Regulations seem to scare most,but Australia could be proving:what do you think?

[oleksiivinogradov]

What do you think about this post?
I have some conversations with advisers from Australia and it sounds very promising.

[jacaf01]

I don't know why people feel we can just scale through the landscape with no form of regulations to prevent the level of scams and hacks we are having in the space, a responsible government must watch over their her people and Australia is talking the lead by showing a way to go about it

[grimesrhymes]

I feel that many currencies will follow the same path as Australia. There is a lot of misreporting and FUD around regulation of cryptocurrencies. Governments are primarily concerned with just a few things and as long as they are satisfied these can be controlled there is really little further need for regulation. These are that cryptocurrencies are not being used to launder money or finance terrorism or avoid taxes or being used for any corrupt purposes. And secondly that users are being protected and their funds are safe. Almost all of these can be countered by putting stricter regulations in place on exchanges. For legitimate cryptocurrency users there will be very little change, other than perhaps a little more paper work and verification. While this will deter many less legitimate users, it will give confidence to many more legitimate investors who will far outweigh those illegitimate ones.

[ZaoXhou]

Some regulations are ok, but if it becomes too much we can just drop bitcoin and go back to banks and fiat, no difference.

[ananas99]

Australia is not the first country that wants to deal with regulation, rather than the prohibition of crypt and subsequent adoption. It is clear that there will be a tax and some restrictions in the amount, but this is a chance to reduce fraud  in this area.

[chris200x9]

Some regulations are ok, but if it becomes too much we can just drop bitcoin and go back to banks and fiat, no difference.

If I'm not wrong governments are not trying to say how these cryptos should work but they are mainly worried about the money going into these cryptos. So they just want to regulate all the exchanges and track the transactions to put a proper taxes on those transactions. But they may not be able to track all your crypto transactions unless you want to sell or buy from the exchanges.

[leea-1334]

I guess it is a good thing. But you can never really tell until a few cases come along to show how it works in reality. You can always have good laws but poor enforcement. To me, Japan is still the leader of how things should be. They showed everyone how to do it (after Mt Gox of course) by recognizing Bitcoin as legal tender. And then requiring registrations and licensing for exchanges. That is fine to me. Enforcement wise they have also already suspended those who did not follow the rules.

[nsasuiteb]

Regulations are actually the best thing happened to cryptocurrency market, people scare only because of falling prices, but regulations in fact will make that moon in the long term.

[yugyug]

Regulation is the key for security, stability and and longevity of the cryptocurrency market as long as it is not centralized hen there is nthing wrong with the regulation. It helps the citizen to secure their money since cryptocurrency is not a real currency that can be used in any market like groceries or gas station but most of it are for commodity or other form of investment. It could take more long years to adapt the cryptocurrency with this industry is going to the mainstream regulation is a must but never on centralization.

[alisafidel58]

Regulations are actually the best thing happened to cryptocurrency market, people scare only because of falling prices, but regulations in fact will make that moon in the long term.

While some of the regulation benefits the crypto user some regulation often are worst for instance in china. I think its good to have a regulating body in a certain country for bitcoin and alt coins. Regulation prevents scams from being happen.

I agree with you that with the regulation crypto currency might regain its lost value during this past few months. As long as the regulation also benefits the user and not just the government.

[DevelopmentBank]

This could be the precedent to many more countries slowly accepting cryptocurrencies. However i'm afraid that Australia is not alone nor is the first in this endeavor.

Japan, Germany, and even Switzerland have all previously started regulating and being friendly towards bitcoin. The article states Australia is the 14th largest country with crypto volume but it fails to consider Japan, Germany, Switzerland, or other countries that do more.

Regardless, more power to Australia. Cheers gday mate!

[anggriani]

In that article I think Australia is very ambitious and wants to be the best center of crypto. If they already have a plan and all goes well, then I think Australia can beat other countries and may be able to compete with Japan in daily transactions crypto. Australia will also be the main goal of the developers to make the project and start its ico. Hopefully successful and hope many countries will see the great opportunities that have been done Australia.

[makishart]

This could be the precedent to many more countries slowly accepting cryptocurrencies. However i'm afraid that Australia is not alone nor is the first in this endeavor.

Japan, Germany, and even Switzerland have all previously started regulating and being friendly towards bitcoin. The article states Australia is the 14th largest country with crypto volume but it fails to consider Japan, Germany, Switzerland, or other countries that do more.

Regardless, more power to Australia. Cheers gday mate!

I guess the regulation is about to give the control for the government over the cryptocurrency. As the cryptocurrency based on the decentralized network that built by so many nodes that integrated one to each other and that makes government will be difficult to control them all directly. And they are all not so strict as US.

[xiaoyum]

I think that regulations are double edged sword. I actually enjoy them, I like people getting defended by their governments from frauds. I love how people use services legally.
But my other part says regulations kill the market and its against nature. Hard to answer for me..

[Ewox]

I think Australia wants their people to have no problems when dealing with cryptocurrencies especially with the businesses they have in their country, so just like Japan they are treating bitcoin like real money people are using and they must've made up something to regulate cryptocurrencies so businesses whether big or small can operate in their country and start to accept them as a mode of payment just like the currencies they are using in their country. It would actually be a good idea for their economy as well but of course there is always a downside if they are going to legalize and regulate cryptocurrencies.

[Genemind]

Most people are scared for crypto to be regulated because it is in favor for investors or traders or it will put them in a difficult situation. Some countries are taxing cryptocurrency income and is treated as an asset. Some think that the reason why crypto is decentralized is to avoid government from meddling on it. However, I think it will be good if countries will start viewing crypto as a convenience and a good way to improve economy.