NEAR Co-founder: Decentralization does not mean disorganization, the crypto industry should proactively curb criminal activities
53 minutes ago
NEAR Protocol co-founder Illia Polosukhin published an article stating that the crypto industry faces a choice: either mature further, or risk being marginalized amid the absence of targeted regulation. He emphasized that the claim that decentralized systems cannot take action is untrue, noting that "decentralization does not equal unorganized." Polosukhin pointed out that while banks use AI to identify fraud, their systems are highly centralized and rely on KYC, which fails to address core issues. The crypto industry, with its richer data and talent pool, can build systems that operate without KYC while effectively curbing criminal activities and protecting the freedoms of legitimate users. He added that through industry collaboration, criminal activity in the crypto sector can be gradually rooted out; the market size of such criminal activity is far smaller than that of overall on-chain economic activity.
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