The founder of the world's largest cryptocurrency exchange, Binance CEO Changpeng Zhao, has called for more regulatory clarity after a week of crypto market chaos and a year in which investors are estimated to have lost $2 trillion (£1.7 trillion).
"We do need to increase the clarity of regulations and the sophistication of regulations in the crypto space," Zhao said to a gathering of G20 leaders at a summit in Bali.
But it is not only regulators that bear responsibility for protecting people, the industry should also look at new models that could help.
The recent collapse of FTX - which has filed for bankruptcy protection in the US, but was valued at $32 billion earlier this year - has had significant repercussions for the entire cryptocurrency industry.
Even the most established digital currency, Bitcoin, hit a two-year low following trouble at FTX.
Cryptocurrencies allow traders or investors to buy and sell without the need for banks and brokerages.
Blockchain technology enables peer-to-peer cryptocurrency transactions to happen on exchanges such as FTX and its rival Binance without these middlemen.
Instead, transactions are authenticated through consensus by a group of validators, typically called miners.
Miners solve complex mathematical puzzles to do this, otherwise known as the proof of work system used by Bitcoin and most cryptocurrencies.
But when it comes to organising these transactions, Binance and its peers use the same "limit order book" model as any traditional exchange such the New York Stock Exchange.
This means there is a centralised structure that matches buyers and sellers, with market makers supplying liquidity and
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