OKEx calls for homogeneous regulatory framework amid trading volumes report

Rick Steves

“We strongly support that countries around the world should adhere to FATF norms to ensure a transparent and investor-friendly crypto ecosystem.”

OKEx has reported the crypto asset trading platform processed over 25 billion trades in 2021, with a total trading volume worth $21 trillion.

The digital asset exchange has intermediated nearly $4.7 billion in spot in the past 24 hours, making it the fifth-largest spot exchange by trading volume only behind Binance ($12 billion), PayBito ($10 billion), CoinFLEX ($6.6 billion), and Upbit ($6.2 billion).

Derivatives trading, however, is where the platform shines the most, having processed $11.2 billion in the past 24 hours, only behind Binance’s $36 billion.

OKEx calls for homogeneous regulatory framework

The Seychelles-based platform, which boasts more than 20 million users from over 100 countries, has listed 220 new pairs across all markets in 2021.

OKEx also launched many new features, including unified account systems and a portfolio margin mode, to numerous third-party integrations, including with lightning network, Polygon and Algorand.

A dedicated DeFi mode was also launched on the OKEx web and app, including an entire marketplace for minting, listing, and trading NFTs, as well as a blockchain gaming center.

The digital asset exchange features a staking, mining, and savings service called OKEx Earn. In 2021, the feature saw over $5.1 billion in assets staked and locked by users and paid out over $314 million in passive income.

Jay Hao, CEO of OKEx.com said: “The crypto market is likely to enter into a sustained growth phase in 2022. The world is embracing crypto assets at a fast pace. A homogeneous regulatory framework for the global crypto industry is the need of the hour.

“We strongly support that countries around the world should adhere to FATF norms to ensure a transparent and investor-friendly crypto ecosystem.”

The Financial Action Task Force (FATF) has issued guidelines holding VASPs to the same standards as regulated financial institutions.

The “Travel Rule” recommends that VASPs should transmit specific customer data between counterparties for transactions over a certain threshold in order to combat money laundering, terrorist financing, and abide by sanctions measures.

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2022 could be the year of crypto regulation

The world tends to look to the United States for leadership, but crypto is the one topic that the US has failed to show the way, for now at least. Several other jurisdictions have taken the lead.

The United Kingdom and Singapore have become examples of best practices, from a principles-based regulation and digital asset taxonomy. Australia is likely to follow suit.

As to the taxonomy, clear distinctions between payment tokens, utility tokens, and security tokens are warranted.

A principles-based regulatory framework can guide market participants to regulatory and policy goals, without imposing an overly prescriptive and onerous process in doing so.

A risk-based approach is usually found as a good model to identify digital asset services that pose sufficient risk to warrant regulation, and where such risks are crucial to address.

 

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