The study was conducted to determine crypto exchanges' attitudes towards regulation and how the industry could move toward a more mature market
A survey conducted by electronic payment company Mistertango revealed that almost 9 out of 10 platforms dealing in cryptocurrency are in favour of regulation.
The study, which was conducted to determine crypto exchanges' attitudes towards regulation and how the industry could move toward a more mature market, surveyed 24 different cryptocurrency exchanges from South America, Australia and Europe, each grossing $100 million per day in trade.
According to the findings of the poll, more than 88 percent of the exchanges want the industry to be regulated, as they believe that it will stave off fears of a market crash, which according to 30 percent of the respondents, represents the largest threat to the industry.
However, 17 percent contradicted the popular view, suggesting that overly aggressive regulation would culminate in the industry's demise.
The study further revealed that half of those surveyed want people dealing in cryptocurrency to adhere to AML and KYC checks, just as those who use the traditional banking system.
"The industry is all too aware that regulation will lead to the maturity of the market and ensure businesses remain free from suspicion of involvement with illegitimate uses of cryptocurrency," said Oleksandr Lutskevych, CEO of CEX.io.
According to a report by News BTC, NASDAQ held a "closed door" meeting with the top management of major crypto exchanges and legacy financial firms to discuss the regulation of cryptocurrency, earlier this week.Although the outcome of the meeting is yet to be revealed, reports suggest that regulation of the industry is imminent.