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Author Topic: [2017-08-19] Australia Aims to Regulate Bitcoin Exchanges  (Read 4380 times)
tyz
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August 19, 2017, 04:52:53 PM
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Australia Aims to Regulate Bitcoin Exchanges

While the bitcoin rate is climbing new heights nearly every week, it becomes more and more obvious that a regulatory environment around the bitcoin and other cryptocurrencies has to evolve as well. Until now there has been two Asian countries, China and Japan, that have announced its desire to regulate their local bitcoin exchanges. This week these countries were joined by Australia, another major market. Let’s quickly analyse the pros and cons of such practices.

https://www.cryptocoinsnews.com/australia-aims-to-regulate-bitcoin-exchanges/
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richardsNY
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August 19, 2017, 06:00:44 PM
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I remember the days where people here were going nuts on certain countries that were planning to regulate Bitcoin. Nowadays people seem to realize that regulations are a necessity, and at the same time not causing any harm to the regular users. I personally see these regulations as a sign that Bitcoin is being taken seriously by the governments, and rightfully so. The only negative aspect (for those who care) is that people won't be able to sign up and buy/sell without verification anymore. The majority of the most popular exchanges have already KYC policies running that can't be avoided.
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August 19, 2017, 06:18:50 PM
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In every country there is a government who sincerely respect the voice of the people, if this regulation can be good to bitcoiners in that country let there voice be heard. It would be better if there is from this forum that came from that country can feedback about this development. Regulation of bitcoin is good when it is been made for good intentions but if it is the other way around, let the locals fight for it.
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August 19, 2017, 06:20:16 PM
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I remember the days where people here were going nuts on certain countries that were planning to regulate Bitcoin. Nowadays people seem to realize that regulations are a necessity, and at the same time not causing any harm to the regular users. I personally see these regulations as a sign that Bitcoin is being taken seriously by the governments, and rightfully so. The only negative aspect (for those who care) is that people won't be able to sign up and buy/sell without verification anymore. The majority of the most popular exchanges have already KYC policies running that can't be avoided.

It was only going to be a matter of time before this kicked in. Regulating exchanges aren't quite the same thing as regulating Bitcoin, and with the experiences of Gox and BTC-E, I suppose regulatory protection that actually prioritises users isn't something I am completely against. The majority of users who trade anyway will be used to that requirement.

Those who do care about personal privacy and decentralisation must now throw their support behind so-called decentralised exchanges. Fragile ecosystems they may be now, this really is the only viable progression.

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August 19, 2017, 09:05:16 PM
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I remember the days where people here were going nuts on certain countries that were planning to regulate Bitcoin. Nowadays people seem to realize that regulations are a necessity, and at the same time not causing any harm to the regular users. I personally see these regulations as a sign that Bitcoin is being taken seriously by the governments, and rightfully so. The only negative aspect (for those who care) is that people won't be able to sign up and buy/sell without verification anymore. The majority of the most popular exchanges have already KYC policies running that can't be avoided.

It was only going to be a matter of time before this kicked in. Regulating exchanges aren't quite the same thing as regulating Bitcoin, and with the experiences of Gox and BTC-E, I suppose regulatory protection that actually prioritises users isn't something I am completely against. The majority of users who trade anyway will be used to that requirement.

Those who do care about personal privacy and decentralisation must now throw their support behind so-called decentralised exchanges. Fragile ecosystems they may be now, this really is the only viable progression.

The government of each country is trying to regulate everything that their competence covers. Including people who use crypto currency. Because of this, people are happily losing anonymity when using bitcoin.
It seems to me that the government of each country will try to control bitcoin
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August 19, 2017, 09:13:19 PM
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Those who do care about personal privacy and decentralisation must now throw their support behind so-called decentralised exchanges. Fragile ecosystems they may be now, this really is the only viable progression.

People for years have literally been hoping for some proper decentralized exchanges, but as pointed out, it's an insanely thin market with no real usable functionalities for those looking to experience a service similar to what the centralized exchanges offer. I am a privacy minded person, but I am not at all interested in making use of the handful of decentralized exchanges, for the simple reason that there is no way to exchange fiat to crypto and vice versa in a totally decentralized manner. Unfortunately, the only thing that's truly decentralized are the crypto to crypto trades, and that's really it. I am glad that there is at least one good mixer after Bitmixer having shut down all their operations. ChipMixer is now my main mixer to provide me that necessary bit of privacy when I need it.

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August 20, 2017, 05:00:24 AM
 #7

In every country there is a government who sincerely respect the voice of the people, if this regulation can be good to bitcoiners in that country let there voice be heard. It would be better if there is from this forum that came from that country can feedback about this development. Regulation of bitcoin is good when it is been made for good intentions but if it is the other way around, let the locals fight for it.

For me such regulation only means an attempt to get people pay taxes for their criptocurrency holdings. Many talks about struggling against drugdillers, but governments understand that real payoff would be from taxes.
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August 20, 2017, 05:02:28 AM
 #8

This isn't bad news TBH. I think that adding further legitimacy to bitcoin exchanges would attract big time investors and make trading a process where more trust is put on it if the regulation is done right. Let's wait and see, hopefully local experts can voice their thoughts before anything gets put into law.



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BillyTalent
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August 20, 2017, 07:06:26 PM
 #9

This isn't bad news TBH. I think that adding further legitimacy to bitcoin exchanges would attract big time investors and make trading a process where more trust is put on it if the regulation is done right. Let's wait and see, hopefully local experts can voice their thoughts before anything gets put into law.

I do not know what could be good about the government intervening in bitcoin. I understand that the government wants to control all financial flows within the country, but it should never interfere with the crypto currency
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