UN proposes to strengthen regulatory methods for cryptocurrencies

[lovesmayfamilis]

I read that there are "security recommendations" from the UN, which propose to reduce interest in cryptocurrencies by increasing the tax deductions received from them and also propose to ban advertising of crypto projects in social networks and in public places...
There is a Full list that contains these recommendations, but at the core lies the fear that cryptocurrency is gaining more and more trust from the public, and it is becoming increasingly difficult for regulators to take everything under their control.

The following policies,
among others, have the potential to curb the further spread of the risks of cryptocurrencies and stablecoins:
(a) Ensuring comprehensive financial regulation, through the following actions:
- Require the mandatory registration of crypto-exchanges and digital wallets and make the use of cryptocurrencies less
attractive, for example by charging entry fees for crypto-exchanges and digital wallets and/or imposing financial
transaction taxes on cryptocurrency trading;
- Ban regulated financial institutions from holding stablecoins and cryptocurrencies or offering related products to clients;
- Regulate decentralized finance (such finance may, in fact, not be fully decentralized, given its central management and
ownership, which form an entry point for regulation18);
(b) Restricting or prohibiting the advertisement of crypto-exchanges and digital wallets in public spaces and on social media.
This new type of virtual, and often disguised, advertisement requires policymakers to expand the scope of regulation
beyond traditional media. This is an urgent need in terms of consumer protection in countries with low levels of financial
literacy, as even limited exposure to cryptocurrencies may lead to significant losses;
(c) Creating a public payment system to serve as a public good, such as a central bank digital currency. In the light of the
regulatory and technological complexity of central bank digital currencies and the urgent need to provide safe, reliable and
affordable payment systems, authorities could also examine other possibilities, including fast retail payment systems.

https://unctad.org/system/files/official-document/presspb2022d8_en.pdf?fbclid=IwAR1whBoNCSpqzAEBkLViqwe2CFemCkkWGvW2_2VON2yaFkt50zXAYg57ZVw

[Hamza2424]

That is the fact Governments can't Control the Maximum Capital of the crypto market.

Still their most effective Developments done by governments are the CBDCs by the way Using CBDCs they can Control the Regular users still crypto stand Decentralized.



Source: Telegram Community.

This is Just a reffence that how Faster crypto is developmening.

The most noticeable thing is if the Governments try to increase taxation and Applying some Strict rules then crypto is anonymous users try to move on and finding other solution as example if they try to Proceed with Centralized exchanges users will prefer the DEXs and if they try to control the Crypto to Fait conversation then P2P is proper solution in crypto.

India made many developments on Taxation and Regulation Points check this out what they did and what happened next.








They applied taxes on the Local exchanges TDS then check out what happened, The maximum community made Assets moved from the Local exchanges to Personalized wallets and also to other exchange's. The total Trading volume decreases from the 80%.







India Ruined its Crypto community still its working for them as many alternatives there but we should focus it that Rules need to acceptable by the community.

Image's source: Telegram Community

[Agbe]

The whole thing is like going to be a drama. Because I don't know how they are going to do it. They want to regulate and control cryptocurrencies, and ban users. Let us watch the drama between UN and Cryptocurrencies. And I don't believed that it is UN is saying this thing, I perceived that someone (a Capitalist or group of people or countries) is/are behind the recommendation of the regulation and the reduction of cryptocurrencies to a bearish way to other Currencies mostly I believed, they are referring to dollar.

They want the usage of cryptocurrencies (bitcoin) to reduce. I smile, are they also going to control the mining as well because that is where bitcoin or cryptocurrencies base on. Cryptocurrencies make things easy for me in my location.

[NeuroticFish]

I read that there are "security recommendations" from the UN, which propose to reduce interest in cryptocurrencies

One day they like them (innovation and so on), next day they don't (emissions and other lies).
One day the promote them (in order to also promote CBDCs), next day they want to reduce people's interest in them.

So they have no idea. Still, they do like to tax the income from crypto, don't they?

[Smartvirus]

The most noticeable thing is if the Governments try to increase taxation and Applying some Strict rules then crypto is anonymous users try to move on and finding other solution as example if they try to Proceed with Centralized exchanges users will prefer the DEXs and if they try to control the Crypto to Fait conversation then P2P is proper solution in crypto.

Obviously, there are a few ways to bring some adversity to cryptocurrency but, its surely far from curbing the idea of a free decentralized system of payment that would see the government off its center of activities. Yeah, there are centralisation to some aspects of the crypto space but, its sure to push for a more decentralized functional crypto space with individuals becoming more private. Its simply human nature and we would see it worked out.

The government is so confused on there decision such like that of India that they even after banning crypto, goes ahead to tax it. I mean what rubbish? When you see double standards like this it only goes down to one reality and that is, Crypto can't be stopped and has no regulations to it.

[stompix]

That is the fact Governments can't Control the Maximum Capital of the crypto market.

Still, their most effective Developments done by governments are the CBDCs by the way Using CBDCs they can Control the Regular users still crypto stand Decentralized.

Yeah, Bitcoin Magazine, the Twitter account and blog that is one step away from claiming aliens are already using Bitcoin as legal tender.
Reminds me of an early discussion about bonds:

@BitcoinMagazine
·Nov 21, 2021
BREAKING: El Salvador to issue $1 BILLION in bonds on second layer #Bitcoin scaling solution Liquid

In reality, first, the Central Bank of Singapore hasn't said a word, because, well, there is no such thing as a central bank of singapore!
It is the Monetary Authority of Singapore that released this statement:

https://www.mas.gov.sg/news/speeches/2022/remarks-by-mr-ravi-menon-managing-director-mas-at-the-mas-annual-report-2021-2022-media-conference-on-19-july-2022

Next month, we will organise a dedicated Green Shoots seminar to share our strategies to develop Singapore as digital asset hub.

We will explain our position on cryptocurrencies, stablecoins, blockchains, tokenisation, smart contracts, digital assets, etc. – their risks and opportunities; shortcomings and potential.
We will set out how our developmental and regulatory approaches will work in harmony to achieve the vision of Singapore as an innovative and responsible digital asset hub.

See the wording? No bitcoins, no crypto hub, digital assets!

Furthermore, this is the full text:

MAS and relevant government agencies will take firm enforcement action if any entity is found to be conducting illegal activities or performing regulated activities without a license.

The crypto industry globally is still evolving and regulation is still catching up with industry trends.

Singapore is often seen as being at the forefront, with a clear licensing and regulatory framework.But the focus of crypto regulation to-date in Singapore, as well as in most major jurisdictions, has been on containing money laundering and terrorist financing risks.Most regulatory regimes today do not cover areas such as consumer protection, market conduct, and reserve backing for stablecoins.This is changing.  Reviews and public consultations are underway, among international standard-setting bodies and regulators, to strengthen regulation in these areas. MAS is targeting to consult on proposed measures in the next few months.
But the key lesson from the upheaval in the global crypto industry is clear: investing in cryptocurrencies is highly risky.

This is what MAS has been warning the public about for the past 5 years.
In fact, MAS’ repeated warnings against retail investments in cryptocurrencies and ratcheting up of policies to restrain retail access have raised some questions as to where MAS stands with respect to the digital asset ecosystem.

Still bullish?

As for the UN, I would ask them to ^%%$ but I just remembered they have zero decisional or enforcing power, so they are just talking, as always.