Topic: Bitcoin global regulation - page 14. (Read 2773 times)

Exactly it is good ideal because this way bitcoin will get more value and price of bitcoin will be directly affected with globally regulated currency, now there are a lot of counties’ which are making bitcoin regular currency just like Japan and china and same as south Korea so bitcoin is getting regular day by day in multi countries, investing in bitcoin makes it famous and fame makes bitcoin legal, gradually so now I am very hopeful about my country as my country will contribute in bitcoin making bitcoin regular currency in future.

Despite the fact how each of them looks to bitcoin, there is 50/50 chance of global regulations on it and it will only happen if it can be become dangerous for global as an active payment way for dark things.
But I think it won't happen and because of economical eyesights, there won't be one global idea around it.

       STATE OF GLOBAL CRYPTOCURRENCY REGULATION (JANUARY 2018)
Regulation of cryptocurrencies is in flux and may change in the following months. In the meantime, it may be useful to understand where various governments stand on the regulation of cryptocurrencies. This piece covers regulations and statements from the United States (SEC, CFTC, IRS), China, South Korea, Japan, and the European Union. Each represents a meaningful chunk of global participation in cryptocurrencies, and a regulatory change in one or more of these regions could move the market. This piece offers a broad overview and provides links where possible for further reading and analysis.
 ***United States
Securities and Exchange Commission (SEC): As stated by the SEC, “The mission of the U.S. Securities and Exchange Commission is to protect investors, maintain fair, orderly, and efficient markets, and facilitate capital formation.” The SEC was created by Congress in 1934 as the first federal regulator of securities markets following the stock market crash of 1929, when it became clear that many companies had provided false or misleading information about their performance and future prospects to investors. Since then, the SEC’s main functions have been verifying statements from corporations and ensuring that securities institutions (like brokers, dealers, and exchanges) treat investors fairly and honestly.
The SEC has not approved any exchange-traded products (such as ETFs) holding cryptocurrencies or other assets related to cryptocurrencies for listing or trading. SEC has not registered any initial coin offerings to date.
For more information regarding the SEC’s view on cryptocurrencies, refer to this statement from December 11, 2017.
Commodities Futures Trading Commission (CFTC): As stated by the CFTC, “The mission of the Commodity Futures Trading Commission (CFTC) is to foster open, transparent, competitive, and financially sound markets. By working to avoid systemic risk, the Commission aims to protect market users and their funds, consumers, and the public from fraud, manipulation, and abusive practices related to derivatives and other products.”
The CFTC has designated bitcoin as a commodity and announced that fraud and manipulation involving bitcoin traded in interstate commerce and the regulation of commodity futures tied directly to bitcoin are under its authority.
On January 19, 2018, it was announced that the CFTC filed charges against two cryptocurrency fraud cases. There are many Ponzi scheme attempts taking place and this form of regulation is readily welcomed.
For more comprehensive coverage regarding the CFTC’s take on cryptocurrencies, use this primer from October 17, 2017.
Internal Revenue Service (IRS): The IRS has ruled that bitcoin and other cryptocurrencies are viewed as property, and not currency, for tax purposes. Although some exchanges may properly issue a Form 1099, individuals remain responsible for keeping account of gains and paying taxes on them. Transactions in cryptocurrencies generate either short-term or long-term capital gains or losses and must be filed as such.
***China
China has taken a series of steps to curb cryptocurrency activity. First, it banned initial coin offerings (ICOs) on September 4th, 2017, the equivalent of initial public offerings for new virtual currencies. China has also issued statements to local exchanges to stop trading in cryptocurrencies and outlined proposals to discourage Bitcoin mining. These moves may reshape the industry surrounding Bitcoin mining and drive up costs. Miners initially flocked to China because of its inexpensive power, local chipmaking factories, and cheap labor, but they may now have to relocate. Officials intend to block access to online platforms and mobile apps that offer exchange-like services for cryptocurrencies. Limiting cryptocurrency activity is a joint effort between the central bank, the cyberspace administration, and China’s Ministry of Industry and Information Technology. Bitcoin and altcoins can still be traded, but only in over-the-counter markets. Exchanges have relocated to Hong Kong to operate.
China is not against cryptocurrency as a technology, however. The People’s Bank of China has run trials of its own cryptocurrency, taking a step closer to being the first major central bank to issue digital money. China would rather take full control of digital transactions than let Bitcoin and altcoins flourish.
Financial institutions and third-party payment providers are banned from accepting, using, or selling virtual currencies. Although its use remains legal, the People’ s Bank of China has required exchanges to register with the appropriate regulatory authorities and has suggested it will closely watch the markets. The People’s Bank of China has allegedly warned banks from working with virtual currency-related businesses.
***South Korea
On January 11th, 2017, the South Korean Ministry of Justice reportedly confirmed a plan to shut down all cryptocurrency exchanges. However, a statement was soon issued by South Korea’s Presidential Office that such a policy has not been finalized. The unclear situation has brought backlash from local residents and politicians, especially as reports surface that government officials have made significant money in cryptocurrency positions as prices move in response to government statements on regulation.
The government may reach a final statement on cryptocurrency regulation on January 25th, 2018. South Korea’s chief of the Financial Services Commission said: “(The government) is considering both shutting down all local virtual currency exchanges or just the ones who have been violating the law.” Separately, Bank of Korea Governor Lee Ju-yeol told a news conference that “cryptocurrency is not a legal currency and is not being used as such as of now.”
***Japan
On April 1, 2017, Japan’s Financial Services Agency enacted a new law authorizing the use of digital currency as a method of payment. The Virtual Currency Act described and identified what a virtual currency is, clarified that bitcoin is considered an asset, and that bitcoin can be considered a payment method. The act, however, did not declare bitcoin as a legal currency. The law follows months of debate which ultimately brought Bitcoin exchanges under anti-money laundering/know-your-customer (KYC) rules, and resulted in the categorization of Bitcoin as a kind of prepaid payment instrument. On Sept. 29, 2017, the Financial Services Agency (FSA) of Japan granted its first licenses for digital currency exchanges to 11 companies.
Of all the regions profiled, Japan seems to be the most progressive regarding cryptocurrency regulation and has sought to work with exchanges to regulate them instead of considering shutting them down entirely. Bitcoin has been an official legal payment option since April 2017 and 4,500+ stores in the country accept it.
***European Union
The European Banking Authority issued warnings to the public about the risks associated with virtual currencies, and recently indicated it will apply anti-money laundering and anti-terrorist financing rules to virtual currencies.
Overall, little has been said beyond a desire to prevent money laundering and financing terrorist groups, though numerous statements have been issued that various government groups are evaluating the future potential of cryptocurrencies. The prevailing sentiment is that tougher regulations for cryptocurrencies will be coming in the near future.
***The Future
Stay tuned. It is nearly the consensus that 2018 will be the year that significant additional regulation comes to cryptocurrencies, and where and how this takes place may significantly move prices. Over the long run, removing Ponzi schemes and related scams is probably good for the health of the market, but if it means locking out exchanges in China and South Korea, then prices may be headed lower for the near future.

I do think so that this thing will happen but this will definitely take lot of time for this world to understand the real picture of the bitcoin and other crypto currency. Most of the people still think of it as a scam and that they are not accepting it and are not even interested in investing of their money into it. With time, they will realize the worth of the crypto currencies and will surely stand for crypto currencies.

It should happen to have a unique rich platform. The countries shoud start adapting bitcoin and other crypto currencies. It should be reqularised and everyone should be familiear with bitcoins around the world. Everyday we hear a news on countries being adapting bitcoin and blockchain. This is the support received from governments. This helps bring more investors into crypto market investing into coins.

The provision of global regulations for bitcoin and the cryptocurrency market is very reasonable, which guarantees the safety and long-term development of the entire cryptocurrency market. After the G20, many countries have accepted bitcoin and do not prohibit crypto trading, which is a big turning point for the whole market. In the near future bitcoin will be the common currency of the world, I think the time is 10 to 20 years.

Very good

This part of your post contradicts the whole of your idea. Alright... Looking at this last idea of expecting global regulation , how do you think it will go? This is a lacuna that you didn't explain.

Bitcoin is a decentralized digital currency, giving everyone freedom to acquire and use. I don't think users can be caged on it, restrictions would hardly be achieved except internet services are shutdown in certain countries.

Honestly, It is difficult to achieve a global regulation of Bitcoin especially in this period, because many governments have rejected  the digital currencies in general. And they always want to destroy Bitcoin through many attempts (like, china and  Facebook ,Google bannig crypto ads ..) , but fortunately, they always fail to achieve their bad goals because Bitcoin is very secure and  their number of users in the increase and the fact that this  crytocurrency is to global audience. So they cannot stop him.

As a matter of fact, I exepct that a global regulation will be  achieved after few years ( maybe between 2 and 5 years ), and it is certain that bitcoin will be a single currency in the world.

Every country have their own regulation when it regards to cryptocurrency as to exhange, payment, etc. There's nothing we can do about that even if we knew that we can get a lot of benefit from it. I think they are just protecting their citizens from investing on fraud ICOs that may lead to financial risk.

It all depends on the exact type of usage, and how that translates into negative consequences for their own economy. I am quite certain that as long as people treat Bitcoin as an investment tool, or as store of value, governments won't have to do anything and can just happily look forward. Things will only form a problem when people are actually using Bitcoin to pay for things, get their salary paid out in Bitcoin, merchants and brick and mortar stores accept Bitcoin directly without having it converted to fiat by third party payment processors, etc. As long as fiat remains the primary means of exchange, the main currency, governments will just allow Bitcoin to grow further. I don't think it's coincidence that in the last years the traditional payment infrastructure has been improved significantly, where I also believe that it's just a matter of a few years before people will be able to transact from bank to bank instantly, where you now still depend on working hours/days. Bitcoin made them hurry up with implementing these changes enhancing people's overall experience.

Thank you for brining this to the screen dude. I would merit you if i have. Expect more countries to adapt and legalize bitcoin in their respected countries to develop their nations and their citizens. Those who consider crypto as illegal, can review back on the benefits and look at it back to accept. I wish to have crypto currencies transactions legalized.

The fact that they are not forbidding cryptocurrencies right now and that they even said they were not a threat it's true but that doesn't mean that is not going to change, what it is going to happen when bitcoin is used by hundreds of millions of people? At that point it will be a significant part of the economy and by then they will consider it a threat and they will take steps to try to block adoption.

Well, so far, some may be silent about it and do not have any problem with, few will end up regulating it, and then some who are having problems with it will end up coming around. At least, that is how I see it.

The most important thing however in all this, is that, there is nothing any country can do to stop the idea that cryptocurrency has brought and so far, the global regulation the Op is referring to is stating where most of the important countries stand in this equation.

I do agree with you that bitcoin is being use by a lot of countries and they are getting fast profit from bitcoin so it will make sense to say that soon we will see bitcoin as legal globally, even now every 2nd country is accepting bitcoin as payment so we are making our dream come true soon, now bitcoin demand is very high as it has very high potential to make us earn money and let us buy every kind of goods we want in our life.

After the G20 meeting decided not to stop bitcoin and cryptocurrency opened up a new era for this market. More and more countries are seriously studying this market and have an accurate view of what it means in life. I hope that in the near future you can use bitcoin and cryptocurrency all over the world.

By global regulation, I am assuming you are referring to where all the major countries stand. From that list, we can see that minorities are actually just limiting themselves from the future and they will surely have a change of heart pretty soon, most especially after the G20, and also with the way Japan has been going with hers, it is going to be a case study for others and how to go about theirs as well. So, let's wait and watch, but I know cryptocurrency is here to stay.

Yes, no regulation is going to shake the entire kingdom of cryptocurrencies. It will keep growing regardless of whatever stand any government will impose on cryptocurrencies.

That is being optimistic. So far a lot of jurisdictions are very aggressive about banning bitcoins and cryptocurrencies. Problem is the governments are scared of what bitcoins are and because they know they cannot regulate it. So even if they put out regulations, such can be ignored by the public and they can just continue to use the currency without even caring for public laws.

Well it does not decide the future of bitcoin at all, if in Indonesia your bitcoin is gonna ban then in several countries bitcoin being legal currency so I think level is going equal. In Japan we have heard about bitcoin legalization which is quite true. For now there are a lot of bitcoin investors who are making it famous and soon we will see bitcoin globally legal and regular because bitcoin has become very famous worldwide, benefits of bitcoin is popular in the whole world so we can expect bitcoin to be regular globally just after the hard work of couple of years, maximum after 5 years bitcoin will spread worldwide as legal currency.

Most countries are weighing their options now.In my own country,Ghana,the central bank recently gave notice of the fact that they wanted to come up with new regulations to capture cryptocurrency usage in the country as that hadn't been captured in the banking regulations.So gradually global mass adoption will be come a reality