Topic: Are there regulatory bodies for the crypto space? (Read 273 times)
be it financial agencies, KYC or government. When the interests touch the interests of the country or investors. There will be regulatory bodies.
There is no cryptocurrency regulating body checking the activities of founders, developers and the team of any project to ensure that investments are secure. This is one of the reasons cryptocurrency is seen as very risky because the people who are out to scam are always having their ways.
Because it's a decentralized currency that's why there are no way to be regulated by anyone . But if investors and crypto holder be aware about these that's should be restrict.
For blockchain technology there are no third party for doing this job but there will be some factor to regulate indirectly. And if SEC will approve some crypto then there will be able regulate these.
Crypto is decentralized currency that's there are no one to regulate it like this way but there are other way to define a scam ICO projects by analyzing of projects whitepaper.
As far as I know there is no regulatory bodies for crypto space to protect us from scams. But this type of things are really needed right now as scams projects has increased a lot.
crypto are decentralization thats means here is no controlar. but ico system are controll by sec. i have no more idea about this. i wanna know more about this. it will be helpful for crypto people.
Are there any regulatory bodies in the crypto space to regulate the activities of cryptocurrency founders, trading and verifying legitimacy of the ICOs to avoid scam and protect investors from scam and more?
Securities and Exchange Commission is acting as the regulatory body but they are also limiting themselves from such decisions on crypto since its a decentralized market. Are there any regulatory bodies in the crypto space to regulate the activities of cryptocurrency founders, trading and verifying legitimacy of the ICOs to avoid scam and protect investors from scam and more?
As of now there no international regulatory bodies in the cryptospace to the regulate the manipulation and fraud prevention. SEC helps to regulate and take action on the fraud prevention but it's limited only in the USA. But today I got to read news about Winklevoss brothers forming sled regulatory body and are getting supports from lot of crypto exchanges. You can find more information here https://www.moneycontrol.com/news/business/cryptocurrency/crypto-exchanges-join-winklevoss-brothers-for-a-self-regulatory-organisation-2865741.html/amp
There is no regulatory body in the cryptocurrency field to supervise. Although some regions have established regulatory authorities, these regulations are limited to a small area!
Not yet, but the government intends to supervise, but they are not supervised by technology. I think Bitcoin can never be regulated. But ICO can be regulated.
I guess there is none because bitcoin and other cryptos follow block chain technology and it is decentralized. If there to be someone to regulate then it has to be centralized.
Cryptocurrencies are mostly decentralized being that there cannot be anything like that within its own space. Though any specific country or state can do such things to protect their citizens from scams.
I once heard that Russia is forming a foundation that will examine ICOs, take all their information and staff before they are available to its citizens so that if the project tries to run away and scam its investors, they can catch them and save the money of their people.
I once heard that Russia is forming a foundation that will examine ICOs, take all their information and staff before they are available to its citizens so that if the project tries to run away and scam its investors, they can catch them and save the money of their people.
I think not because from the beginning cryptocurrency was created because of distrust of government and regulators so that the cyrpto itself was decentralized and transparent.
But somehow the regulators in crypto is also needed to protect the investors and avoid the risk of ico scam.
Until now, investors have to decide for themselves the ICO was good or not.
But somehow the regulators in crypto is also needed to protect the investors and avoid the risk of ico scam.
Until now, investors have to decide for themselves the ICO was good or not.
I don't know of any regulatory body in the cryptocurrency space to scrutinize the project and team and give them recommendation for investment, meaning that they are scam free. I think decentralization may be a major reason we don't have this regulations yet and it is also the reason scam is thriving.
Though there is no regulatory body right now but if we want cryptos to get mainstream worldwide and get legalized we might see not one but many regulatory bodies in the world. Right now, due to the crypto space being unregulated there is no chance for a governing body to step up and regulate the market.
I hope you have heard about people getting scammed and ICOs running away with people's investment and there hasn't been a single case where these people got their money back. That is because of the decentralized nature of the crypto space and as long as the feature is there, we cannot expect a regulatory body here.
So far there are no regulatory bodies to verify the projects "ICOs" and make sure that no one will scam you, but there are a lot of countries are taking decisions in this regard:
- Estonia ICO: There are some plans for the establishment of Estonia's own ICO.[1]
- Japan regulations: There are some regulations "KYC & AML verification" to regulate these ICO in the future.
- Switzerland regulations: There was a regulations attempt, but it failed.
So it's better for you not to invest in any ICO or to do detailed research beforehand [read this for more info [3]].
[1] Estonia could offer ‘estcoins’ to e-residents
[2] The Swiss Financial Market Supervisory Authority (FANMA) has started to examine ICOs
[3] How To Differentiate Between a Legitimate ICO and a Scam
- Estonia ICO: There are some plans for the establishment of Estonia's own ICO.[1]
- Japan regulations: There are some regulations "KYC & AML verification" to regulate these ICO in the future.
- Switzerland regulations: There was a regulations attempt, but it failed.
So it's better for you not to invest in any ICO or to do detailed research beforehand [read this for more info [3]].
[1] Estonia could offer ‘estcoins’ to e-residents
[2] The Swiss Financial Market Supervisory Authority (FANMA) has started to examine ICOs
[3] How To Differentiate Between a Legitimate ICO and a Scam
Indeed, so far there is no such regulator. I do not think that US citizens have problems with participation in the ICO. Any documents for the KYC procedure can be found on the Internet. This is not a call to action! Sorry for my English.
isn't for example the american government making it more difficult to participate in ICOs for americans? and in the rest of the world aswell, demanding KYC for example, but americans must be "US accredited" in some cases(atleast if the ICO is going to do well in america)
While it certainly is legitimate to ask this kind of question, but how do you yourself think that this regulation should look like or should be enforced? Regulation mostly comes with the price of centralization, at least if you want to ensure flexibility and the ability to quickly respond (adapt) to situations.
Unfortunately there is none and for the fact that it is mostly decentralized in operation it makes it difficult for regulatory bodies to come in and hence the high risk. I am particularly concerned about the proliferation of ICO's and new projects with majority turning out to be a scam at the end of the day
It seems to me that crypto space is the area of responsibility of certain government agencies, including regulatory and law-enforcement bodies. They will probably soon designate a special body to be focused on crypto space both in every country and globally.
Are there any regulatory bodies in the crypto space to regulate the activities of cryptocurrency founders, trading and verifying legitimacy of the ICOs to avoid scam and protect investors from scam and more?
Generally none. That's not how crypto should be.
On the other hand, different countries have their own regulations about cryptos.
For ICOs, since they are business, it's important to check if they are a registered company on their country or at least find a legit aspects that the team behind are transparent. Or for much better, don't participate in ICO without any knowledge and understanding the risks. That's how risky joining ICO.
Crypto's very foundation lies on decentralization. A centralized body that would make decisions for everyone else is completely against that. Nothing of the sort will ever be formed within the crypto space and I'm sure any attempt would be widely ostracized.
The SEC and other similar government bodies do some of those things, but they're very much outside of the crypto space.
The SEC and other similar government bodies do some of those things, but they're very much outside of the crypto space.
Up to now, as I know, there is no specific body that handles ICOs, publishes or provides guarantees in the event of fraud. but I hope in the near future there will be a governing body.
Are there any regulatory bodies in the crypto space to regulate the activities of cryptocurrency founders, trading and verifying legitimacy of the ICOs to avoid scam and protect investors from scam and more?
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