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Richard Teng, the newly appointed CEO of Binance, expressed his belief that the cryptocurrency industry will face increased regulation in the future. Teng made these remarks during an X Spaces event on Dec. 1. He perceives this trend as a positive development for the industry. A summary of Teng’s discussion was shared by Binance, the world’s largest crypto exchange, in a blog post dated Dec. 4.
“The direction of travel is clear: We are going to see more regulations within crypto,” Teng said. “Regulatory clarity is good for the entire industry, and I am committed to promoting it. We need everyone to play by the same standards, and that will help bring about mass adoption.”
In June, during an interview, Teng cited France as an example of a jurisdiction that has advanced with digital asset regulations. This move has resulted in an influx of crypto businesses, according to CoinDesk. “If you look at what Paris is doing, it is very conducive for businesses. Not only ourselves, a number of crypto players are trying to use Paris as their base for expansion within Europe,” said Teng.
France established a regulatory framework for digital assets in 2019 through the PACTE law. The Autorité des marchés financiers (AMF), France’s financial regulator, was designated as the supervisory authority over virtual tokens and digital asset service providers (DASP), as reported by Adan.
In May this year, the European Union enacted the Markets in Crypto-Assets (MiCA) regulations into law. This was hailed as a significant step towards crypto regulations in Europe by CoinTelegraph. David Schwed, Chief Operating Officer of blockchain cybersecurity firm Halborn, stated that MiCA represents a crucial regulatory stride for the digital asset industry.
To align with MiCA regulations, France announced amendments to its existing crypto regulations which will come into effect on Jan. 1, as reported by CoinTelegraph. The AMF also announced in August that it would be “enhancing” registration requirements for crypto platforms.
Teng assumed the role of CEO at Binance on Nov. 21, succeeding the former CEO after the company reached a settlement with the U.S. Department of Justice over historical compliance issues.
Prior to joining Binance in Aug. 2021, Teng held several positions including CEO of the Financial Services Regulatory Authority at Abu Dhabi Global Market (ADGM), Chief Regulatory Officer of the Singapore Exchange (SGX), and Director of Corporate Finance at the Monetary Authority of Singapore.
