Yoni Assia, the Chief Executive Officer of an Israeli trading platform, eToro is of the opinion that crypto will experience more regulations because of investors increasing interest in crypto.
While speaking to the Financial Times, he said more people are investing and trading with crypto and this can invariably lead to regulatory bodies doubling down on the digital currency.
In the beginning of 2021, more than 380 thousand accounts were opened on eToro within eleven days, a demand so high the platform found it challenging to handle.
Shortly after Yoni’s comment, this week, the UK banned Binace, a cryptocurrency exchange from operating in the country.
Yoni said it’s important that regulatory agencies know how crypto works. Around 70 percent of those using eToro are in European countries. The company plans to expand to the US and go public after merging with another company.
He further stated that people trading with crypto should also understand the underlying risks associated with the highly volatile digital currency.
The firm was established in 2007 but began to support crypto trading in 2013. As at last year, 16 percent of their revenue was from crypto. In the beginning of the year, the firm recorded about 3 million new users bringing the total number of users to 20.6M at the time.
He says in 2020, stocks was the leading thing, but in 2021, crypto is taking the lead. He said in January that crypto trading on the platform has gone up significantly this year compared to 2020.
Some people like Marc Powers, a professor and onetime attorney, have differing opinion from Yoni. Marc is of the opinion that regulations will help financial institutions and not the regular people investing in crypto.
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