Tron DAO (TRX) founder and Huobi Global adviser Justin Sun said regulations are beneficial for the crypto industry. and added that a globally unified rule would complement the spirit of blockchain in an exclusive interview he gave CNBC.
Sun explained that blockchain technology emerged to set a global standard for financial interactions, and therefore an international regulatory framework would be a good fit for the crypto industry.
“I believe a unified regulation is also good for the industry, because blockchain itself is focusing on providing unified standards for global payments and settlements.
So that’s why we are also willing to collaborate with governments to come up with a unified blockchain standard.”
Asia to dominate next bull run
Sun stressed that regulations would significantly benefit users in Asia, who need “certainty and security.”
According to Sun, the Asian markets “with a transparent and clear regulation” will dominate the next bull run in crypto in 2023 and 2024. Sun said that clear regulatory frameworks provide full transparency into the industry, attracting high-net-worth individuals.
Finally, Sun briefly talked about how Singapore and Hong Kong compete in attracting Web3 companies into their lands. “They basically play different roles,” Sun said, as Hong Kong launched Web3 sponsorships and Singapore tightened the rules to provide more security.
Hinting that the rest of the world might also take some steps to encourage Web3 development within their borders, Sun said:
“I think this [competition] will also happen between the US government and other governments as well.”