During a fireside chat at the Hong Kong Web3 Festival, Binance CEO Changpeng Zhao (CZ) said that it is important for regulators to have a deep understanding of the crypto industry to facilitate proper regulations. He recommended that having regulatory clarity is better than having unclear regulations, and advised crypto industry players to be actively engaged with regulators. CZ also said that governments trying to come for crypto may trigger mass adoption of crypto, as restrictions on traditional financial markets push more people towards crypto. He stressed the need for patience and understanding that the first draft of regulations is likely to be overly restrictive.
(By AMAKA NWAOKOCHA)
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