| json_metadata | "{"app":"musing/1.1","appTags":["crypto","exchange","licence","blockchain"],"appCategory":"crypto","appTitle":"Does crypto exchange require a legal framework for the security of user funds?","appBody":"<p>Legal framework are necessary whether one accept it or not. One can not simply skip the law of land. One can argue for smooth and friendly legal framework but it has to be in its place and crypto exchange has to remain complaint with the law of the land and regulatory board of the country where it is operating.</p>\n<p>Many users had their assets seized or frozen due to platforms’ lack of compliance with national and international laws & regulations and if an exchange had inadequate AML and KYC procedures, it had affected the security of the funds of a user.</p>\n<p>You can take the example when the State of Washington decided to regulate Bitcoin exchanges, many crypto exchange platform chose to suspend the accounts of users from that State. That was a pathetic story for all the users. So one has to admit that without regulation there is a state of fear and insecurity. So better abide by the law of land and let the crypto enter with a smooth legal framework. It will not just help the user's security of fund but also many institutional players will start showing their interest if a crypto exchange will remain complaint and regulated. It can also help to expand the economy of crypto market.</p>","appDepth":2,"appParentPermlink":"pkcua7yzw","appParentAuthor":"ijoel","musingAppId":"aU2p3C3a8N","musingAppVersion":"1.1","musingPostType":"answer"}" |
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