- Are you in favor of or against crypto regulation?
I’m definitely for regulation, because of several reasons. I believe that until the big investment firms and hedge funds adopt or allocate parts of their portfolios into crypto, it will never get mass adoption. And they’ll only move if crypto is properly regulated.
- Why else is it necessary?
Well, obviously, it’s for the general population as well. We’re always trying to protect the people on the streets – everyone out there. So, if we aspire to have crypto adoption by retail and online merchants, people need to have the certainty that they are protected by the appropriate entities responsible for protecting them. So that’s another very important reason.
Richard Mifsud, Xprizo CEO; Source: WebMind
- How challenging is it to actually regulate crypto?
It’s very challenging because originally crypto was made not to be regulated, rather self-regulated. But we all know that when there is human intervention, there’s a possibility of malicious intent or fraud. As a result, it’s imperative to protect the end user.
- What does a country need to do to start the regulation process?
I think that’s a very interesting question because usually traditional regulators are not well-prepared, or very knowledgeable – or they’re simply coming from a completely different era compared to what’s needed. So, I think the first thing that any country that wants to regulate digital assets should do is speak to the experts and speak to people that have been a part of it. Now we have a number of countries which have done it successfully – look what’s happening in the UAE, Malta or Singapore – so I’m sure there’s a talent pool that regulators could basically tap into to create better regulations.
- So, essentially, we need to educate ourselves before we move on to regulation, right?
- You’ve mentioned a relation between mass adoption and regulation. In what ways does regulation encourage mass adoption?
In several ways, one of which is trust, and secondly, education. We need to get mass adoption, we need to get educational campaigns to the general population to start using cryptocurrency, but until it’s properly regulated, you can’t really educate and get people to use it.
- Could you imagine yourself going to the store one day and buying bread milk and butter with crypto?
This is already happening in several countries, but we are still far from mass adoption.
- Yes, in some countries it’s possible to do just that. However, do you think we’ll be able to normalize crypto to such an extent someday? Make it possible for the majority of people?
That will take a number of years – it will also take regulation, but not just that. It will take business adoption, it will take education, and actually Xprizo’s mission is also to tackle this challenge. We are delivering a wallet solution for specific and emerging markets enabling this move from the traditional fiat finance to cryptocurrency amongst many other features. We are trying to do exactly that – democratize financial products to the average Joe on the road, to retail, e-commerce and big enterprises. We are delivering on our word since the first version of the product is already live in some test locations offering an option in real life – we’re not just talking about it. We believe that talk is cheap but delivering a real solution is the real challenge and we tackled this challenge head on!
Before we parted ways, we concluded that there’s a lot of hype in Web 3.0. While certain project have a prosperous future, others will undoubtedly fade away, as is common in any other industry. However, the key lies in our ability to discover innovative approaches for introducing people to crypto and Web 3.0. Once we do that, good projects will gain traction, and we’ll get more adoption.