Been a long time and someone asked me about this, I don't know what to say. I cashed out my money in a remittance center and if we are doing that, we are just putting the name of the exchange in the name of the one who sent it. The guy is confused with that since I think he is a newbie on that job, I am cashing some of my BTCs there in the past and I am not asked why I am putting there a company's name. The guard knew me so he's smiled at me, and I just did that too.
So I explained how I cash out my money in this exchange and he understood that since he is also freelancing in the past and he's also being paid online but he's not cashing it out as I do. So we continued the conversation to the point that we are talking about cryptocurrencies. And he asked me about regulations if it's legal in our country and I said yes then he asked me if these regulations protect the people who are using it, I don't know what to say.
I just explained what regulation does but I did not answer his question. As scams and hacking are common on the internet, cryptocurrencies are not new to that and they are decentralized so the government doesn't really know how would they be able to know the users and track transactions that happened.
So if a cryptocurrency is regulated in a country, does that protect the citizens that are using it? or they just allow the usage of it in the country? I will lock this after I got a satisfying answer. Thank you.