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They publish the “10 fundamental rights for crypto users”

Binance unveiled a bill of rights for cryptocurrencies

Binance, one of the largest exchanges in the world, this week published a “bill of rights for cryptocurrencies” – Bill of rights, in which it suggests a framework for legislators around the world that “can serve as a guide in regulatory debates and in the development of global frameworks for cryptocurrency markets.”

The bill, dubbed “10 fundamental rights for crypto users,” calls for universal access to financial tools, encourages innovation, calls for strict protection of personal data, and more, arguing that: “Every human being should have access to financial tools, such as cryptocurrencies, that allow greater economic independence.”

Regarding the interference of states in the crypto ecosystem, the document, in its seventh point, that “regulation and innovation are not mutually exclusive”, stating that “crypto regulation is inevitable.

Echoing this view, Changpeng Zhao stated that:

“We want to do everything possible as an industry to work with regulators and world leaders to identify what is going to be the effective regulatory policy that, above all, protects users and stimulates innovation.”

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Zhao (CZ) further stated that the firm intends to establish regional headquarters and offices around the world in a move to go from being a “technology company to a financial services company” and pointed to the need for a centralized exchange to adopt a centralized structure, a change of narrative decentralized headquarters: “. When we started, we did it as a decentralized organization But as the industry gets bigger, regulators are looking at this industry and know how to work with decentralized structures” , explained CZ

Earlier this year, Binance faced scrutiny from regulators around the world for operating in various jurisdictions. Since then, the company has been adopting regulations, as well as hiring former law enforcement officials to help it achieve this goal.

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“We strongly believe that the regulations are good for this industry,” CZ said, adding that the company intends to fully adopt the regulation. To this end, the CEO of Binance released the aforementioned statement of rights for cryptocurrencies.

10 FUNDAMENTAL RIGHTS OF CRYPTOUSERS

I.

Every human being must have access to financial tools, such as crypto tools, that allow greater economic independence.

II.

Industry participants have a responsibility to work with regulators and legislators to shape new rules for crypto assets. Smart regulation encourages innovation and helps keep users safe.

III.

Responsible cryptocurrency platforms have an obligation to protect users from bad actors and implement Know Your Customer (KYC) processes to prevent financial crime.

IV.

Privacy is a human right, and personally identifiable information (PII) data must be subject to strict levels of protection.

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V.

Cryptocurrency users have the right to access exchanges that keep their funds safe, in custody, with full deposit insurance.

SAW.

Healthy markets must maintain a solid level of liquidity to ensure a stable and frictionless trading environment.

VII.

Regulation and innovation are not mutually exclusive. Cryptocurrency users deserve secure access to emerging technologies and practices, including NFTs, stablecoins, staking, yield-farming, and more.

VIII.

Closing the knowledge gap is essential when it comes to the crypto ecosystem. Users have the right to accurate information about crypto assets, without fear of being the victims of unfair or misleading advertising.

IX.

Markets offering derivative instruments must be subject to appropriate regulations. This ensures that all users meet the eligibility requirements and that their transactions are settled fairly.

X.

Regulation of cryptocurrencies is inevitable.

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