Erick Pinos, Americas Ecosystem Lead at Ontology predicts what Blockchain regulations to look for in 2021. He says there will be attempts to pass regulations for blockchain and crypto, large financial institutions will move funds into Bitcoin, and DeFi will stay prominent throughout 2021.
Trends in the blockchain and crypto industries in 2021 are likely to be anchored around the growing demands of the decentralized finance space. Layer 2 and cross-chain solutions address current scalability issues. The UX and UI of dApps and wallets will also be improved. Even newer areas of interest like decentralized identity will likely see most of its’ development-oriented towards financial data, like credit scores, to use in DeFi applications.
Blockchain regulations to look for in 2021
Blockchain and crypto are coming under increasing scrutiny from regulatory bodies, and in 2021 will likely many attempts to pass new regulations.
Industry leaders will have to be proactive in educating policymakers on the ins and outs of these technologies to ensure that the regulations introduced help space continue growing.
2021 will also see more large financial institutions publicly announce that they have moved funds into Bitcoin.
This will create a snowball effect not only for other large institutions to follow with their funds but also for the retail market to start moving more personal wealth into Bitcoin.
DeFi will also continue to stay prominent throughout the next year.
A leading factor of what is popular in crypto is the opportunity for companies and users to make money. With decentralized exchanges, lending, insurance, derivatives, mutual funds, and more, the opportunities to make money in DeFi are endless. Thus, most transaction volume and product development over the next year will likely continue being centered around DeFi.
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