The sentence “ignorance is bliss” often come up at some point in our lives, but it’s not alway true, especially in the world of finance.

See also: Blockchain application in Finance

In the financial section, ignorance is risk, not bliss.
Thus, it is essential to have a legal framework to maintain a suitable level of transparency and fairness.

See also: Blockchain application in Transportation

For stock and finance, Commodity Futures Trading Commission (CFTC) and the Department of the Treasury and the Federal Reserve take control of the situation through regulation and the domestic currency.

A Lack of Trust

Still, the new player in the field - cryptocurrency, has bring new challenges for regulators and authorities.

As no regulation associated to cryptocurrency has been implemented, it has led to uncertainty and trust issue.

Despite the fact that a “crypto czar” will officially go into operation in Valerie Szczepanik in June. announced by the Securities and Exchange Commission (SEC), it is just the introduction of the whole novel and there is still a long way ahead.

Until the regulators and authorities done with the new legal framework for this new matter, or the government agreed to contribute in solving the related problems, then should we play by the rule of the wild of west?

Well, maybe not.

Full Compliance
Not every trader is happy about the “lawless” situation of cryptocurrency market, especially those with certain reputation. As a result, several platforms and exchanges have came up with the idea of a “self-regulated” system and took the matter by themselves.

One name rising is the London-based Archax, a partner with Aquis technologies - the financial and regulatory technologies service arm of Aquis Exchange.

The organization has just revealed the new platform that targeted institutional investors, who are used to operating with regulations and, perhap, once doubt the reliability of the digital asset.

The exchange ETERBASE shows a similar approach to the matter and therefore forms a group of expert in the traditional “Wall Street” finance.

ETERBASE has recently obtained regulatory assessment in Liechtenstein. It was also quick to comply with the EU General Data Protection Regulations (GDPR) to ensure complete compliance.

In summary, as long as there’s no official government stance on crypto regulation, it is comforting to know that there are exchanges out there who are holding themselves accountable rather than taking advantage of a lack of rules and regulations.