The closure of United States bank accounts on the Venezuelan cryptocurrency exchange Kontigo unleashed a wave of theories on social media. However, for Aníbal Garrido, financial advisor and director of the BT&C Academy at the Andrés Bello Catholic University (UCAB), the explanation is simpler than many imagine.
In a thread published in X, Garrido maintains that these episodes do not respond to conspiracies or direct sanctions. believe they are a natural consequence of the clash between innovation and regulation.
The Venezuelan specialist begins by remembering a basic principle of the sector: disintermediation. “In the crypto ecosystem, everything works without trusted third parties as long as it remains on-chain,” he explains.
However, he argues that, when companies begin to offer services typical of the traditional financial system, they stop operating strictly in the decentralized sphere. That border, he adds, is diffuse, but once crossed regulation and its central axis appear, regulatory compliance.
The gap between innovation and regulation
Garrido points out that, even with the high adoption of cryptocurrencies in countries like Venezuela, compliance rules continue to impose very clear limits. “Innovation can be rapid, but the regulatory framework never advances at the same pace,” he warns.
This difference in speeds can generate tensions, which is why the academic highlights some examples. Specifically, it names the cancellation of Cryptobuyer’s Visa card in 2020, the recent suspension of JAN3’s DolphinCard, as well as the closure of US accounts used by exchanges, events reported by CriptoNoticias.
For the educator, all these episodes have a common pattern: “They respond to regulatory inertia, not to failures or sanctions.”
Far from setting off alarms, Garrido consider that these setbacks are “a natural part of the maturation process of an ecosystem that coexists between the decentralized and the banked.”
Although the speed of technology and the cautious pace of regulation may continue to generate temporary closures and adjustmentsGarrido emphasizes that this scenario also opens opportunities for those who design with a long-term vision: “It is not about arriving first, but knowing how to arrive.”
His final message aims to not be alarmed and to understand the rules of the bridge that connects the world of cryptocurrencies with the traditional financial system.