“First they ignore you, then they laugh at you, then they fight you, then you win.” Mahatma Gandhi
After several high-profile crypto scams unraveled last year, regulators in the U.S. are clamping down on the industry in what is being referred to as operation Choke Point 2.0. This reactionary stance is hurting U.S. businesses and benefiting other jurisdictions, including MENA.
I first read an article about Operation Choke Point 2.0 last month from analyst Nic Carter. The piece was a deep dive into how there is a coordinated effort across several US Government agencies, to unbank crypto. Their objective it seems was to penalize banks that service the crypto industry. Can you guess who the top three banks that serviced the crypto industry were? If you guessed: Silvergate, Silicon Valley, and Signature. Then you are correct!
Fortunately, we’re living through a momentous time where regulators in this region are being proactive, progressive, and inviting to business and innovation, while regulators in the U.S. are being reactionary, punitive, and pushing businesses offshore. As a result, we are seeing a noticeable up-tick in interest from both retail and institutional investors in the region.
At CoinMENA, we've always prioritized being fully compliant and working with regulators to ensure safe and stable access to digital assets like bitcoin. We believe that investors deserve the opportunity to invest in the best-performing asset class in the world in 9 out of the last 12 years. And we're grateful to be in a region that's adopting financial innovation, proactively setting up infrastructure, and offering safe and legal access to the future of finance.
As the crypto industry evolves, it's important for regulators to work with businesses to ensure safe and legal access for investors. We look forward to continuing to work with regulators in the MENA region to provide a secure and compliant platform for digital asset investment.