As institutional and retail interest in Bitcoin and other cryptocurrencies has grown exponentially in recent months, governments across the world have also been grappling with how to respond to price volatility and other risks to consumers. 

U.S. Securities and Exchange Commission (SEC) Chairman Gary Gensler told the House Committee on Financial Services last week that the US$2 trillion cryptocurrency market could benefit from greater investor protection, including regulation for crypto exchanges. “That could instill great greater confidence,” Gensler said. “Right now there’s not a market regulator around these crypto exchanges and thus there’s really no protection around fraud or manipulation.”

Here in Asia, a similar debate over crypto has been playing out. Should crypto be regulated more, and if so, how? What, if anything, should governments do to protect their citizens from the hazards of speculation, crime and other…

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