Topic: Regulation: Can One Size Truly Fit All? - page 2. (Read 265 times)
Government can regulate the crypto market with the use of centralized exchanges and crypto services providers by allowing customers to undergo a compulsary kyc to verify their identities.
why are people screaming the word regulation, in many cases saying in terms as a positive thing that should be welcomed.. (facepalm)
dont you guys realise. regulation is not to protect consumers, but to monitor and police consumers and to protect businesses from prosecution.
what we should be advocating for is not regulation. but consumer protection. so that us users can make businesses accountable... not the other way round
remember the 2008 crisis..
how many regulated bank CEO's got prison time... none
how many bank ceo's got bonuses and government payouts.. most of them
how many mortgage users got a free house.. none
how many mortgage users got thrown on the street.. most of them
think about it
dont you guys realise. regulation is not to protect consumers, but to monitor and police consumers and to protect businesses from prosecution.
what we should be advocating for is not regulation. but consumer protection. so that us users can make businesses accountable... not the other way round
remember the 2008 crisis..
how many regulated bank CEO's got prison time... none
how many bank ceo's got bonuses and government payouts.. most of them
how many mortgage users got a free house.. none
how many mortgage users got thrown on the street.. most of them
think about it
I heard at some places government is trying to regulate crypto through imposing taxes on it. What do you think of that?
Taxing is not regulating. First and foremost if they want to start talking about taxation, they should allow people to pay taxes in Bitcoin. And guess what, governments don't want to allow that. They want to take without giving anything.
Pay, you slave! How? I don't care, think of something. We will count your gains in our local fiat currency, even though you don't have any, and require you to pay taxes in fiat. So we want a piece of your pie, but won't give you a knife to cut it. You make the pie, buy a knife, bring the piece to us, and we'll give you... wait for it... nada!
I heard at some places government is trying to regulate crypto through imposing taxes on it. What do you think of that?
I think many governments are implementing regulations for users as well as bitcoin exchange providers, and inevitably, people have to abide by the rules.
Governments may not be able to regulate crypto currencies in their decentralized form, but they can certainly regulate the ecosystem around it firmly. As time passes, regulations should become more concrete with every serious innovation in the sphere, peeling back the layers of uncertainty.
While there is a large variance in how locales has approached the issue of regulation, the hallmarks of traditional finance (KYC/AML) have started to emerge in all locales where the legitimate regulation of crypto is taking place. Do you agree with a """"one size fits all"""" method of regulation, constructed with a nod for universality, or should locales adopt tailored, case specific regulation?
I have already thought about that, yeah some specific government like the big eight would develop their unique and United law system about those countries which wanted to accept cryptocurrencies. And they would need to add it into their law system While there is a large variance in how locales has approached the issue of regulation, the hallmarks of traditional finance (KYC/AML) have started to emerge in all locales where the legitimate regulation of crypto is taking place. Do you agree with a """"one size fits all"""" method of regulation, constructed with a nod for universality, or should locales adopt tailored, case specific regulation?
Governments may not be able to regulate crypto currencies in their decentralized form, but they can certainly regulate the ecosystem around it firmly. As time passes, regulations should become more concrete with every serious innovation in the sphere, peeling back the layers of uncertainty.
While there is a large variance in how locales has approached the issue of regulation, the hallmarks of traditional finance (KYC/AML) have started to emerge in all locales where the legitimate regulation of crypto is taking place. Do you agree with a ""one size fits all"" method of regulation, constructed with a nod for universality, or should locales adopt tailored, case specific regulation?
While there is a large variance in how locales has approached the issue of regulation, the hallmarks of traditional finance (KYC/AML) have started to emerge in all locales where the legitimate regulation of crypto is taking place. Do you agree with a ""one size fits all"" method of regulation, constructed with a nod for universality, or should locales adopt tailored, case specific regulation?
Even though one size cannot fit all there is need to do with what we have at this point and that is why emphasis is placed on the KYC/AML option as that is the only viable means of regulation. As time goes on, I see some form of restrictions being applied for money to be moved. Currently in most countries, the banks are required by laws to report the movement of certain amount of money to the authority depending on the category one belongs to the same thing is applicable in the airports and point of entries. This method have not be full proof but its still combating the issue of money laundering. The 'fear' of being accosted is enough for one to have a rethink. As a form of upgrade service providers related to crypto,would also be compelled to comply with the provisions that would be made available.
Another upgrade that I see, is the aspect of revenue collection where this service providers are by default governments agents to furnish it with tax deducted and details of who it was deducted from, the nature of transaction and the amount involved. All of this is what will make government to regulate to a large extent the ''seemingly impossible to regulate market'. KYC/AML might not be the answer to everything but its surely the beginning of what is to come.
I think culture is the way or outcome of people's interaction with their environment. So regulation should be jurisdictional based. Therefore, it should be case specific and not generally classified.
Governments may not be able to regulate crypto currencies in their decentralized form, but they can certainly regulate the ecosystem around it firmly. As time passes, regulations should become more concrete with every serious innovation in the sphere, peeling back the layers of uncertainty.
While there is a large variance in how locales has approached the issue of regulation, the hallmarks of traditional finance (KYC/AML) have started to emerge in all locales where the legitimate regulation of crypto is taking place. Do you agree with a ""one size fits all"" method of regulation, constructed with a nod for universality, or should locales adopt tailored, case specific regulation?
While there is a large variance in how locales has approached the issue of regulation, the hallmarks of traditional finance (KYC/AML) have started to emerge in all locales where the legitimate regulation of crypto is taking place. Do you agree with a ""one size fits all"" method of regulation, constructed with a nod for universality, or should locales adopt tailored, case specific regulation?
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