The CEO of the financial management company deVere Group, Nigel Green, has cautioned that the World Economic Forum (WEF), a major worldwide lobbying organization, will probably fail if it does not concentrate on regulating cryptocurrencies.
Nigel Green asserts that the World Economic Forum will “spectacularly fail” if the agenda item for the Davos summit in 2023 on crypto regulation is not addressed.
Further challenging attendees, the deVere boss emphasized that now is the time to take action rather than “talk the talk” and urged them to pressure their respective governments to prioritize cryptocurrency regulations.
Green calls for regulation of crypto
Notably, Green, a staunch supporter of cryptocurrencies and an advocate for regulations, pointed out that several industry-related occurrences have made laws necessary. He emphasized the need for passing the relevant rules due to institutions’ rising usage of digital assets.
According to Nigel Green, there are currently many individual and institutional investors like community trusts, pension funds, hedge funds, investment funds, and mutual funds with a profound interest in cryptocurrencies.
He continued that regulations are now required to protect investors in light of recent high-profile bankruptcies and fraud instances in the sector. Recall that in 2019 Nigel Green urged the European Union to consider a full-scale cryptocurrency adoption seriously.
Speaking behind closed doors with Maltese government representatives at the 2019 Delta Summit in Malta, Green blasted the EU’s unwillingness to encourage the broad adoption of cryptocurrencies.
He urged the EU to adopt cryptocurrencies as soon as possible or risk lagging behind a forward-thinking China, which was preparing to introduce a yuan-pegged stablecoin.
Green sees huge potential in cryptocurrencies
The founder of deVere thinks that if cryptocurrencies function within a formal framework, the sector will favor various nations’ economies.
He also stressed the importance of developing crypto regulations with an international perspective and noted that bulls are likely to win out in the long run despite digital assets being here to stay.
His projections coincide with the current mini-rally that crypto is experiencing, which has led to it briefly reaching a $21,000 spot price as time goes on.