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[Ben Kempton]

The regulation of cryptocurrencies has always remained one of the controversial topics. There are many governments and countries that actually want to regulate cryptocurrencies. Right now the Australian Treasury is also planning to regulate cryptocurrencies and they claim to use new methods to tackle this problem. They are planning to utilise the "Token Mapping" technique in order to evaluate the kind of cryptocurrencies being utilised in the region. This technique will also help to analyse the coding aspect as well. High officials of Australian Treasury like Jim Chalmers have stated that this could help the Australian government to take one step ahead towards regulation of cryptocurrencies. What are your views about this?

 

[Riberet19]

There are already many regulations done in order to monitor and make cryptocurrency transactions much faster. There are many exchanges such as Binance that now require you to verify your account and send some sort of documents like identity cards or passports that could help you verify your account, so they have regulated cryptocurrencies to some extent.

But imagine I see many people asking for a Bitcoin spot ETF so that many large investors enter to invest in it without having to have bitcoin in spot, do you think the SEC would let create a spot bitcoin ETF (which would boost its price a lot) without being more regulated Bitcoin?

It is true that the KYC is already a regulation that allows you to know who buys sells or who has cryptocurrencies, but I think that the regulations they want are more oriented to how we can call these cryptocurrencies if they are securities or are commodities or what they are and what is their purpose

 

[btaliat]

There are already many regulations done in order to monitor and make cryptocurrency transactions much faster. There are many exchanges such as Binance that now require you to verify your account and send some sort of documents like identity cards or passports that could help you verify your account, so they have regulated cryptocurrencies to some extent.

To be honest, some trading platforms have tried their best in safeguarding the customers' coins but we still need regulation. Take for instance, there are still negligence in the part of some of these trading platforms, some of them are exposed to hacking and if this happens, the customers may lose all their assets. But if there is government intervention, the citizens assets will still be restored.

 

[Potuse]

Regulation will also give power to the government and this is something that we all must know. Regulation of cryptocurrencies means that the government can monitor your transactions and hold you accountable. They may even impose cryptocurrency taxes on you and this may not please everyone who are already paying heavy taxes. @Potuse @btaliat

The regulatory scrutiny could only be achieved by the government when they collaborate with the cryptocurrency exchanges because the cryptocurrency exchange will serve as the platform for them to execute the regulation but if the cryptocurrency exchange is out of the picture, it will be very onerous for the government to regulate it.

 

[Horia_10]

This is good but we have to wait and see how if works and what effect does it creates on the market usualltly the top countries are making strict laws for Crypto and they need to ease the restrictions now so that the market can expand and growth in a true sense of manner actually indeed .

 

[GoldenLady]

According to them (AR), they're planning to go where no government has ever gone before. But this is one of the steps in ensuring a system of equal taxation,helping to prevent fraud and providing strong protection for traders and investors. It could also help in anti money laundering and other financial crimes. I hope token mapping technique they are going to utilise will be successful, so that other regions can adopt same.

This can serve as a template for other countries to follow if it is successful. It may even make countries that have banned cryptocurrency like China to reconsider their stance.

Some people don't understand or like the decision to ban cryptocurrency, but until issues like money laundering and taxation are solved, it will still remain a problem to government.

 

[Wisdom01]

I believe that regulation is always good to give credibility to the market and that large investors and institutions feel more comfortable when entering to invest in the cryptographic space which in the long term will make it more stable and little by little it will lose volatility which will make there are lower profits but these are more sustainable over time.

I actually love regulation but not too much of it , since I have noticed that some investors would only place interest on a certain thing unless they find out that its regulated ,if it's not regulated am quite sure that many would not place interest ,so the first thing is that it should be regulated first

 

[Riberet19]

I actually love regulation but not too much of it , since I have noticed that some investors would only place interest on a certain thing unless they find out that its regulated ,if it's not regulated am quite sure that many would not place interest ,so the first thing is that it should be regulated first

The regulation is fine as long as it is well done, the problem is that they make a regulation against decentralization as they have sometimes proposed and those things I think that a regulation should be made to the exchanges so that periodically their financial stability and their treasury are reviewed as suspicious movements and also that the projects are regulated so that there are no longer shitcoins and possible other fraudulent schemes

 

[Wisdom01]

The regulation is fine as long as it is well done, the problem is that they make a regulation against decentralization as they have sometimes proposed and those things I think that a regulation should be made to the exchanges so that periodically their financial stability and their treasury are reviewed as suspicious movements and also that the projects are regulated so that there are no longer shitcoins and possible other fraudulent schemes

The regulation I am more concerned about is the tax aspect , because some countries might claim they are introducing regulation while their motive is to actually bring in more increase in tax that would be unfavourable for tax payers ,it's only the tax aspect I have issues with

 

[Riberet19]

The regulation I am more concerned about is the tax aspect , because some countries might claim they are introducing regulation while their motive is to actually bring in more increase in tax that would be unfavourable for tax payers ,it's only the tax aspect I have issues with

Yes, I understand, but that will not solve anything in the ecosystem, investors will continue to be as unprotected as always, so these regulations should not be a priority from my point of view. I think that regulation around exchanges is more urgent since we have already seen that it has happened with ftx and that many funds are not safe with these entities

 

[Wisdom01]

Yes, I understand, but that will not solve anything in the ecosystem, investors will continue to be as unprotected as always, so these regulations should not be a priority from my point of view. I think that regulation around exchanges is more urgent since we have already seen that it has happened with ftx and that many funds are not safe with these entities

They could put regulations around exchange platform , because there are so many newly created exchange platform , that have turned into a scam for a while ,we just need to be more careful of how we invest in these exchange platform so we actually don't run into a scam venture and lose all the money we had

 

[Riberet19]

They could put regulations around exchange platform , because there are so many newly created exchange platform , that have turned into a scam for a while ,we just need to be more careful of how we invest in these exchange platform so we actually don't run into a scam venture and lose all the money we had

Exact because who tells you that there are still some more to break also as you say there are too many and every time a new one comes out with to know your intentions or what economic solvency they have, I think it would be the most responsible to do in terms of regulations

 

[Wisdom01]

Exact because who tells you that there are still some more to break also as you say there are too many and every time a new one comes out with to know your intentions or what economic solvency they have, I think it would be the most responsible to do in terms of regulations

That's why there should be some kind of regulation , because anytime a new exchange platform comes out ,you can't actually just know the intention of the the exchange platform , probably until you have used them ,that's why I don't necessarily trust any exchange platform

 

[Jidemania]

In a long run, i know regulation of bitcoin or other crypto coins might be a good thing but i don't really know why most nations are very passionate about it. I just hope it's not because of all those government selfish interest because the main reason of cryptoccurrency creation is actually against this regulations.

 

[Riberet19]

That's why there should be some kind of regulation , because anytime a new exchange platform comes out ,you can't actually just know the intention of the the exchange platform , probably until you have used them ,that's why I don't necessarily trust any exchange platform

Yes, indeed we must expect them to make a regulation as we have said, it would undoubtedly be very beneficial for more investors of all kinds to enter the crypto ecosystem, especially institutional that are people who are not very interested in knowing how Blockchain works and how to self-guard their funds and need a trusted third party, and in this case I do not think they trust the exchanges since they have shown that they are not reliable.

 

[Wisdom01]

Yes, indeed we must expect them to make a regulation as we have said, it would undoubtedly be very beneficial for more investors of all kinds to enter the crypto ecosystem, especially institutional that are people who are not very interested in knowing how Blockchain works and how to self-guard their funds and need a trusted third party, and in this case I do not think they trust the exchanges since they have shown that they are not reliable.

If the exchange platform are not reliable ,am sure that they would actually know , because it's not licensed , I feel like if an exchange platform is regulated ,if the exchange start scamming ,the people would actually have where they could report to ,which is the government

 

[a_jerobon]

If the exchange platform are not reliable ,am sure that they would actually know , because it's not licensed , I feel like if an exchange platform is regulated ,if the exchange start scamming ,the people would actually have where they could report to ,which is the government

That is right. With regulations on the crypto currencies, people have somewhere to run to when they are scammed. Most especially big scams that involve huge amounts of money.

Regulation makes it easier for authorities to trace fraudulent accounts. So crimes can be solved easily and perpetrators brought to book.

 

[Riberet19]

If the exchange platform are not reliable ,am sure that they would actually know , because it's not licensed , I feel like if an exchange platform is regulated ,if the exchange start scamming ,the people would actually have where they could report to ,which is the government

Yes, for example, the US government knew that FTX was not reliable in addition information has been leaked about a scandal of the Democratic Party with FTX so the government may be the first that is not interested in strong regulations with these entities since they may have hidden interests

 

[Wisdom01]

That is right. With regulations on the crypto currencies, people have somewhere to run to when they are scammed. Most especially big scams that involve huge amounts of money.

Regulation makes it easier for authorities to trace fraudulent accounts. So crimes can be solved easily and perpetrators brought to book.

Atleast the people could report to the government authorities ,if Incase they are actually scammed ,I just want more regulation ,it actually reduces Scam and others , cryptocurrency is one great platform , and many people are ready to scam people with it

 

[Horia_10]

That's all eventually happening which is said to he true actually as the markets have lots of hackers and for them even hacking a big exchange is no problem so having tight security is the must for exchange business services to be safe in market .

 

[Riberet19]

That's all eventually happening which is said to he true actually as the markets have lots of hackers and for them even hacking a big exchange is no problem so having tight security is the must for exchange business services to be safe in market .

Yes, if the exchanges kept their holdings in cold wallets and under security I tell you that it would be very difficult for this to happen but as negligence there is in all places and businesses in the crypto world they would not be missing and there have already been a lot of them.