Bitcoin Forum

There is a lot of talk about regulating or not regulating BTC and cryptocurrency in general.

The European Union is talking about working on a regulatory structure to control money laundering and terrorism, etc. France and Germany are, allegedly working on their own regulatory structure.

The United States is sat on the fence as they are, apparently, still working out the pros and cons of BTC/cryptocurrencies before implementing any regulations.

What do you think?

Should cryptocurrency be regulated and if, so why? If not, why do you think it shouldn't be regulated?

first of all, how can they regulate a P2P anonymous crypto like Bitcoin?

How governments could control and regulate crypto exchange between people? To jail people who change crypto to fiat and vice versa? To enter mandatory KYC on main exchanges?

I think government regulation encryption money market should merely requires each exchange verification KYC information, because as the BTC and some token use is POS mechanism, so government can't regulation the btc produce.

The only saving grace bitcoin needs to be generally accepted all over the world is to allow Government to regulate the flow in the financial market. Some criminal are now hiding unde it to promote terrorism and crime in sme nations but ifGovt can et hold of the regulatory it will definitely reduce the rate of crime or abuse of it

Yes, I guess it would mean that the main exchanges would need to carry out KYC/due diligence on buyers. Also, I think, that if there is 'reasonable' concern that untoward activities are being performed, some might be forced to reveal their identities. I'm thinking along the same lines where a VPN company which protects someones online privacy - however, if VPN company receives a warrant from law enforcement or some such similar body, then that VPN company will furnish them with IP address, pages visited, etc. 

This is very true, but criminals don't just use cryptocurrency - fiat - being the biggest "tool" for criminals and also gold. But yes, regulating it would likely help reduce the rate of crime/abuse of it.

It needs soft regulation to prevent laundering and scam ICOs.
ID checks, tax on profits etc.

You can complain about taxes on profits but tax is always going to be a given and a must before crypto can be accepted by governments as currency.

Such a thing would encourage more growth long term.

I think regulations are necessary.
The anonymity of crypto currencies can be and is abused.
There is money laundering, tax evasion and scamming people for their money when they invest in fishy ICOs.
All of that I consider to be anti social.
If a government finds a way to prevent this and if that way does not end up in too much surveillance, I would support it.

I'm on the fence on this one, regulating would lower the "Anonymity" factor of Crypto. However I'm all for stopping money laundering and terrorism. And in the end of the day It's worth mentioning that regulating is far less harsh than Banning Crypto all together. So I'm assuming the way the regulation would be done is through the exchanges and online-wallets? Would this cause an end to QT-clients?

If that is the reason then everything should be regulated, because everything can be abused.
Regulate cash money, internet, news, social media, etc.

I think it's not a question if, but the question is when they want to regulate.
So many signs that they want to regulate it.
It's just getting too big for something they can't control.

I agree on regulating cryptocurrency (If they have any decent means to execute it) as it lessens the skepticism around it by the newcomers and hopefully, it would lead to mass adoption. The only problem is, regulating it contradicts the very idea of cryptocurrency that is -- freedom from centralization.

I'm not sure where it is that you think bitcoin is currently unregulated?

Of course cryptocurrency needs to be regulated to avoid being abused by bad people but the problem is how can a government have a full control of a digital currency that is decentralized, yes they can tax or trace people if investors will sell their cryptocurrency for fiat but what if cryptocurrencies will be accepted as payment globally, in this case it will be hard for them to collect tax and trace illegal activities. I'm not an expert about this but I'm still waiting for any government that can implement the best regulation for cryptocurrencies (I'm sure there will be).

They can when u what to cash out .They can make it much harder for you to cash out your bitcoins if they so wished .

Link to a source? EU has recently said they aren't looking to regulate currently and aren't in a hurry either.

At the moment, it's all talk. But EU lawmakers, I believe, do want some sort of regulation in place.

https://www.ft.com/content/d6db427c-10c1-11e8-940e-08320fc2a277

http://www.telegraph.co.uk/technology/2018/02/09/france-germany-demand-bitcoin-clampdown/

https://www.express.co.uk/finance/city/917017/bitcoin-news-latest-regulation-g20-meeting-cryptocurrency-south-korea-india-japan-france

Let's see what happens at G20.

I think a regulation should implement on this matter to prevent scam ICO's and reduce the risk of criminal activities and abused on this matter. Many criminals on internet or what we call it hackers take advantage of this bitcoin, so i think it must be regulate in order for the bitcoin community scam free.

Of course certain regulations will be implemented by various governments, it's just a matter of time. Although at first when I was only starting with Bitcoin I was against any regulations whatsoever supporting the Austrian school of economics and Anarcho-capitalism in general, later I came to conclusion that some regulations a necessary. For example imo governments should fight financial support of terrorism. Also I think they should prevent money laundering on a large scale, but on the other hand if someone makes $200/month in BTC they shouldn't bother with it because there are much bigger problems to solve. Hopefully, the cryptos will be regulated in the right way, at least in the so called developed countries.

Regulations will lead to so many reductions of criminals actives from Bitcoin users,but it will entail so many charges and taxes involvement,the government will want their own part in bitcoin transactions.

cryptocurrency in my opinion is better organized let all the more transparent and start in juxtaposed with the original currency..
because at this time many cases are against the law and involve bitcoin as the main problem..!!

Its always good for cryptos to get regulated as it would help them to progress in the long run.By getting regulated,people would get enough confident to invest in cryptos instead of getting feared anytime whether the cryptos would get banned or not.Regulation would help cryptos to get accepted as payment widely.

Time For BCH,Eth,Neo

My vision is regulating crypto with any resctrictions in amount and profit of investing, only for steal preventing myst be use regulation

the only thing to make transactions legal is to have the government impose properly planned, extremely safe, and well executed regulatory measures.
Take for example the increase in revenues form crypto transactions in South Korea to as much as 88 fold, it will tell you that investments may be pouring in  probably influenced by safe regulations in place.
Also government can never regulate bitcoin due mainly because it is in a dcentralized platform, but government can regulate transactions.
So for me, regulation is a good thing

Yes, looking ahead, perhaps that is the way forward, although the original point was not to have any central authority or 3rd party involvement. But times must change and adapt.

I'm not sure that people who don't want it regulated all want to steal. Privacy, for example, is important for a lot of people. There will always be those who steal, whether they use cryptocurrency, fiat or gold, etc.

True, this does happen. But what about fiat? I'd be interested to know the figures fiat vs crypto in the amount of fraud. I'll have a look later when I have a moment. I do agree that something to combat fraud, and tax evasion, needs to be implemented else it will just run riot, and that's not a good thing.