3 Reasons Why Regulatory Stability is in Tokoverse’s DNA
As the crypto market forges ahead on its recovery curve, regulators are beginning to step in to remedy the fault lines of the market which have been laid bare by the current meltdown illustrating the pressing need for regulatory intervention. Based on historical lessons from the stock market, a sure-fire way to warrant stability is through the introduction of regulations and this is precisely what’s set to happen in the crypto market.
Crypto Meltdown: Turning a Crisis Into an Opportunity
Before the introduction of the U.S’ Securities Act of 1933 and Securities Exchange Act of 1934, the trading conditions in Wall Street were not too dissimilar to the crypto market prior to the current crypto meltdown. The manner in which the global stock market in general and Wall Street in particular attained relative stability after the introduction of the 1933 and 1934 Acts stand testament to the role of regulatory intervention for the promotion of sustainability.
Prior to the USD65 billion crash of TerraUSD, stablecoins were thought to be the bedrock which warrants the stability of the crypto market. Alas, as it turns out, stablecoins particularly those which operate using algorithmic pegs, are not as stable as they purport to be. In the wake of TerraUSD’s crash, a host of regulators from countries around the world have set out plans to introduce regulations for stablecoins notably the Monetary Authority of Singapore (MAS) which had on 1 August 2022 announced that it is “assessing the merits” of a regulatory regime that targets “the specific characteristics and risks” of stablecoins. With this, a crisis has turned into an opportunity.
Tokoverse’s Regulatory Stability DNA
Right from the get-go, Tokoverse has designated regulatory stability as the cornerstone of its operations whereby this has stood the ecosystem in good stead in these turbulent times of the crypto meltdown and here are 3 reasons why regulatory stability is in Tokoverse’s DNA:-
Reason #1 — Pioneering Regulatory Credentials
In November 2019, Tokocrypto became the first entity in Indonesia to be registered under the Commodity Futures Trading Regulatory Agency Indonesia (BAPPEBTI).
Reason #2 — TKO’s Regulatory Compliance
The regulatory compliant status of the native utility token of Tokoverse i.e. Toko Token (TKO) is illustrated by the inclusion of TKO in BAPPEBTI’s “List of Crypto Assets Tradeable on the Physical Crypto Assets Market” (“the List”) that was issued on 1 August 2022.
Reason #3 — BIDR’s Financial Audit
Whilst regulators continue to mull over the introduction of stablecoin regulations, Tokocrypto has long embarked on the path of self-regulation through the conducting of regular financial audits for its Binance IDR (BIDR) stablecoin.
In the wake of the crypto meltdown, the industry is beginning to realize the importance of crypto regulations for the systemic stability of the crypto market and Tokocrypto with regulatory stability in its DNA will be leading the way forward.
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