regulating cryptocurrency

[ethereumhunter]

~snipped~.

Try to understand that the government is currently trying to suppress the rate of cryptocurrency and several countries have not yet given the approval to legalize cryptocurrencies. But they are working on it.

In as much as I (or anyone else) demonize the government, we can't help but look at the positive side of regulations too. For me, I want to believe that regulation will help stem the tide of scam activities. People just sit on their beds with a laptop on their laps and create shit tokens without an iota of use, push these tokens to the market and cash out without much stress. In most cases they can't even be traced and that ends it. Regulation, among other things, will change all that. That's the angle I'm looking at it from.

We (I) do not demonize the government but only hope that the government can side with the small people struggling to get additional income and not side with the rich people who don't follow the rules. I agree that regulations help stem the tide of fraudulent activity and if the government can catch a bunch of these fraudsters, then I think the people will side with the government.

And if it is about tokens that end up deceiving many people, they are required to be able to analyze or do research to find the right token to invest and never follow other people's words before doing research. They or we should be aware that this is the way to avoid fraud and the government will help them if they get scammed.

[1715424367]

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[1715424367]

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[Mpamaegbu]

~snipped~.

We (I) do not demonize the government but only hope that the government can side with the small people struggling to get additional income and not side with the rich people who don't follow the rules. I agree that regulations help stem the tide of fraudulent activity and if the government can catch a bunch of these fraudsters, then I think the people will side with the government.

You can't categorically say for a fact that rich people aren't heavily taxed more than the poor folks. Most of these rich dudes are employers of labour who provide employment for others and at the same time engage in social corporate responsibility and that's even a way of helping government reduce unemployment rate and cost. So, even if government gives them task holiday or exempt them from paying tax, their social corporate responsibility to their countries is a major contribution to the welfare of their people.

And if it is about tokens that end up deceiving many people, they are required to be able to analyze or do research to find the right token to invest and never follow other people's words before doing research.

It's good to do one's research before investing. However, not all researches yield positive results and we should also begin to see crypto as something very vast. Even here in this forum, there were reputable bounty and campaign managers who got played by projects they managed their concerns. I know they did their research before accepting the contracts but it also turned out they didn't look far enough. Crypto is deep.

[Smack That Ace]

Why are many governments not regulating cryptocurrency?

But what is the purpose of having it regulated? Because if the reason is just to stop fraud and scams, that eventually was not effective for these scammers will still find a way. The government makes no reason for doing this for now and it was also because people are more comfortable with the decentralized market, no regulations, no taxes, and much more they wanted to remain anonymous.

Why can't it stop scammers?, regulation won't stop all scammers completely, but I believe it will reduce somewhat. Without regulation, criminals can roam around to scam without fear of facing the consequences, but once regulations are in place, scammers will face the appropriate punishment, they will be scared. Regulation will bring us advantages and disadvantages, maybe our freedom will be limited but thanks to regulation, we will be able to survive in a cleaner market, without too many pitfalls. If there were regulations, perhaps the Dokwon incident would not have happened so cruelly.

[lixer]

We all know there are several ways to move the funds in the cryptos and its not easy for any govt to track every transaction even we all know there are many exchanges that do not ask about the KYC so tracking transaction without details is quite a tough task for the govt so most of the countries are hesitating to regulate it even we see Govts are imposing heavy taxes on crypto earning and that demotivates the investors apart from this Govts knows they can not completely stop crypto from falling into the wrong hands that are also the reason of not regulating it.

They are called decentralized exchange. Only a few number of centralized exchange doesn't ask for a KYC on normal trades but they might ask later once the user exceeds from their limits. I believe that many people are using a centralized exchange over the decentralized one. Aren't that enough for the governments to start regulating a crypto? Or maybe they have done that already?

Because, I think I heard some countries before in which crypto is already regulated. Imposing a tax can be more legal this way. They can't stop crypto from falling in the wrong hands or to those criminals but they can always do something to catch those criminals.

[globalpain]

The strict regulation is time to be made and implemented, currently a new project is prone to be used for scams because in my opinion the easiest thing to scam is to create a new project, with a capital creativity and a little money for pump when in the market it will be easy to trick investors.

Making strict regulations is not an easy thing too and certainly takes a lot of time,
new projects are synonymous with scams and things like that are certainly very unfortunate,
let's see what happens next

[Crypt0Gore]

The time for regulation will come as it's been discussed behind already, I think crypto exchanges will be the main focus as there are many coins that have privacy security and anonymous team and devs and the only way for the government to be in power over such projects is through exchanges where they are listed for buying and selling.

[tvplus006]

...They cannot find out, if a person has BTC or not, or how many Bitcoins he/she has...

This can only happen if such an address has not been publicly published and if the person has never traded on a centralized exchange and, accordingly, has not passed KYC. And there is no doubt that sooner or later the regulation of cryptocurrencies will enter our lives.

[Humanoslib.com]

I vote for 100% deregulation like it was in 2013, when Bitcoin used to be Bitcoin. We don't need regulation, we need to find freedom not more pretext to give the globalist slavery influence over an increased global police state.Decentralized exchanges and person to person commerce, what the enemies don't want.

[Xal0lex]

Why are many governments not regulating cryptocurrency?

What makes you think that many governments don't regulate cryptocurrencies? Read the report https://tile.loc.gov/storage-services/service/ll/llglrd/2021687419/2021687419.pdf. It says that more than 100 countries are already regulating cryptocurrencies, developing legislative and tax frameworks. Cryptocurrency regulation has come a long way in the last 3-4 years because this cryptosphere is growing a lot, the adoption is growing, crypto capitalization is growing. The proliferation of regulation is legitimate, amidst all this development. In 7-10 years, regulation will reach even greater heights.

Yes, what happens is that it's a slow process, because there are many discussions before the projects are elaborated and passed by the legislative houses. Furthermore, those bureaucrats have a lot of more important matters to discuss in their respective countries, so crypto usually stays in second plan, also due to the fact just a small percentage of the population has adopted it.

If most people in the world were using crypto I guess those projects would have much more attention from politicians and would be immediately implemented on every countries.

Many people and governments are skeptical of anything new and unexplored. Cryptocurrencies have always evolved from total rejection to total acceptance. First people talk bad about cryptocurrency, and then a few years later they become cryptoinvestors. Everyone goes through this path, investors, banks, companies, funds, governments, etc. Governments are initially skeptical of cryptocurrencies, seeing them as something that is used in illegal transactions, but as they get better, this opinion changes and so do the laws regarding cryptocurrencies.

[budi691]

This may be what makes it a bit difficult for the government to regulate it. Cryptocurrencies are decentralized, not centralized, in contrast to paper money which is centralized and can be regulated by the government, and Cryptocurrencies are systems without authority for transaction value unlike fiat systems, but we will see if there are proper rules. create cryptocurrency for each country in the future, because every country has different rules

[ethereumhunter]

~snipped~.

We (I) do not demonize the government but only hope that the government can side with the small people struggling to get additional income and not side with the rich people who don't follow the rules. I agree that regulations help stem the tide of fraudulent activity and if the government can catch a bunch of these fraudsters, then I think the people will side with the government.

You can't categorically say for a fact that rich people aren't heavily taxed more than the poor folks. Most of these rich dudes are employers of labour who provide employment for others and at the same time engage in social corporate responsibility and that's even a way of helping government reduce unemployment rate and cost. So, even if government gives them task holiday or exempt them from paying tax, their social corporate responsibility to their countries is a major contribution to the welfare of their people.

Maybe it can be said like that, but we have seen the reality that some rich people can get away from paying huge taxes and even manipulate data to fill out tax forms. They should be subject to large taxes but by manipulating the data, the large taxes they should pay will be smaller because they have been manipulated.

And if it is about tokens that end up deceiving many people, they are required to be able to analyze or do research to find the right token to invest and never follow other people's words before doing research.

It's good to do one's research before investing. However, not all researches yield positive results and we should also begin to see crypto as something very vast. Even here in this forum, there were reputable bounty and campaign managers who got played by projects they managed their concerns. I know they did their research before accepting the contracts but it also turned out they didn't look far enough. Crypto is deep.

Yes, you are right. Researching before investing is a must so that we can avoid being scammed by such an obscure project. Reputable bounty and campaign managers try to manage the project well so that no scam cases occur.

[Silberman]

Cryptocurrency is contrary to the traditional banks they build, of course it is not as easy for people to adopt cryptocurrencies. But many people think that the existence of cryptocurrency is the beginning of financial freedom because they are more receptive to this new financial technology.

For cryptocurrencies in my opinion, it is indeed a real threat to banking, but for blockchain technology of course it will be a profitable tool,
because this technology is truly accepted by everyone, if the government provides regulation of cryptocurrencies it will certainly make blockchain even more secure,
because the crime rate in the world of cryptocurrencies such as terrorist financing and money laundering will decrease.

The regulation of this market by the government is not really going to solve anything at all, banks are supposedly regulated by the governments and yet a great deal of financial crimes are never prosecuted, and when the crimes are big enough that it becomes impossible to ignore them at best they receive a fine they can easily pay, so make no mistake the regulation of this market has nothing to do with making it more secure and everything to do with control.

[Tony116]

Why are many governments not regulating cryptocurrency?

Mang government still banned cryptocurrency and not regulating it. The reason for this is that they think that if cryptocurrency is legalized, activities like money laundering will increase in the country and dishonest people of the country will be able to easily do bad things like money laundering outside the country without the eyes of the government. Therefore, many countries' governments and countries' central banks are still afraid of Bitcoin. that's why many governments not regulating cryptocurrency

Whether banned or not, those social evils will never end and cannot be prevented, criminals will always find new ways to do it. Most governments are drafting regulations for cryptocurrencies instead of outright banning them because they realize it is impossible to stop its development. The enacted regulations will also benefit the government with a large source of taxes and thanks to these regulations, they will have tighter control over their citizens and their finances. For investors like us, this is a tight squeeze on privacy but this will help the market grow as scams get better under control.

[Natalim]

Why are many governments not regulating cryptocurrency?

Mang government still banned cryptocurrency and not regulating it. The reason for this is that they think that if cryptocurrency is legalized, activities like money laundering will increase in the country and dishonest people of the country will be able to easily do bad things like money laundering outside the country without the eyes of the government. Therefore, many countries' governments and countries' central banks are still afraid of Bitcoin. that's why many governments not regulating cryptocurrency

Whether banned or not, those social evils will never end and cannot be prevented, criminals will always find new ways to do it. Most governments are drafting regulations for cryptocurrencies instead of outright banning them because they realize it is impossible to stop its development. The enacted regulations will also benefit the government with a large source of taxes and thanks to these regulations, they will have tighter control over their citizens and their finances. For investors like us, this is a tight squeeze on privacy but this will help the market grow as scams get better under control.

It is the privacy and taxes concerns that make people against regulating crypto but if we see the other side and its purpose, it is somehow we can appreciate the idea of bringing on it to the crypto world. What I am just worried about is how the implementations are imposed, this gonna be a problem for might this is start abusing holders and investors which leads to higher taxes. I hope not but can't really expect good from this, especially in corrupt governments.

[Wawa2013]

I vote for 100% deregulation like it was in 2013, when Bitcoin used to be Bitcoin. We don't need regulation, we need to find freedom not more pretext to give the globalist slavery influence over an increased global police state.Decentralized exchanges and person to person commerce, what the enemies don't want.

It will not possible. Crypto has not yet become massive at 2013 unlike this time which already known by so many people in the world. I think that as long as you are still rely with centralized exchange site or gateway to cash out your money and that will never possible. Think about that.
The government was thinking about legality of crypto. So many people got scammed and what about that? If you are never getting scammed and you're good

With cryptocurrencies becoming increasingly popular today, it is certain to get the attention of the government and many countries are trying
to regulate crypto. In fact, almost the majority of centralized exchanges have to carry out KYC procedures, because they are under government
regulation. At first I was also uncomfortable with the government's regulation of crypto, but since i have to exchange my crypto to fiat then make
a withdrawal to a bank account so i can use it, I have to be willing to do KYC. So it's a very different situation today with crypto in 2013,
now it's hard to avoid government regulations. Positive thing about the government's regulation of centralized exchanges is that I feel more secure
in conducting transactions, because centralized exchanges are under government supervision and it prevents exchange owners from committing
exit scams, which happened a lot before the government made arrangements for centralized exchanges.

[doomloop]

I vote for 100% deregulation like it was in 2013, when Bitcoin used to be Bitcoin. We don't need regulation, we need to find freedom not more pretext to give the globalist slavery influence over an increased global police state.Decentralized exchanges and person to person commerce, what the enemies don't want.

It will not possible. Crypto has not yet become massive at 2013 unlike this time which already known by so many people in the world. I think that as long as you are still rely with centralized exchange site or gateway to cash out your money and that will never possible. Think about that.
The government was thinking about legality of crypto. So many people got scammed and what about that? If you are never getting scammed and you're good

I agree, it is impossible for it to get deregulated, which is common because things that get regulated once, rarely ever gets deregulated, would need high levels of lobbying in order to do that and it would cause a lot of exchanges to lose ground.

Look at coinbase, it is listed on nasdaq as a company and raised so much money from it, and many people sold their shares, deregulating crypto in the USA for example would mean that we would need to get that out of the stock lists. I am not saying it would be bad or good, I am saying it would be impossible. That means we have regulations and they are not going anywhere and we just need to accept that fact.

[m_nief]

All countries have regulating about cryptocurrency exactly with exchange market account due need pass KYC process for withdrawing, except with several countries regulated about which one available coins for listing on the market or not. Except still not get allowed regulating about bitcoin as legal currency transaction payment but government controlling about bitcoin so far seem good opportunity. Need waiting few years later to see regulating about cryptocurrency and become legal payment currency at the future, but if government have open minds and allow as investment way I think enough reason without expected one day later bitcoin become legal currency transaction.

[Kelvinid]

All countries have regulating about cryptocurrency exactly with exchange market account due need pass KYC process for withdrawing, except with several countries regulated about which one available coins for listing on the market or not.

You're wrong, NOT all. Not all countries have concerns about crypto and some of them never mind about it and just let their people do buy and sell. It was just the exchanges themselves asking for KYC, not because they are pushed by the government (maybe in some areas). Maybe we could see all of the countries will impose those regulations but for now, it was just a few to have the urge to do this because they found out that this was used for criminal activities like money laundering and fraud.

[BuNga_cute]

Why are many governments not regulating cryptocurrency?

Mang government still banned cryptocurrency and not regulating it. The reason for this is that they think that if cryptocurrency is legalized, activities like money laundering will increase in the country and dishonest people of the country will be able to easily do bad things like money laundering outside the country without the eyes of the government. Therefore, many countries' governments and countries' central banks are still afraid of Bitcoin. that's why many governments not regulating cryptocurrency

Whether banned or not, those social evils will never end and cannot be prevented, criminals will always find new ways to do it. Most governments are drafting regulations for cryptocurrencies instead of outright banning them because they realize it is impossible to stop its development. The enacted regulations will also benefit the government with a large source of taxes and thanks to these regulations, they will have tighter control over their citizens and their finances. For investors like us, this is a tight squeeze on privacy but this will help the market grow as scams get better under control.

It is the privacy and taxes concerns that make people against regulating crypto but if we see the other side and its purpose, it is somehow we can appreciate the idea of bringing on it to the crypto world. What I am just worried about is how the implementations are imposed, this gonna be a problem for might this is start abusing holders and investors which leads to higher taxes. I hope not but can't really expect good from this, especially in corrupt governments.

I'm not really a problem if the government wants to regulate crypto, what worries me is that for a country with a very high level of corruption,
there will definitely be abuse of power. Moreover, I live in a country where the government is very corrupt, so I actually object to being taxed
when making crypto transactions. But I'm just an ordinary citizen and don't want to go against government regulations regarding crypto.
So for now I can only be grateful that at least my country is not a country that completely prohibits the use of crypto. So even though I have to
pay taxes and go through KYC procedures to be able to do crypto transactions, I'm starting to accept it now. Because we really should not break
the law and follow the rules of the country where we live.

[theskillzdatklls]

Looks like the SEC and LBRY are going to trial in the USA starting on Monday. That will be a landmark case to follow if it goes through. Either way though, if either party wins, I'm pretty sure an appeal would come later. But whoever wins would have drastic implications on the legality of crypto and which regulatory agency overseas crypto moving forward.