The CEO and founder of deVere Group, Nigel Green, has warned that the World Economic Forum’s (WEF) Great Reset agenda could fail if government frameworks do not regulate cryptocurrency markets.
The WEF’s annual meeting, which takes place in Davos, Switzerland, is returning to its traditional location and schedule after being disrupted for two years due to the COVID-19 pandemic.
Should those in attendance at the WEF not advance the agenda of crypto regulation as a result of the 2023 summit, they will have spectacularly failed.
Regulations benefit all
Green emphasized the importance of government action in regulating the cryptocurrency market to capitalize on the opportunities presented at the WEF. He urged leaders in attendance to return to their governments and push for financial regulators to move beyond discussing potential regulation and take concrete steps towards it.
The CEO of the deVere Group also called for stricter government oversight of the cryptocurrency industry to increase institutional interest, lessen price swings, and foil scammers. According to him, greater trust is required in the cryptocurrency industry and should be subject to the same regulations as the rest of the financial sector.
According to him, regulations would provide “potential long-term, a sustainable economic boost to those countries which introduce it as crypto is widely regarded as the future of finance.”
That being said, Green concluded that the industry needs a framework that “is sensible and doesn’t hamper innovation or compromise the inherent nature of the digital assets and market.”
According to reports, 2,658 attendees are registered for the WEF annual meeting in Davos, Switzerland. The attendees include heads of state, business leaders, actual royalty, media executives, and academics from more than 100 countries. Most delegates are from the US, accounting for 27% of attendees, while two-thirds are from 10 of the included nations.
Bitcoin, the world’s largest cryptocurrency by market capitalization, recorded a staggering 28% jump in value since the beginning of January. The price spike coincided with the WEF meeting.