Any possible legal issues of doing transactions with cryptocurrencies?

[cellard]

Honestly, I would just avoid being linked to anything that has to do with crypto. It's still too new. The laws don't seem to be too defined from what I can understand, too many grey areas. I can see how a situation where you are trying to do the right thing and report everything, turns out against you and you end up in problems. For instance you have transactions that went through a dead exchange and you lost trading history, you tell the truth, they don't believe it, and now you are in trouble.

Unless there are clear laws for every single possible situation it's only but fair to be scared and try to avoid KYC. If they want people to go through all the KYC then be clear and don't be bullshittying with grey areas which they can exploit on their agenda to crush you with fines.

[kaisa]

I'm new to cryptocurrencies and I would like to know, is there any possible legal issues with cryptocurrencies?  I'll appreciate your valuable ideas and please help me.

You don't need to worry about trading cryptocurrencies. Currently, there is no state authority that is able to make people in law because of crypto transactions. Unless you are trading illegal objects or doing money laundering. Even though in some countries it imposes taxes, but it looks like taxes are already one package with an exchange, I advise you to trade on a P2P platform, it will make you more comfortable.

[Kemarit]

Honestly, I would just avoid being linked to anything that has to do with crypto. It's still too new.

Exactly, crypto is still in its infancy, even G20 can't agree on their stance so If I where in the shoes of the OP I wouldn't complicated things though. Everything is still in the gray area, and what you thought is the right way, might be interpreted differently. I'm sure that legal boundaries will be set when there's a clear regulation but it will be treated according to where you lived and if you're lucky that the country you staying is friendly to crypto, then you have nothing to worry about, IMHO.

[1Referee]

I can see how a situation where you are trying to do the right thing and report everything, turns out against you and you end up in problems. For instance you have transactions that went through a dead exchange and you lost trading history, you tell the truth, they don't believe it, and now you are in trouble.

It's retarded indeed. My thought is; you filthy scumbag of a government, be happy that you are getting people to hand you over money. Money you wouldn't have if people weren't honestly reporting their gains and income streams. Be humble. Instead, they go full nuts on you and consider you to be a tax evader and thus a criminal by default. What a world we live in.

On the other hand, I'm happy that things move slowly on the legal side of things, because if everything was set up the way it should be, there were no uncertainties anymore, the price would reflect that. People don't realize how all these 'obstacles' make sure you still have the time to buy into the market at affordable levels.

Almost every negative aspect has a positive aspect to it.