NEW YORK – Recent events have made clear the need to regulate crypto, an industry that grew from nothing to a US$3 trillion (S$4.1 trillion) market capitalisation a year ago, although most of that has now evaporated. But it also seems likely that the industry could not survive regulation.
The story so far: Crypto reached its peak of public prominence last year, when actor Matt Damon’s “Fortune favours the brave” commercial – sponsored by Singapore-based exchange Crypto.com – first aired. At the time, Bitcoin, the most famous cryptocurrency, was selling for more than US$60,000.
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