Ethereum co-founder Vitalik Buterin has mentioned a new projection about the crypto sector regarding regulatory frameworks. According to the Ethereum boss, the market needs to be mature to flow with regulations from agencies. Giving his opinion on some rules in the market, the Ethereum boss talked about some of the laws that have had a huge impact on how the market works. Taking to Twitter, he explained the two types of regulations in the crypto sector.
The Ethereum boss wants KYC across the crypto sector
Vitalik Buterin claimed that the two types of regulations in the market are centered around protecting consumers and limiting the huge amount of money being moved around by entities. He claimed that the issue as a result of the second part is that it is across the market and not only in the defi sector. Taking this present market into context, he claimed that regulations should be able to provide freedom to crypto projects even if it limits adoption.
He claimed he was happy about the limitations on ETFs as he needs the market to be more mature before those types of products are given mainstream attention. Another issue buttressed by the CEO was the case of KYC in the defi sector. He claimed that the KYC on defi does not provide security against hackers as they have upgraded their activities.
Buterin advises zero-knowledge proofs
The Ethereum boss also claimed that exchanges in the crypto market need to do better with their KYC. Ending his thread, Buterin claims that the general crypto sector needs to operate on zero-knowledge proof. This will help them keep their data safe while enabling an environment that would allow them to conform to regulations. He claimed that he would prefer if this action regarding zero-knowledge proofs is thought upon and worked on by engineers in the crypto market.
Aside from these regulatory issues, there has been a vast increase in the number of innovations being developed in the market. The recent one is a new feature where users can look up their availability Ethereum balance by checking their addresses through google. The search platform also commemorated the transition of the Ethereum network by creating a timer that counted down to the period that the shift occurred.