory approval in eight EU countries and over 16 jurisdictions worldwide.
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BeInCrypto has reached out to the company or individual involved in the story for an official statement regarding the recent developments, but has not yet received a response.