Unregulated market is illegal or legal?

[dunfida]

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?

All things that doesn't have a regulation of such government of a certain place or country cant really be considered either legal or illegal.I would say it is just on a neutral state. Each country do have specific or laws have been implemented into its citizens which needed to be followed but regarding to your question, crypto is entirely different to stocks but when it comes to ban or regulation then both can really be prohibited if they do wanted to.

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[DirectContract]

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.

There's also the issue of the government defining laws to serve their needs. I've seen that happen in many third- and second-world countries, and even sometimes in first-world countries (the police in the US are notorious for this). If they look at you as a big enough problem, they can basically formulate legislation on the spot to deal with you. This is also what all of these "obstructing justice", "treason", and "terrorism" charges are meant to be. They're entirely open to the interpretation of the arresting officer.

Even a comprehensive understanding of the laws and a good lawyer isn't enough in some countries if you're deemed an enemy of the state. Best just to be as low-key as possible.

[Ojengonggu]

The attitude taken by the government is what makes this legal or illegal, because sometimes it is not in the law of the state as long as it is not prohibited by the government then the law is legal

[richardsNY]

Even a comprehensive understanding of the laws and a good lawyer isn't enough in some countries if you're deemed an enemy of the state. Best just to be as low-key as possible.

In other words, don't declare any of your holdings that haven't been purchased through centralized exchanges. I have always learned: what the government doesn't know can't harm you. I am a firm believer of that and will continue to have that be my main principle in life. I have seen how people out of nothing landed themselves in big financial problems just because they out of nothing declared wealth they never declared before. Instead of governments being happy that people are willing to pay tax, they punish them like they are the worst criminals in the world. It's insane that this happens, which just shows who the actual criminals are....

[KorakPawon]

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.

yes obviously over time will be legal, and by that time there is a clear order regulating bitcoin, this means bitcoins are already received in your area, without we having to tell people later that we are bitcoin users, because later they will find out for themselves.

[magneto]

If there are no official comments on bitcoin, or a particular crypto market, then it can definitely be considered to be legal. Bitcoin is decentralised, after all.

An unregulated market does not mean that something is illegal - it just means that there is no overarching regulation that is put in place yet. The government is most likely taking a neutral stance, or simply not bothered to come up with regulations.

Unless your government explicitly states that bitcoin is illegal, you should be fine with trading with it in private, conducting bitcoin transactions, or even using exchanges to trade. But due to the lack of regulation, there may not be local regulated exchanges to choose from, so do be careful when choosing your exchange.

[Spaffin]

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 you have a crypto currency that is not regulated in your country yet, it can not be regarded as a bank overseas account or shares of enterprises. Decentralized crypto currency exists on the Internet, which is officially authorized in your country and its use is legitimate. The same applies to the crypto currency. In fact, the Crypto currency is one of the forms of doing business, and according to the laws of most countries it is legal, unless it is specifically prohibited. This is the general rule of business of all countries. Therefore, if the crypto currency is not regulated in any country, it should be considered a legitimate activity.

[Indrawan77]

Yes most of the government still hasn't make a clear announcement about crypto yet, I think if there is still no announcement then the crypto is legal to used as investment, and for the payment, but most of the government already prepare to set regulation, so the best thing to do is to store and used crypto while the government still hasn't make any declaration yet

[entrepmind23]

Yes most of the government still hasn't make a clear announcement about crypto yet, I think if there is still no announcement then the crypto is legal to used as investment, and for the payment, but most of the government already prepare to set regulation, so the best thing to do is to store and used crypto while the government still hasn't make any declaration yet

It would be the same in our country wherein there are no applicable regulation yet when it comes to cryptocurrency, but then the advantage of it is that they already issue licenses to some exchanges to operate so it would mean that they support cryptocurrency. As for OP's question, he should just use cryptocurrency maybe privately because it is not open yet as to how their government treats cryptocurrency. If it is not illegal, then I would assumed that it is deemed legal.

An unregulated market does not mean that something is illegal - it just means that there is no overarching regulation that is put in place yet. The government is most likely taking a neutral stance, or simply not bothered to come up with regulations.

It would mean that it is not forbidden to trade or transact cryptocurrency. While you have the opportunity, then you should just trade and earn as much as you can because your government is not taking a stance now. You should just transfer amounts that will not catch the authorities' attention because they may act upon it.

[senin]

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 we consider dealing with crypto currency as a business, then according to the legislation of each country, any business activity, if it is not directly prohibited by law, is allowed, that is, the so-called presumption of legitimacy of transactions operates. Proceeding from this crypto currency, if it is not regulated by the states, should be recognized as a legitimate type of activity, until appropriate regulations are adopted against it.

[KorakPawon]

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

Yes, I really agree with you, everything that is legalized in the country is all in the law or the decree, whether it is a president or the ranks, if all of that has come out, then it can be legally and officially included, including bitcoin.

[Tapyaks72]

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 we consider dealing with crypto currency as a business, then according to the legislation of each country, any business activity, if it is not directly prohibited by law, is allowed, that is, the so-called presumption of legitimacy of transactions operates. Proceeding from this crypto currency, if it is not regulated by the states, should be recognized as a legitimate type of activity, until appropriate regulations are adopted against it.

Bitcoin is circulating internationally and no nation dominate that would own controls infact  if you want to possess a bitcoin you can put it in a wallet which is anonymous, how could you regulate  anonymous transaction, the only thing the government can do is to regulate the exchange services.

[bryant.coleman]

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?

Unless the law explicitly states that you can't own any crypto-currency, I don't think that there should be an issue. But if you own a bank account abroad and the law doesn't permit that, then it is an entirely different story.

[btc-facebook]

I have my own local exchange and my government still not legalize bitcoin yet.
So it is safe for me to trade ?
Yes, because they are paying tax as well. As long as the government did not make any regulation, I can still use the market without being worry !

[timerland]

You should provide the country that you're talking about here instead of let everyone guess.

Usually though, an unregulated market doesn't mean that the government does not allow any trade activities to go on or anything like that. And it also usually means that the government takes a neutral stance, thus bitcoin transactions should be completely legal.

It is obviously possible that a country would also have bans on bitcoin or whatnot without having regulations, but you said that your country just hasn't made any statements about crypto altogether. In that case, it should be perfectly okay, as long as you don't do illegal stuff with your bitcoin. Also, might wanna be careful about storing bitcoin in overseas hosted wallets, due to the regulations that your country has on overseas bank accounts.

[maarx]

Why should you discuss about whether it is 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 legalized everywhere and is striving towards it.

[Capt00]

Why should you discuss about whether it is 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 legalized everywhere and is striving towards it.

Well said mate, in addition to your idea we all know that bitcoin is unregulated but we cant considered this that illegal in the country. Because each country who will adopt bitcoin there is a different perception and they also have individual views in bitcoin. Luckily in my country, it is unregulated but it doesn't mean it is illegal. Besides, here in my country bitcoin was recognized by our government last year as a kind of mode in payment.

[Tigorss]

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 purpose of bitcoin is so that we can facilitate transactions without parties when, when we transact in some countries it doesn't matter, because we can still use it and exchange on each country's money but still legal or illegal priority is still a key because there are several countries that do reject bitcoin and we cannot use or transact there.

[martinkay550]

Nothing is illegal until the goverment changes the law. If an exchange works in a country, then it's legal.

[cryptocity90]

 Keep your bitcoin in a cold wallet where no one will ever know that you have it.Luckily in my country, it is unregulated but it doesn't mean it is illegal.