Pressure from regulators will benefit crypto in the long term because it weeds out bad actors, Bitmain co-founder Jihan Wu told CNBC.
Interviewed at the Asia Tech x Singapore conference, the crypto billionaire said that while regulatory pressure has increased, the higher level of interest will benefit the reputation of crypto overall, according to CNBC.
The world's biggest economies are ramping up regulatory scrutiny of the industry: China is cracking down on mining; the U.S. is signaling taxes for crypto; and India is trying to track and control its industry.
Wu didn't say whether he was talking about regulation in China only or speaking about the global trend.
The leader in news and information on cryptocurrency, digital assets and the future of money, CoinDesk is a media outlet that strives for the highest journalistic standards and abides by a strict set of editorial policies. CoinDesk is an independent operating subsidiary of Digital Currency Group, which invests in cryptocurrencies and blockchain startups. As part of their compensation, certain CoinDesk employees, including editorial employees, may receive exposure to DCG equity in the form of stock appreciation rights, which vest over a multi-year period. CoinDesk journalists are not allowed to purchase stock outright in DCG.