A recent survey found that 88% of cryptocurrency exchanges support regulation, while about one-third view a market crash as a major industry risk.
The research was conducted by Mistertango, a crypto payment app regulated by the Bank of Lithuania. Responses came from 24 cryptocurrency exchanges spanning Europe, Asia, South America, and Oceania, representing a combined daily trading volume in excess of $100 million.
The study aimed to gauge attitudes toward regulation, anonymity, and broader market maturation within the crypto sector.
Key findings show that 88% of digital currency exchanges favor clear regulatory frameworks.
“The industry is calling out for regulation and our partners’ responses make that clear,” said Gabrielius Bilkštys, Business Manager at Mistertango. “Uncertainty is the greatest concern, and regulation is essential to provide the stability the market needs. At present there is no global regulatory consensus. For cryptocurrencies to reach the scale and everyday utility of fiat money, we need cohesive, carefully considered, and comprehensive rules. Regulation will act as a catalyst, not a barrier, to the market’s development.”
The survey also found that 40% of exchanges believe increased access to banking and funding would boost wider acceptance of crypto activities. Additionally, 55% indicated that cryptocurrency users should be subject to Know-Your-Customer (KYC) and Anti-Money Laundering (AML) checks comparable to those used in traditional financial services.
The timing of the survey coincides with active debate about how to regulate the cryptocurrency market. In the U.K., industry group CryptoUK warned a Treasury Select Committee that the government risks missing “the biggest technology since the internet” if the crypto industry is not aligned with the regulatory framework that governs traditional finance.
Globally, opinions vary. Russian President Vladimir Putin has previously warned that cryptocurrencies present “significant risks” and require regulation. Conversely, Shaktikanta Das, India’s former Secretary of Economic Affairs, has argued that regulating cryptocurrencies would be challenging.
Regulatory actions in parts of Asia and the United States have included shutting down certain trading operations, contributing to price volatility. Despite this, 17% of surveyed exchanges said overly strict regulation poses the greatest threat to the market, while 30% identified a major market crash and asset devaluation as a significant concern.
“It’s often assumed crypto companies want to avoid regulation, but that isn’t the case,” said Oleksandr Lutskevych, CEO of CEX.IO, a multifunctional crypto exchange. “The industry understands that regulation will drive market maturity and help businesses distance themselves from suspicion of involvement in illicit uses of cryptocurrency.”