Why digital assets need regulations now more than ever

The past year has brought major challenges to the world of digital assets as the industry scaled all-time highs and similarly significant lows. A little over a year ago, Bitcoin reached its peak of more than US$68,000, whereas now it is trading under US$18,000 — illustrating the volatility of the market. In May 2022, the crypto market effectively crashed, triggered by a sudden and extended fall in the prices of cryptocurrencies. The estimated loss of more than US$2 trillion worth of market value reflected a period of uncertainty for the distributed ledger technology industry.