Nigerian crypto expert, Nyce Ayuk has raised concerns by projecting stiffer regulations from government in spite of the growing popularity of the trade across the globe.
Nyce Ayuk who is also an expert in eCommerce and has authored a highly acclaimed book on e-commerce as the new wealth frontier in Africa.
He revealed, “Hanging over the cryptocurrency space is the threat of more regulation. This year, there will be more plans in the works from Washington D. C., Europe and across the world about crypto currency regulation. Central banks will continue to tinker with existing laws and come up with new guidelines that will make crypto currency safer for both traders and investors. These regulations are envisioned to make cryptocurrencies less susceptible to attacks by cybercriminals.”
“Only in September last year, the Chinese authorities declared that all cryptocurrency transactions in China was illegal. While the United States has no intention of banning cryptocurrency, the US authorities are more likely to put in place, stricter regulations to insulate traders and investors from getting hurt.
Biden’s $1.2trillion Infrastructure bill signed in November last year includes crypto tax reporting provisions that will make it easier for the FIRS to track crypto activities among Americans. Stricter regulations means that investors/traders should learn to keep all records of capital gains and losses on their crypto assets.
According to Nyce Ayuk, “The volatility of the crypto market...
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