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[aryan4]

The official institution of the country, which supervises financial markets and related developments, made it mandatory to report all kinds of crypto money transactions within the scope of the fight against money laundering.
It has been reported that those who do not comply with the law that will enter into force on 25 March can be sentenced to imprisonment of up to 5 years.
What do you think about this legal regulation?

 

[Wisdom01]

It maybe because the government are trying to reduce fraud , but how would the government know that they have not reported a transaction , because crypto is decentralised

 

[Niftyicon]

I would think that the regulation specified certain amounts in transactions that should be reported. Not really sure now but around $3000 upwards.

 

[aryan4]

It maybe because the government are trying to reduce fraud , but how would the government know that they have not reported a transaction , because crypto is decentralised

I can say that you are not wrong about this. I do not know the approach of the people of the country to the laws, but the possibility of imprisonment will definitely make investors think about this issue.

 

[Wisdom01]

I can say that you are not wrong about this. I do not know the approach of the people of the country to the laws, but the possibility of imprisonment will definitely make investors think about this issue.

I think majority would still continue their normal process of not reporting , because the threat is not certain and doesn't look like it can happen

 

[Wisdom01]

Hmm, i really don't understand why some countries see Cryptocurrency as a scamming investment. The fraudulent people makes it look that way. The should find a way to implement measures to curtail suspicious activities around their local crypto exchange sites.

There are definitely going to be more ways only that we are hoping the government could regulate and do something about that i think

 

[yolaqueen]

Another country seeks to put obstacles in the commercialization of cryptocurrencies, but they will see that the crypto boom does not stop it with those regulations.

 

[Wisdom01]

That's where the government ought to look into, but instead they'll be discussing on its potential ban. That makes me feel, whether this countries that disagree in Cryptocurrency transition, really want the future to be bright for its subjects that is using Cryptocurrency as a means of livelihood??

Most government dont care if it would benefit the people liveli hood , they are more concerned on what would actually benefit them

 

[Niftyicon]

Most government dont care if it would benefit the people liveli hood , they are more concerned on what would actually benefit them

That is just the unfortunate truth. Mist governments hardly put the benefits to their people first before making decisions that would only be of benefit to the government.

 

[Josemendez]

The official institution of the country, which supervises financial markets and related developments, made it mandatory to report all kinds of crypto money transactions within the scope of the fight against money laundering.
It has been reported that those who do not comply with the law that will enter into force on 25 March can be sentenced to imprisonment of up to 5 years.
What do you think about this legal regulation?

Wow . This is a good way to checkmate money laundering , however the penalty seems to be very scary . people will even avoid cryptocurrency transaction because of it

 

[Brain]

The official institution of the country, which supervises financial markets and related developments, made it mandatory to report all kinds of crypto money transactions within the scope of the fight against money laundering.
It has been reported that those who do not comply with the law that will enter into force on 25 March can be sentenced to imprisonment of up to 5 years.
What do you think about this legal regulation?

This sounds harsh to me. The punishment is just too high for the offence. It isn't like it even a criminal offence so why such measures. I don't agree with this

 

[yolaqueen]

Most government dont care if it would benefit the people liveli hood , they are more concerned on what would actually benefit them

Likewise, governments are more interested in the benefits that they obtain and not in the possibility that the people have better alternatives for financial transactions.

 

[Josemendez]

This sounds harsh to me. The punishment is just too high for the offence. It isn't like it even a criminal offence so why such measures. I don't agree with this

Well as for me , I feel that what caused it was the fact that there appears to be much money laundering in the country ,and they need drastic measures to fight it off.

 

[Brain]

The official institution of the country, which supervises financial markets and related developments, made it mandatory to report all kinds of crypto money transactions within the scope of the fight against money laundering.
It has been reported that those who do not comply with the law that will enter into force on 25 March can be sentenced to imprisonment of up to 5 years.
What do you think about this legal regulation?

I don't get is this only about criminals or people with criminal tendencies with the coin m if it about criminal activities I'm all for it. They should all be reported

 

[Niftyicon]

I would maintain that if there is nothing to hide, then, there shouldn't be a problem with reporting all transactions made if it would help curb crimes.

 

[SCAMEXPOSER]

The institution I'm charge of monitoring financial transactions need to boost their security measures or technology to be able to track all otherwise it may be difficult for people to report

 

[achawaskey]

I think the arm of this law is to prevent fraud and illegal activities in cryptocurency. This is better than banning the cryptocurency entirely in the country. I wish my country could introduced such law.

 

[Binita100]

This is bad what if some people dont get the news about this , i hope they would not just arrest them , and crypto is decentralized making it more difficult to track

 

[SCAMEXPOSER]

I think the arm of this law is to prevent fraud and illegal activities in cryptocurency. This is better than banning the cryptocurency entirely in the country. I wish my country could introduced such law.

Actually, ways of preventing money laundering, scamming and other criminality activities should be the watch words not banning what is growing stronger.

 

[Binita100]

Actually, ways of preventing money laundering, scamming and other criminality activities should be the watch words not banning what is growing stronger.

That is if they would look into the criminalities and other money laundering activities. Corruption have been the goal of them making it hard for people