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Bitmain Co-Founder Wu Says Regulatory Pressure Is Healthy for Crypto: Report
The higher level of interest will benefit the reputation of crypto overall, he said.
Updated Sep 14, 2021, 1:24 p.m. Published Jul 13, 2021, 11:23 a.m.
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Pressure from regulators will benefit crypto in the long term because it weeds out bad actors, Bitmain co-founder Jihan Wu told CNBC.
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Interviewed at the Asia Tech x Singapore conference, the crypto billionaire said that while regulatory pressure has increased, the higher level of interest will benefit the reputation of crypto overall, according to CNBC.
The world's biggest economies are ramping up regulatory scrutiny of the industry: China is cracking down on mining; the U.S. is signaling taxes for crypto; and India is trying to track and control its industry.
Wu didn't say whether he was talking about regulation in China only or speaking about the global trend.
Wu co-founded Bitmain, the world's largest crypto mining rig maker, with Zhan Ketuan, but stepped down after a dramatic quarrel with his co-founder. He now leads Matrixport, a Singapore-based crypto financial services firm. Forbes estimated his net worth at $1.8 billion in September.
Read more: State of Crypto: Federal Regulations Are Coming Into Focus
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