Unregulated market is illegal or legal?

[Flashstein]

Comming from a 3rd world country, many opinions around but not certain. The country gov. doesn't have official statement about crypto. There is a law that you cannot own a bank account abroad and that you can't own stocks outside of the contry. But i think crypto doesn't fit into stocks sector. What are your oppinions?

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[darkangel11]

Everything is legal until the appropriate laws that make it illegal are established. Since the law decides what is and isn't legal, if there are no laws that say BTC can not function without proper regulations it remains legal. You are right thinking that BTC isn't a bank account nor stocks and since your wallet isn't assigned to your name you don't have to inform the government.
I hope that answers your question in full

[DirectContract]

Exactly. It is legal until declared as illegal. Although some countries may see it as the other way around (like Germany), most of the world is quite flexible about this. And the beauty of bitcoin is that no one will ever know that you have it unless you make it obvious that you have it.

So practice safety. Don't sign up for an exchange that requires ID verification if that could be a risk for you back home. Keep your bitcoin in a cold wallet where no one will ever know that you have it. Keep your keys somewhere where no one will ever find them. Bitcoin can only exist in your mind if you are quiet about it.

Technically speaking, it is neither a stock nor a bank account. So worst case scenario, you do get caught, you still have a way out. It's beyond borders.

[gantez]

Everything is legal until the appropriate laws that make it illegal are established. Since the law decides what is and isn't legal, if there are no laws that say BTC can not function without proper regulations it remains legal. You are right thinking that BTC isn't a bank account nor stocks and since your wallet isn't assigned to your name you don't have to inform the government.
I hope that answers your question in full

I very much agree with your position. In the law practice, it is said that you don't put something on nothing and expect it to stand. Thus, if for instance, a jurisdiction has not enacted a law that defines a thing or practice as illegal, therefore that should continue to exist as legal until the appropriate body declares it as "whatever" by enactment.

[hugeblack]

To be criminalized in financial cases, there must be an exception in the law that criminalizes dealing with bitcoin and imposes penalties for anyone who trades using these currencies.
Based on the above,Bitcoin is not defined in your law. This means that you can not be legally criminalized.
But this does not mean that you are safe where there can be a law that prohibits the use of your local currency in any transfers outside the banking system
Ask a lawyer if you want to create a work "company/ business" based on cryptos/bitcoin.

[LyQaN]

The word unregulated doesn't means illegal.If something is not under the control of government it does not means that it is illegal.Let us talk about crypto's.In many countries it is not legal as well as illegal but still many exchanges are working with it and people are using it.So unregulated market is neither legal nor illegal.

[jhongzjhong]

Yes definitely, that is not illegal but not also legal. You know why? Because the government has nothing to do with cryptocurrency whether they regulate but still bitcoin has functional the reason is no one blame or no one behind in bitcoin currency.
Since they know that it is helpful to the economic growth and having a chance to contribute to the economic growth, governments now keep quite on this crypto world.

[pawel7777]

Comming from a 3rd world country, many opinions around but not certain. The country gov. doesn't have official statement about crypto. There is a law that you cannot own a bank account abroad and that you can't own stocks outside of the contry. But i think crypto doesn't fit into stocks sector. What are your oppinions?

As others already wrote, if something's not specifically forbidden, it's not 'illegal'. That being said, your examples of gov's approach to foreign stocks and bank accounts shows high risk of cryptos getting delegalised or heavily regulated (ie. by dragging it under already existing definitions).

In such cases it's probably best to directly enquire with your authorities (preferably anonymously) and ask for clarification.

[Tylev]

Comming from a 3rd world country, many opinions around but not certain. The country gov. doesn't have official statement about crypto. There is a law that you cannot own a bank account abroad and that you can't own stocks outside of the contry. But i think crypto doesn't fit into stocks sector. What are your oppinions?

You indicate that under the law of your country of residence you can not have a bank account abroad and can not use shares. Crypto currency really can not be considered as a bank account or as a stock. For this, an appropriate normative act should be adopted, wherever a crypto-currency would be classified accordingly.
Also in all civilized countries, civil codes have introduced a rule that provides for the freedom of entrepreneurship and that everything that is not prohibited by relevant laws is permitted in business. That is, if the laws of your country do not yet regulate the crypto currency, you should consider it as a legitimate activity. However, one must clearly know the legislation of their country on this issue.

[KrishaBitcoin]

Comming from a 3rd world country, many opinions around but not certain. The country gov. doesn't have official statement about crypto. There is a law that you cannot own a bank account abroad and that you can't own stocks outside of the contry. But i think crypto doesn't fit into stocks sector. What are your oppinions?

If your government don't have statement about Bitcoin in which they did not declare it ban but not illegal therefore you should rejoice because you could earn Bitcoin without tax and you should not wasting time of this once in a lifetime opportunity. About the government forbids us to have an account outside the county then well this is normal because this is to prevent the money laundering and terrorist funding activities.

[St4yInTh3D4rk]

Comming from a 3rd world country, many opinions around but not certain. The country gov. doesn't have official statement about crypto. There is a law that you cannot own a bank account abroad and that you can't own stocks outside of the contry. But i think crypto doesn't fit into stocks sector. What are your oppinions?

In my country also the bitcoin is not yet regulated but it doesn't means it is illegal to use.The law that you mentioned that having bank account outside the country is illegal but bitcoin is just against the banks.
You no need to worry for now,you can buy and sell and store the bitcoins and other crypto currencies as your wish,before your government take a decision about the crypto currencies.

[Girlsbit]

In my country so far, everything is fine, the ban does not work.

[maarx]

Why shoukd you define as legal or illegal. Just take a note, countries who adapted bitcoin have considered as legal and who are yet to adapt have not yet announced as illegal. It depends on the laws made by individuals. Its just the market competition between fiats and crypto currencies. When crypto stands up in the market, too many crisis do come hence it should not be considered as illegal. To be fact it aims to be legalised everywhere and is striving towards it.

[abstractednerve]

Comming from a 3rd world country, many opinions around but not certain. The country gov. doesn't have official statement about crypto. There is a law that you cannot own a bank account abroad and that you can't own stocks outside of the contry. But i think crypto doesn't fit into stocks sector. What are your oppinions?

it is true, crypto network does not need it because it crypto no one has it, freedom in using crypto become one of the flagship, can be used in various country and can be exchanged with country currency.

[jossiel]

Came from you that your government doesn't have any official statement about crypto so as long as they are not mentioning that it is illegal, your in good hands.

In my country so far, everything is fine, the ban does not work.

A ban is only specific to a country's jurisdiction. You can't ban those people as well that are living offshore while the ban is only being implemented on your island/country.

You don't have to think about it as if you are violating your country's rule about it since there's none, just don't make yourself involve in such criminal and illegal use of crypto's.

[jaocoincrypto18]

I think unregulated market cannot be illegal except if declared so specially if you are referring to Bitcoin but if your government has already a policy that every unregulated product is illegal therefore it would be clearly an illegal until it will be regulated. Try to review your government policies regarding regulations then you will find your answers.

[audaciousbeing]

Comming from a 3rd world country, many opinions around but not certain. The country gov. doesn't have official statement about crypto. There is a law that you cannot own a bank account abroad and that you can't own stocks outside of the contry. But i think crypto doesn't fit into stocks sector. What are your oppinions?

Whether regulated market or non-regulated ones, what matter is what is being done in that market because both regulated and unregulated, legal and illegal activities are going on but the assurance that regulated has is just that there is some checks and control when there is need for investigation, it can be traced and evidence can be garnered which makes the discussion to be around having a regulated market place not to eradicate illegal activities, but to put a tight leash around it.

From where you come from, there is need for you to really understand the laws of the country because for every law, there is always an exception. Just like mine too, there is a law against owning an account outside the country but this is only restricted to public officers alone like the civil servants and elected officials and not private citizens who have earned their money legitimately to have investment abroad. This also is would bring income to the country because when I invest abroad, I earn income from there which increase the GDP of my home country. Also, there is always a cap of the amount that can be kept abroad without raising any issue of illegality.

[Bitcoin7706]

Comming from a 3rd world country, many opinions around but not certain. The country gov. doesn't have official statement about crypto. There is a law that you cannot own a bank account abroad and that you can't own stocks outside of the contry. But i think crypto doesn't fit into stocks sector. What are your oppinions?

Whether regulated market or non-regulated ones, what matter is what is being done in that market because both regulated and unregulated, legal and illegal activities are going on but the assurance that regulated has is just that there is some checks and control when there is need for investigation, it can be traced and evidence can be garnered which makes the discussion to be around having a regulated market place not to eradicate illegal activities, but to put a tight leash around it.

From where you come from, there is need for you to really understand the laws of the country because for every law, there is always an exception. Just like mine too, there is a law against owning an account outside the country but this is only restricted to public officers alone like the civil servants and elected officials and not private citizens who have earned their money legitimately to have investment abroad. This also is would bring income to the country because when I invest abroad, I earn income from there which increase the GDP of my home country. Also, there is always a cap of the amount that can be kept abroad without raising any issue of illegality.

[pluMmet]

Comming from a 3rd world country, many opinions around but not certain. The country gov. doesn't have official statement about crypto. There is a law that you cannot own a bank account abroad and that you can't own stocks outside of the contry. But i think crypto doesn't fit into stocks sector. What are your oppinions?

the bitcoin market arrangement is in fact not related to legal or illegal, but is affected by a government regulation or regulation that regulates the development or spread of the bitcoin.

[CRYPTOINDIA5]

With the impending banking ban by the Reserve Bank of India, cryptocurrency exchanges in the country are scrambling to find banking alternatives. Two Indian exchanges have announced that they are launching P2P crypto trading services which will allow traders to buy and sell crypto legally even after the central bank’s ban.

ragiantex.COM  P2P Service
ragiantex.com

With the banking ban by the central bank set to take effect on July 5, Indian crypto exchange ragiant.com has been working on a solution for users to buy and sell crypto without needing a banking service.

The exchange announced last week that it is launching a P2P crypto transfer service which it claims to be “the most legal way to buy/sell cryptos in India after the RBI ban”.

The buyer and seller can deal with each other directly while RAGIANT acts as an escrow account for holding the cryptos during the transaction so that neither party cheats the other.

RAGIANT releases the crypto to the buyer upon receiving a confirmation from the seller, he noted. “We verify the KYC details of every user before allowing them to trade on RAGIANT, and keep a record of each and every transaction that occurs on our exchange.”



Launched in March, RAGIANT currently supports the BTC trading pair



With over 100,000 users currently, he added that his exchange is the “fastest to list those many coins in India in such a short span of time.”
Planning for RBI’s Ban

The P2P trading service will launch once the RBI ban takes effect, Shetty explained. According to the central bank’s circular, the ban prohibiting banks from servicing crypto businesses will commence on July 5.

People have been worried about how they would convert their fiat (INR) to crypto and vice versa. As soon as we announced P2P there was a big sigh of relief as users in India realized there are alternatives to the ban.

Five known petitions have been filed with the courts against the RBI ban. The supreme court will hear all cases on July 20, except for one petition which was filed by the Internet & Mobile Association of India (IAMAI). This petition will be heard later. “After considering the urgency, the supreme court decided to hear this one out on 3rd which is before the RBI deadline,”  ragiantex is a member of this association as are some other major crypto exchanges such as www.bittsbase.com  and Zebpay also starting p2p services in India



YOU CAN BUY AND SELL BTC AFTER RBI BAN ON EXCHANGES THROUGH BITTSBASE.COM WHICH IS ESCROW SYSTEM  the most legal way to buy/sellcryptos in India after the RBI ban peer-to-peer model to facilitate virtual currency trade without using normal banking channels