Justin Sun offers TRON’s help in creating globally unified crypto rules

Updated: 02 March 2023

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The lack of crypto regulations is weighing down on the digital asset industry, and it is believed to be one of the reasons why all the incidents of 2022 were possible. The collapse of the FTX crypto exchange has been one of the biggest events of the last year, and its shockwaves are still affecting the crypto space to this day.

While it is true that many countries have created some rules for the crypto industry, the problem is that they are not unified, and each nation has its own views on what to do with crypto and how to address it. Justin Sun, the CEO of TRON and the founder of Huobi Global, recently suggested that it is time for this to change.

Justin Sun calls for unified crypto regulations. pic.twitter.com/svTt6Cf1nI

— Decilizer (@decilizer) March 2, 2023

He said that regulations are beneficial for the crypto industry, and that the crypto space should have globally unified rules. Not only would that help the adoption across the globe, but it would also complement the spirit of blockchain, according to the young entrepreneur.

Explaining his idea, Sun said that blockchain was created to establish a global standard for interactions in the financial industry. As such, an international regulatory framework is not only a good fit, but it is the way things should be done in order to address the crypto industry and its issues adequately.

I believe a unified regulation is also good for the industry, because blockchain itself is focusing on providing unified standards for global payments and settlements. So that’s why we are also willing to collaborate with governments to come up with a unified blockchain standard.

The next bull run will start in Asia

Commenting further on the state of the crypto industry, Sun said that he believes that the regulations would significantly benefit Asian crypto users. He noted that these are the users who want greater certainty and security, so having the crypto industry adequately regulated would encourage adoption in the region.

Sun believes that Asian markets want the market to be transparent and with clear regulations. Achieving this would be the cause of the next bull run in crypto, which he expects to start in 2023 and run throughout 2024. He added that clear regulatory frameworks provide full transparency, which represents favorable conditions for high-net-worth participants.

Lastly, Sun also addressed Singapore, and how it seems to be in a competition with Hong Kong when it comes to becoming the biggest Web3 hub in the area. Both seek to attract talent and capital, but they play different roles, according to TRON’s CEO. Sun said that Singapore offered tighter rules, which would bring greater security. Hong Kong, on the other hand, launched a new campaign where it offers Web3 sponsorships for projects that choose to run within its borders.

⚡️Breaking: Hong Kong looking to become a new digital hub in Asia.

⚡️Passing regulations allowing retail to trade large crypto such as #Bitcoin    and #Ethereum.

⚡️On this news Justin Sun has said he would move #crypto exchange #Houbi Asia HQ from Singapore to Hong Kong.

— Crypto Hawkeye (@CryptoHawkeye1) February 21, 2023