Fantom’s reaction to Cronje’s latest comment on crypto regulation is…

ambcrypto.com:

Following his departure from Fantom and the entire crypto space which was marked by a 6% decline in the total DeFi market cap, Andre Cronje in a blog post noted that the crypto space was ‘dead’ and in need of more regulation.

In his post, Cronje decried how the crypto market had been plagued with concepts like wealth, entitlement, enrichment, and ego which have ‘strangled’ concepts upon which the space was primarily built. He further noted,

“I have long been vocal on my disdain of crypto culture, and my love for crypto ethos. Reading that might sound weird, but crypto ethos is concept like self-sovereign rights, self-custody, self-empowerment. Crypto culture is concepts like wealth, entitlement, enrichment, and ego. Crypto culture has strangled crypto ethos”

Andre went on to state that as the space continued to grow, users became further entrenched in values opposite of those upon which the technology was created.

“We are entering a new age, the current iteration will become the badlands, where unknown wallets lurk in the shadows, we will see the rise of a new blockchain economy, not one driven by greed, but instead driven by trust, not trustlessness.”

He primarily emphasized the need for regulation in the crypto sector.

In this context, a look at recent events in India and Russia indicates the increased regulatory actions in the crypto space as suggested by Cronje.

Over the last few weeks, following the implementation of the new crypto tax regime, cryptocurrency trading volumes on Indian exchanges have been on a steady decline. Furthermore, exchanges have halted crypto payments in light of the regulatory uncertainty in the region.

Similarly, in Russia, the Ministry of Finance proposed draft legislation to provide for a rigorous