“Oil companies don’t decommission oil rigs overnight based on market fluctuations — it is a long-term commitment,” observed Phil Harvey, CEO of Sabre56, digital asset management consultancy. “Similarly, crypto miners look past short-term peaks and troughs,” he added.
“Many regulatory bodies are unable to unanimously decide on the use and clarification of crypto assets, amid much confusion and misinformation from all sides,” Harvey said. “The new, proposed crypto bill is a positive step in regulating our industry – not just to guide users – but also for regulators to be governed by. The bill will inevitably be deliberated for a period of time. This will enable regular and enhanced awareness of the crypto space, as the topic is reviewed, and clarity sought.”