Govts would want to regulate exchanges much more!

[DashingAgent]

Govts would want to regulate exchanges much more!

Bitcoin is now hitting to $40K. Governments will take Bitcoin seriously and will regulate the exchanges much more as many US pensioners having money in the form of Bitcoin among them many are US soldiers, lawyers or government officials. Many of them keep their money on exchanges. Therefore governments may take it seriously just to save the funds of their employees and their peoples.

[1715053713]

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[Fatunad]

Govts would want to regulate exchanges much more!

Bitcoin is now hitting to $40K. Governments will take Bitcoin seriously and will regulate the exchanges much more as many US pensioners having money in the form of Bitcoin among them many are US soldiers, lawyers or government officials. Many of them keep their money on exchanges. Therefore governments may take it seriously just to save the funds of their employees and their peoples.

Giving some points--

-Its never been ideal or safe to store up coins on an exchange.When it comes on storing then nothing beats out when you do store those coins on your own wallet where you do own thekeys.

-Anyone could engage to bitcoin, it doesnt limit out on what is your profession, position or status in life.

-Government doesnt really mind off about saving the funds of their employees, they do always come after with taxation.

[CryptopreneurBrainboss]

The regulations are coming in hard this year and beyond irrespective of those picking interest in the Industry. It isn't because of pensioners as you presume but due to the obvious fact the government wants to control the finance of her citizens knowing fully well, if they're able to control the finances of their citizens they control them. The Crypto-currency industry has been growing massively that it's now seen as a threat to the traditional finance system already in existence instead of a joke as they earlier thought.

The institutional investirs are coming in big and the government are seeing all this development enfolding right in front of them.The government known they need to act fast before they get left behind. Before now they tried to stop the progress of the industry with countless amount of fuds but it hasn't done much impact as they though. so what now the only option is to join us since they can't beat us.

PS: The government regulating the exchanges doesn't make it any safer for storing of funds. Exchanges especially centralized ones can easily be exploited and funds will be lost in the process. Keep your coins off exchanges and you'll be doing yourself more good than harm.

[cryptomaniac_xxx]

Even prior to this bull run, governments are really hot on the tail of exchanges, specially for tax purposes. I remember Coinbase working IRS and different government agencies already. And then we have SEC or DOJ as well, offering bounties to break Monero because they want to uncover which people are into crypto and somewhat hiding their ill gotten wealth. And now that we are again in a big and massive bull run, exchanges will be the obvious target again, Fincen will reconvene this June if my memory serves me right so I'm expecting a tougher regulations, including travel rule and crypto exchanges.

[maxreish]

How sure of you that most of the government officials have a bitcoin wallets that is why US government tend to regulate crypto exchanges?

While it might be a hot eyes for the government because bitcoin's price hit the new ATH, I believe CFTC has a fair crypto exchange regulations.

To the extent a crypto-exchange permits certain regulated commodities transactions or swaps in crypto-assets, it will be subject to regulation by the Commodity Futures Trading Commission (CFTC)

[so98nn]

I don’t really get it when you say government can save the funds of their employees ? How will it work in the first place if there is no end-to-end tracking of the bitcoin transaction. If you are saying that people will save their pensions and salaries in the form of bitcoin then they could go anonymous easily. I mean there are so many services like chip mixer which can blend your coins and output would be completely anonymous. This it could go really wrong for the government to track all of this and maintain the integrity of to whom they pay. 

Moreover, exchanger is even different thing and payments can’t be made on that too. That’s complicated process. That’s why bitcoin was sought for in the first place.

[jamalaezaz]

Govts would want to regulate exchanges much more!

Bitcoin is now hitting to $40K. Governments will take Bitcoin seriously and will regulate the exchanges much more as many US pensioners having money in the form of Bitcoin among them many are US soldiers, lawyers or government officials. Many of them keep their money on exchanges. Therefore governments may take it seriously just to save the funds of their employees and their peoples.

Govt doesn't care about the people and their money. they want to regulate exchanges just for their own benefits and just to charge high tax from those exchanges. and any sensible person who really want to keep bitcoin as his retirement fund for long term he would never use exchange for that purpose.
exchanges are not good to store bitcoins at all. and govt cannot protect them just by regulating the exchanges.

[cryptoaddictchie]

Bitcoin is now hitting to $40K. Governments will take Bitcoin seriously and will regulate the exchanges much more as many US pensioners having money in the form of Bitcoin among them many are US soldiers, lawyers or government officials.

If ever they had bitcoins (government officials) those corrupt are probably will hide their asset and to avoid regulations themselves. They are simply like us that don't want to be under control but they wanted to control non government funds.

With the bitcoin growing price I think this will lead to a long debate and talks whether its much needed or what. But to be honest they can't do much to push this as bitcoin remains decentralized as much as possible.

[Janation]

Why would they keep their funds in exchanges?

I know that there are a lot of people investing and trading other cryptocurrencies in these exchanges but I don't think it is ideal for them to store them in these exchanges. There are a lot of things that happened in the past that tell them to never trust their funds in these exchanges. There are a lot of other secure ways for them to hold their cryptos, exchanges are not one of them. As they always say, no key not your cryptos.

Regulations are expected to come especially that we are seeing a great movement from the market. In just a short time we might be paying the governent their taxes because of trading too.

[poodle63]

No wonder, the total market cap of cryptos are now $1 Trillion only dumb govt gonna ignore that and bitcoin is quite dominating in the market. I'd say that they gonna regulate those exchanges regarding the taxes and many things including money laundering and any criminal activities.
The fact that as you mentioned many of government officials are saving up their money in exchange gonna be catalyst for such regulation, it's imminent and gonna come very soon.

[cheezcarls]

Now this is why Bitcoin is getting more recognized because of the institutions. But I strongly believe that this is just a tip of the iceberg, because in my own instinct, less than 0.1% of the institutions worldwide are adopting Bitcoin, and the rest are just getting there yet or still being curious.

I have no problem with the government in regulating crypto exchanges (as long they are not anti-crypto like China and classifying them as legal tender), but I wouldn’t recommend storing our assets there. It’s better storing them on non-custodial wallets like Ledger Nano S, Abra, Trust Wallet, etc.

[shinratensei_]

Bitcoin will be ruling the traditional financial system. The government will be taking crypto as a serious thing. Uk has been asking the people who have been using crypto to help the government to create a friendly regulation. that proves that if the government will try to consider crypto as a serious thing. US will be going the same thing too in the future.
Bitcoin breaks more and more ATH.

[GreatArkansas]

This is gonna be tough for people who are non-techy first like they don't know how to use some non-deterministic wallets or the wallet that you own 100% (you own the keys).
Bitcoin or other cryptocurrencies built for being decentralized, so I am sure that governments will really have difficult times regulating cryptocurrencies that's why they are into exchanges now.
Result for this is Decentralized Exchange will start to rise and become popular for sure, especially if the time that other country will follow U.S. for regulating centralized exchanges or cryptocurrencies.

[mersal]

Govts would want to regulate exchanges much more!

Bitcoin is now hitting to $40K. Governments will take Bitcoin seriously and will regulate the exchanges much more as many US pensioners having money in the form of Bitcoin among them many are US soldiers, lawyers or government officials. Many of them keep their money on exchanges. Therefore governments may take it seriously just to save the funds of their employees and their peoples.

Governments regulate investment sector for taxing purpose more than saving their people, in cryptocurrency space people can be hacked and scammed easily eo once they lost their bitcoin then its almost impossible to recover so strict regulation is useless in this case but will cause inconvenience for a trader.

[livingfree]

They really are taking it seriously and in the form of regulation. With that certain being strict to exchanges and people, that only means that they are not ignoring it anymore.

Before, we don't like governments to intervene as it's not the purpose of cryptos and exchanges. But as time passes, we're realizing that the intervention of the government is inevitable.

[darewaller]

I am not entirely against "regulations" for exchanges, exchanges are companies as well and even though we like them because they work with us, they are also corporations that caused this huge inequality in income as well. You and I trade and make a certain amount of money, they make money regardless who wins or loses, they should be looked a lot better.

Plus when government gets your KYC anyway, it is not going to be really a secret on what happens with your money, they got your KYC and they can find your wallet and how much crypto you have and anything else starting from that point and check a bit further. Some company literally found one hacker that went his money through a mixer, which means you can hide as much as you think you can, but in the end there is always someone out there who is always one step ahead of you, which is why nobody should be worried about regulations, those just make it simpler, but if we made it harder, they could still do it anyway.

[TofuDefi]

People can use DEXes (decentralized exchanges) if govt regulations will be too restrictive.

[zanezane]

This is gonna be tough for people who are non-techy first like they don't know how to use some non-deterministic wallets or the wallet that you own 100% (you own the keys).
Bitcoin or other cryptocurrencies built for being decentralized, so I am sure that governments will really have difficult times regulating cryptocurrencies that's why they are into exchanges now.
Result for this is Decentralized Exchange will start to rise and become popular for sure, especially if the time that other country will follow U.S. for regulating centralized exchanges or cryptocurrencies.

Government institutions will try to control the keys of the citizens that will sadly get caught in their mess and I do agree that technologically illiterate people will be the first to suffer and most of them have the most money. DEXes will also be painting a target when they become popular, government does not want someone that is hurting their cashflow in anyway.

[Fesatmas]

if the government has taken such a policy, no one can be trusted anymore, our freedom in transactions will be very uncomfortable. honestly for me with arranged exchange, will be very rejected. if the regulation existed in my country, then all crypto users would clearly refuse, whether they were retirees, or not.

[sheenshane]

Why most of us worried about regulating the crypto exchange, and the fact is that anytime will happen and it becomes harder to exchange our crypto to fiat on the centralized exchange.  Instead of storing your Bitcoin on exchange why not on your noncustodial Bitcoin wallet which is very safe than the exchange and pull out a little if you want to trade.  Dont let your crypto asset sleep on the exchange, they are not safe.

At this point, we can't blame the government, they want to protect their people against scheme investment using Bitcoin.  Besides, each country needs to collect tax for their own progress, using Bitcoin will probably hide your assets without paying tax and that is the concern of the government that Bitcoin might be a possible threat to the financial system.