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Why crypto firms should embrace regulations and compliance

The crypto industry has come a long way since the launch of Bitcoin in 2009. From Bitcoin being criticized as a gimmick in the early days to crypto market surpassing US$3 trillion in value last November, there have been significant milestones reached in crypto with increased mainstream adoption — we have seen countries such as El Salvador and Central African Republic accepting Bitcoin as legal tender, luxury brands like Gucci and Balenciaga starting to take crypto payments, and the creation of new financial products around crypto such as Bitcoin futures.