Bitcoin Forum

The recent news coming from South Korea where the government is now imposing regulations for Bitcoin and cryptocurrency trading is quite reminding us the power of the government to deal with the matter and the seemingly no choice but to cooperate with those in the authority. Cryptocurrency exchanges are for making money and when this fact is threatened because of non-compliance with what the government is imposing, business sense will tell us that it would have no choice but to yield. What is happening right now in SoKor can be that catalyst which other nations may also do.

I am seeing this year to be the year where regulations, compliance, KYC and other related matters would be cemented and become just normal things in connection with the cryptocurrency movement. Do you think this can be good in the long-run or are we not sacrificing long-term repercussions for immediate gains?

For the average cryptocurrency user it`s better that most of the crypto exchange platforms will be regulated.
Nobody wants to deal with shaddy unregulated exchange platforms that might get "hacked" and the owners running away with all the cryptocurrencies.We will have to sacrifice the anonymouty and pay taxes for our holdings but the regulations will reduce the number of online crypto scamms. 

It could very well be. The Coinbase ruling might have opened the floodgates. But then again, there have been some regulations before that. Maybe it's just natural progression. Bitcoin is quite new to the public spotlight so it should be expected that regulations will come as the public comes to learn more about it.

I do believe regulations can help, because it gives the general public more confidence in entering the market knowing they havesome layer of protection, but they could still very much stifle growth. I don't think they will be too much of a problem for as long as they don't infringe too much upon privacy. Banks have secrecy laws, and so should cryptos.

If 2018 isn't the year of regulations then 2019 will be for sure.

Yes. With the development of the bitcoin market, there will be more and more people to invest in bitcoin. Most countries will formulate relevant policies to regulate the bitcoin. The policy of South Korea is not to suppress the development of bitcoin. They aim to regulate the safety of accounts and standardize the issuance of ICO, which is beneficial to the special currency in the long run.

I'm almost positive that many countries will be forced into the position to deal with bitcoin. We've come to a point where enough people know about the coin such that it can be used to avoid major taxes if traded "correctly." Governments will not allow for that. They need as much money as they can get from the civilians to run everything. Even though bitcoin is supposed to be decentralized, these rules can be very harmful and force the flexible currency to conform to the governments. Not a lot of people will like this, but I can definitely see it happening this year.

Im a bit skeotical about regulation.
what form will it ultimately take? How will crypto be affected by it?
is regulation not going against the whole idea?
unfortunately we still to a large extent have to buy crypto with fiat and liquidate back into fiat which means using normal banking systems so that is the weak link where regulation can be enforced.

I think that even if there's a rule about bitcoin I expect a fair rule for all of us as users ...

Maybe 2018 will be the totally Ripple year  ;D :D ;) 10$ very soon. Get screenshot.

The regulations such as KYC and AML are nothing to be worried about. This just mean that they are already seeing the potential of bitcoin and other cryptocurrencies and has placed the same regulations they require to any other financial institutions including the banks. Having been regulated means that the government has adopted and accepted these digital currencies and so it must be done in accord to the rules and regulations of the state.

As long as they declare it to be legal then it is an advantage to us all crypto enthusiasts.

your are kind of demonizing the word "regulation" specially with your picture alone! and I don't get why?!

regulations are not always bad. look at Japan and their regulations that helped push bitcoin from $900 to over $5000 in only a couple of months. and in addition to that it led to hundreds of thousands of merchants accepting bitcoin around every corner in Japan.

what you are saying is a couple of restrictions that are sometimes even necessary to exist in order to prevent crimes such as money laundering. and most of the things you mentioned such as AML/KYC are inevitable since bitcoin and exchanges are tightly involved with fiat!

Offcourse it would be since now cme is investing in Bitcoins and so are the other the companies the government is supposed to get in this business and regulated it because without all the regulations, it might fall in the hands of , wrong people and it might turn for worse , thus regulations seems fit now, and some regulations are meant to be, if the bitcoins are going to be in the market and fluorish well and blend in with the ecosystem.

As with any new technological development in the financial/business realm, governments find themselves  chasing after the innovations with a delayed response. Same thing with cryptocurrencies now. I think it may be safe to assume that - at first - regulations may be irrelevant or problematic (due to not comprehending the crypto scene correctly), however, in the long run such regulation can be improved and help develop public confidence in cryptocurrencies.

This could increase investment and public use of cryptocurrencies and blockchains.

I am second to you, regulation is necessary because nothing is wrong in Bitcoin trading and a positive step is required from government for more success in crypto currency.

I would say 'Yes' and this is apparent from the number of ICOs lately integrating KYC (Know Your Customer) and AML (Anti Money Laundering) techniques as essential steps in their process of crowd funding.

The wave of regulatios is many countries has already started and this will continue. Many governements would like to have some control over cryptocurrencies market but this has alos a good side because I hink with regulations the users will be better protected than they rae now. Cryptocurrencies are great field for different businesses and profit but also for differen kind of scam so regulation could help with that also.
Regulation could also help with public and business confidence and that can bring only good so we shouldn't have fear of that.

Yes, I believe 2018 will be the year of regulation for Bitcoin. Since more and more people are acknowledging bitcoin, the government will be more aware that more people are onto it. Thus, the government will pay attention to it and check the legality, pros and cons, advantages and disadvantages of it. In fact, in the Philippines, the BSP or Bangko Sentral ng Pilipinas had given warning to the public to "know more" about Bitcoin. This shows that now, the Philippine government is starting to take actions regarding bitcoin.

From other countries just like Korea and USA yes it is but here in our country they were just aware and is open for this kind opportunity but they are not yet in favour in it and kept reminding the people that they should not do crypto since it is really a risky if we will enter without any knowledge.

I think there will be more regulations from more governments. This can be good and bad. Good in the sense that it can give people more confidence to come on board while bad in the sense that it will limit growth. Either ways, I'm still here.

Cryptocurrency is expanding at higher rates each time, and governments think they are threatened so they will want to control it. It's good in some way since there are a lot of scams on crypto platform because anybody can do whatever you wish. It might be bad in some way also because a lot of regulations will dropping and dropping which will impede our better ways of gaining(they'll tell us how we should make our money). Remember that, governments never rest when they start regulations, they'll always bring new laws once they start

Governments want to govern us for them imposes a regulations and laws or imposing taxes on our transactions.Good result or bad result for us,good thing to know that everybody will be open minded in cryptocurrency  and it will be well known every country,bad result because they will ruled and maybe some politicians put some dirty hands on bitcoin the things we dont want to happen in bitcoin.

In the last month, people in South Korea have been very enthusiastic about digital money, which may be related to their form of war. You know, North Korea now has nuclear weapons, people are always worried about war comes, then their currency will become waste paper overnight. In order to regulate the digital market, it is necessary for the development of bitcoin to make the digital money develop healthily.

I hope so. Only those with bad intentions are worried about this. Government recognition would entice more people to invest in cryptocurrency.

I agree that this will be year of regulations and that this could be maybe stoppage for btc to double its value this year. But looking longterm this is good because with regulations the governments will start to accepting ceypto.

With the development of the market, there will be more and more traders to enter, this time to launch a number of policy is necessary, South Korea before the real name system and specification of ICO system for digital currency in South Korea's development is correct, we believe that countries such as Japan and South Korea government are welcomed for bitcoin this will continue in 2018.

I think not all the rules that apply to bitcoin have a good impact on users if bitcoin regulation occurs in every country, because so far we know not all countries accept bitcoin as a means of payment transactions. But of course we hope if the government implements policies on bitcoin with giving them the freedom to trade bitcoin with provisions for business transactions and not for criminal purposes.

I think they will try.

The USA has major, major debt and they will want to skim as much as possible from BTC.

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Everyone seems to fear regulation and that its about tax.  Have news for you, you are already liable for paying taxes on cryptocurrency gains in just about every jurisdiction. You have to report your profit/earnings and pay accordingly, if you dont and get caught you get fined or go to jail.  This is no different to if you were making money trading shares, or a sideline business selling widgets on Ebay.

Regulation comes about to ensure some basic standards or protection of the public, not for taxes.  If you're happy for scams to continue then hope for no regulation.  If you wish for the cryptocurrency economy to be tidied up and bit less wild west, embrace some form of regulation.  Its inevitable and can only help to solidify the technology, bringing in more public acceptance.

The cryptocurrency market is growing fastly and governments should start regulating it to protect their interests.
Many of them already started the regulation process, some others just ban excahnges and prohibit the use of bitcoin.
It will be a long process and they should cooperate with each other which is not really possible.

Regulation that we lack in the crypto space has not help the sector,which give room for scammers and lots of  people coming up with unrealistic project, I hope Government regulations will not impact negatively in the space,as  government will want to have total control of the space.

Because of growing cap, I'm sure that all regulators will force implementations of some lows which will start regulating cryptomarket.
One thin when all cryptomarket is about $100M and it is absolutely different thing when it is $600B
so yes, I'm sure 2018 = there will be a lot of changes for cryptoworld.

I think that the settlement of some rules will not affect the bitcoin in any way. The fact that some countries introduce these rules means that bitcoin are really powerful crypto currency, which gradually occupies an important place among all currencies.

Maybe you're right. But also I heard it will be year of Altcoins..So anyway it will good year for blockchain industry ;)

with the brightness of bitcoin by 2017 will not rule out a lot of regulation by 2018, there will be government interference on bitcoin, this has begun to be seen from some news from the state finance agency about bitcoin  ??? ??? ???

Regulated specially exchange is good idea and better for saving our money on it.
Pay tax is not big deal at least we have profit first.

Possible that 2018 will be a year for bitcoin regulations since the development in crypto currencies continue to grow government are really looking to find ways where they can control bitcoin in their economy. Some countries started this regulations so possibly other country will adopt the same thing. Also I'm sure banks will do something regarding bitcoin dominate the currencies

But the main question is "to what extent can they regulate the market?"

Specifically when it comes to privacy coins it would be almost impossible for governments to make any kind of regulations!

I totally agree with you on this point. If regulation will increase then the market for cryptocurrency will decrease simultaneously. You know that Cryptocurrency world has become popular because of the anonymous platform. so when it will be regulated by any authority then the user and holder will get panic parallelly.

But it can be an issue of worry because most of the countries have taken it seriously for their economic condition that's why they can take some steps regarding this issue. So It will not be a surprising issue if the regulation will start on this platform in this year.

The settlement of the crypto-currency market will delay the growth of the market to some extent.
Governments are simply trying to regain control over people.

I think the government knows the amount of money in the trade of bitcoin. So, the government will want to make tax regulations urgently. This will happen in 2018. For Bitcoin, it would have done as well until now, waiting for the reactions of european countries.

It seems that 2017 is the year of bitcoin's popularity and 2018 is its year for banning , illegalization and regularities. There are more and more countries takes negative action on bitcoin and this is not a good news for us bitcoin holders. Seems like its benefits is not yet enough to convince them.

I don't believe that 2018 will be the year of rules for bitcoin. Even if some countries introduce some rules, this will not change anything. The bitcoin will remain the same as it was be!

Yes, South Korea and Japan have gone ahead. But I think South Korea's code to launch bitcoin so quickly is related to their war, and Koreans are now buying digital money. From the perspective of the community, it is also necessary for every country to formulate the standard policy of digital currency, which provides a healthy foundation for the development of the encrypted currency community.

Cryptocurrency is very popular worldwide and it could be possible that government have some interest on this. Because there a huge  money inside crypto(especially bitcoin), most probably government would really want to take some shares from this. As it become regulated, it could be possible that their will be a huge declined in prices as it could be controlled by the authorities.

I think so, so many people know and recognize about bitcoin nowdays and their government notice it and make a law and regulations about bitcoin in this year. I don't know about other country, but in my country here, our government notice it and make some statements about the legal of bitcoin.

With one country as an example of regulations means the power of the government to control its people. With the popularity of bitcoin, you can still use crypto currency in other countries not only at south korea.

2018 will be the year of regulations, and gradually we see that in some countries trying to hold bitcoin to its neck, now the question is, is going to be profitable and helpful for us bitcoiner over time, well we have to see more of it in the coming days after the implementation,

With the price of bitcoin crossing over ten thousand dollars and that too in a very short period of time ,expect the authorities to take bitcoin seriously and try to implement new rules and regulations as soon as possible ,this year we could see some changes in the law regarding bitcoin around the world.

As more countries governments take crypto currencies seriously regulations will have to be imposed. With the amount of money flowing through exchanges governments will have to act to place some safeguards in place.

It would be so good that there will be regulation implemented on bitcoin and other cryptocurrency to assure their safety but of course as long as the government won't give too much restriction. Improvement of security for crypto is really a good idea but I hope the regulations that they will make will not disappoint many people.

The issue of government regulation of the Crypto-currency has both the agronomic side and the negative side. Regulatory measures will be individual for each country, however, almost everyone will have restrictions regarding the sale, mining and distribution of bitcoin.

We are definitely sacrificing long term repurcusions for immediate gains. It is because the government cannot overcome the daily evolution of technology. Their mindsets are just to solve every problem by controlling them. What they don't know is that the power of the people that loves everything about crypto and the blockchain can resolve into a resistance that will make the cryptocurrency market invulnerable.

Unfortunately, this is unattainable...if the government begins to regulate, it will be definitely not in favor of users of the bitkoin((

Could possibly happen especially now that the popularity of bitcoin has risen along with the price increase of bitcoin to 10,000 US dollar mark. Now that majority of the public are aware of bitcoin for me the corrupt and devious officials could no longet stay quiet about this especially when they money is really earning around here.

Probably. Since 2017 has seen a huge following for bitcoin and crypto, governments would likely step up ways on how to regulate this market. If before governments don't really keep an eye on btc, they're taking it more seriously now

I agree, tax revenues will be the incentive the pushes governments to regulate cryptocurrencies. Some will take an aggressive stance, but I think many are being very progressive about it

Cryptocurrency especially bitcoin is going mainstream along with it, the government's attention is being caught. Thatvthey have to make a move before it get abused by some users. Due to its characteristic of beong decentralized there are ways for btc to be used in illegal activities so the government to protect the country have to at least mitigate it. This will happen if jot this year maybe the next few years. Regulating is a qay of protecting the territory. I just hope it won't get abused.