The popularity of non-custodial services will grow against the backdrop of tightening regulation of the crypto industry. This opinion was expressed by a representative of the MySecure P2P platform in a conversation with ForkLog.
After the bankruptcy of the centralized crypto exchange FTX, hardware wallet manufacturers Ledger and Trezor recorded a significant increase in sales, and the Paxful CEO called for self-storage of bitcoin.
At the same time, the collapse of FTX and other projects like Celsius Network and Terra led to increased regulation of the industry. Thus, the head of the SEC called the regulation of cryptocurrencies a priority in 2023, and the EU Parliament voted for a bill on the comprehensive regulation of the crypto industry MiCA.
According to MySecure, decentralization and development of Web3 became the answer to these actions. Further increased oversight of centralized services will only accelerate this trend:
“In 2022, we saw mass blocking of users on trading floors and freezing of their assets – the complete opposite of the principles of freedom and decentralization that underlie the operation of the Internet and Bitcoin.
The P2P model is native to Bitcoin. That is why we launched a non-custodial service. Only such products allow the industry to develop, and users to freely trade and manage their assets.”
Not all P2P sites have withstood the pressure of regulators and competition in centralized services. So, in February, the LocalBitcoins platform announced its closure after 10 years of operation.
“Several well-known sites have closed, but this is not a reason to believe that P2P trading has lost its relevance. On the contrary, such platforms are needed as an alternative to centralized exchanges that seek to monopolize the market,” comments MySecure.
The project team is convinced that it is now critically important to choose business models in accordance with the spirit and values of bitcoin. Otherwise, the industry will turn into a banking system in a new wrapper:
“Crypto exchanges can freeze your funds at any time. This approach became obsolete back in 2008, when Bitcoin was created. P2P gives people choice and freedom of action: you can trade with anyone, at any time, and not worry about the security of your assets.”
MySecure is a non-custodial P2P Bitcoin trading platform without KYC. All transactions on the site are made using multisig contracts.
Earlier, ForkLog published an article on how MiCA will change the tracking of cryptocurrency transfers in the EU.
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