Contrary to widespread perception, new research has revealed that 88 per cent of crypto exchanges want industry regulation.

The figures come from crypto-friendly payment company Mistertango, which interviewed 24 crypto exchanges across Europe, Asia, South America and Oceania, with total daily trading volumes of over $100 million.

Respondents believe regulation is needed for the industry to mature, with 30 per cent fearing a major market crash and sudden devaluation of assets.

However, respondents added that law makers must be careful not to regulate cryptocurrencies out of existence, with 17 per cent of crypto exchanges believe overly strict regulation is the biggest threat to the industry.

The research also found that 40 per cent think reducing barriers to funding crypto activity by banks will improve acceptance, while 55 per cent stated crypto users should be subject to Know Your Customer and Anti-Money Laundering checks like those using traditional financial services.

Gabrielius Bilkštys, business manager at Mistertango, explained that uncertainty is the biggest fear, and regulation is critical to provide the stability required.

“Unfortunately, there is no regulatory consensus – worldwide or otherwise. For cryptocurrencies to move towards the scale and ubiquity possessed by fiat currency, it needs cohesive, considered and comprehensive regulation,” he commented.

Oleksandr Lutskevych, chief executive of cryptocurrency exchange CEX.IO, said that until now it has been widely supposed that crypto companies want to avoid a regulated environment, but this is far from the truth.

“The industry is all too aware that regulation will lead to the maturity of the market and ensure businesses remain free from suspicion of involvement with illegitimate uses of cryptocurrency,” he argued.

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