Unregulated market is illegal or legal?

carter34

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Quote from: Flashstein on July 27, 2018, 12:46:12 PM

But i think crypto doesn't fit into stocks sector. What are your oppinions?

If I can rest on your topic about unregulated market being illegal, depending on the jurisdiction; if a country has not declared a thing, practice as illegal then it can not be said to be illegal. The point is, if people are indulging in it, they can't claim compensation, demages or restitution if they are injured nor scammed. So, to their own peril they indulge.

nrnahid

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As others already wrote, if something's not specifically forbidden, it's not 'illegal'. That being said, your examples of gov's approach to foreign stocks and bank accounts shows high risk of cryptos getting delegated or heavily regulated (IE. by dragging it under already existing definitions).
In such cases it's probably best to directly enquirer with your authorities (preferably anonymously) and ask for clarification.

darylalban

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At this point I think most is legal unless it is seen as a security or goes against the new FATF Travel Rule. I know some exchanges are working with Ciphertrace to help abide by this law that is set in place

rodel caling

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It's clear bitcoin is legal form as new money, until regulation is under process how it to control by the government of the country want to regulate bitcoin but doesn't mean bitcoin is illegal specially from the country knows bitcoin well as new currency.

iMark

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Quote from: Chikitita2004 on June 05, 2019, 12:48:05 PM

Quote from: Seeker#9 on May 06, 2019, 11:38:59 PM

I think it is only illegal if there is a law that makes unregulated market illegal. The crypto market in my country is still largely unregulated but the people are free to use and trade any cryptocurrency from both local and international exchanges. Some countries have already imposed their own regulation to curbe some illegal activities and protect their people financially.

Exactly. Without law stating prohibition of using it makes it still allowable or legal. Just like generally speaking, there’s a lot of bad activities being performed everyday but as long as there is no law stating it is prohibited and punishable it remains legal. Here in my present location it is illegal but foreigners can open bank accounts.

Thats right, except if there are written rules about crypto, then the regulations have been enforced. as long as there is no official notification from the government, then no one can forbid you to use crypto. many countries have yet to respond to the presence of crypto, so crypto is still legal to use.

idham29

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Quote from: phamminhtan on June 05, 2019, 08:55:44 AM

Everything is legal, until the government officially imposes a ban, it is not legal, at the moment bitcoin has no ban, but it is still not in the national government. It is recognized that it is money.

In my opinion, if a transaction is carried out in a country that prohibits bitcoin, it is illegal. But penalties for violations can be debated, because there must be clear rules from the country's government.
In contrast to transactions carried out in countries that legalize bitcoin, all have rules so that crypto exchange cannot be done arbitrarily without regard to the traders.

Chikitita2004

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Quote from: Seeker#9 on May 06, 2019, 11:38:59 PM

I think it is only illegal if there is a law that makes unregulated market illegal. The crypto market in my country is still largely unregulated but the people are free to use and trade any cryptocurrency from both local and international exchanges. Some countries have already imposed their own regulation to curbe some illegal activities and protect their people financially.

Exactly. Without law stating prohibition of using it makes it still allowable or legal. Just like generally speaking, there’s a lot of bad activities being performed everyday but as long as there is no law stating it is prohibited and punishable it remains legal. Here in my present location it is illegal but foreigners can open bank accounts.

phamminhtan

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Everything is legal, until the government officially imposes a ban, it is not legal, at the moment bitcoin has no ban, but it is still not in the national government. It is recognized that it is money.

imstillthebest

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Quote from: jvdp on May 27, 2019, 11:25:20 AM

Quote from: lepbagong on May 27, 2019, 05:40:01 AM

Quote from: Seeker#9 on May 06, 2019, 11:38:59 PM

I think it is only illegal if there is a law that makes unregulated market illegal. The crypto market in my country is still largely unregulated but the people are free to use and trade any cryptocurrency from both local and international exchanges. Some countries have already imposed their own regulation to curbe some illegal activities and protect their people financially.

It seems like what you have told a lot has happened to the developing world, there are still many who have not received developments about crypto so it is too late to make regulations that can regulate it. but indeed, if there is no regulation, this is clearly illegal. because crypto users need definite protection, so that it doesn't become chaotic in the future.

How could we say simply non-regulation marketplace is illegal? Decentralized market contains bitcoin, ethereum and many altcoins, will you say these coins are illegal and you are not using too? I am not sure what is your problem and why saying that it is illegal.
There are bad activities happen on blackmarket we can consider that alone illegal. We should not say everything as illegal.

The guy above is only confuse , based on what i read he only means that crypto needs regulation so that it can be more acceptable and will look more legal on the public . this is what i also think when crypto is already fully regulated just like fiats where every people in the world will not doubt on crypto anymore but for now cryptos are not yet regulated but this does not mean that they are already illegal .

ene1980

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Quote from: Seeker#9 on May 06, 2019, 11:38:59 PM

I think it is only illegal if there is a law that makes unregulated market illegal. The crypto market in my country is still largely unregulated but the people are free to use and trade any cryptocurrency from both local and international exchanges. Some countries have already imposed their own regulation to curbe some illegal activities and protect their people financially.

The whole notion of protecting the people by the government is just a big fat lie, if they want to curb the scammers they can very well do that, the people who invest in bitcoin and the entire market know what they are doing, the government must curb alternative investment platforms in the name of bitcoin to protect its users and not the market altogether claiming that they are protecting them which is a bull shit argument to make.

jvdp

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Quote from: lepbagong on May 27, 2019, 05:40:01 AM

Quote from: Seeker#9 on May 06, 2019, 11:38:59 PM

I think it is only illegal if there is a law that makes unregulated market illegal. The crypto market in my country is still largely unregulated but the people are free to use and trade any cryptocurrency from both local and international exchanges. Some countries have already imposed their own regulation to curbe some illegal activities and protect their people financially.

It seems like what you have told a lot has happened to the developing world, there are still many who have not received developments about crypto so it is too late to make regulations that can regulate it. but indeed, if there is no regulation, this is clearly illegal. because crypto users need definite protection, so that it doesn't become chaotic in the future.

How could we say simply non-regulation marketplace is illegal? Decentralized market contains bitcoin, ethereum and many altcoins, will you say these coins are illegal and you are not using too? I am not sure what is your problem and why saying that it is illegal.
There are bad activities happen on blackmarket we can consider that alone illegal. We should not say everything as illegal.

ene1980

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Quote from: goaldigger on January 20, 2019, 11:32:21 AM

Crypto illegalization depends on what country it is. So even though its legal for you to acquire crypto, if you want to buy something or send some of it on those people who lived in a total ban crypto then that would be useless. And also, here in my country, you cannot establish a company if you arent a citizen but you can open a bank account.

If you live in a country where crypto is totally banned, then acquiring and holding bitcoin or any other coin is illegal for that matter, having a total ban and having restrictions are two things entirely, if it is not regulated, then there is nothing to worry until they come up with some sort of regulation in the future. You cannot establish a company dealing with virtual currency if it is unregulated, until there is any sort of instruction from the ruling government.

lepbagong

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Quote from: Seeker#9 on May 06, 2019, 11:38:59 PM

I think it is only illegal if there is a law that makes unregulated market illegal. The crypto market in my country is still largely unregulated but the people are free to use and trade any cryptocurrency from both local and international exchanges. Some countries have already imposed their own regulation to curbe some illegal activities and protect their people financially.

It seems like what you have told a lot has happened to the developing world, there are still many who have not received developments about crypto so it is too late to make regulations that can regulate it. but indeed, if there is no regulation, this is clearly illegal. because crypto users need definite protection, so that it doesn't become chaotic in the future.

yohananaomi

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It must be admitted that almost all in the third world or developing countries that the crypto arrangement is unclear, because the country itself may also not fully be able to fully adopt the advances in digital technology. so they themselves have not been able to determine whether crypto is acceptable or not. so that clearly means that they are also difficult to determine legal or illegal. as long as there is no determination it can be interpreted that crypto becomes legal.

freedomgo

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Market is not regulated, therefore it's not illegal nor legal.

Enjoy using bitcoin without worrying that you might break some law, but in the bad side, you won't get protection as well.
You are like using bitcoin in the early phase of its existence.

I'm in a developing country, and crypto is not yet properly regulated but now that I witness lots of scam, I want it regulated for it to grow.

Netnox

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Quote from: DoublerHunter on March 24, 2019, 07:00:41 AM

Quote from: imstillthebest on March 24, 2019, 12:22:42 AM

If bitcoin is illegal on your country , you can still use crypto only online because country or a government rather dont hold the online world , they dont hold bitcoin but its possible that they can ban some sites within their network or within the countries local ip . there are also sites that are illegal online and you can get into some serious trouble if you will insist to use and visit them .

If bitcoin were illegal in the country then you must obey the law with your government because if you have been caught of course you must punishable by them. So, you don't have anything to do if illegal in your country unless you migrate into another place were bitcoin was allowed to use.

If a country bans Bitcoin, it can be interpreted in many different ways. A few examples are:

1. Bitcoin can't be used as a legal tender: In countries such as India, Bitcoin can't be used as a form of payment. But that doesn't mean that the possession of Bitcoin and trading of Bitcoin to fiat is illegal.

2. Bitcoin trading is illegal: In countries such as Bangladesh, you are banned from trading your BTC to fiat. But the possession of BTC as such is not a punishable offense.

3. Possession of Bitcoin is illegal: I don't think any country is having such a rule as of now. It can't be implemented anyway.

What I wanted to say is that the laws should be clear.

Seeker#9

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I think it is only illegal if there is a law that makes unregulated market illegal. The crypto market in my country is still largely unregulated but the people are free to use and trade any cryptocurrency from both local and international exchanges. Some countries have already imposed their own regulation to curbe some illegal activities and protect their people financially.

aioc

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Quote from: Flashstein on July 27, 2018, 12:46:12 PM

Comming from a 3rd world country, many opinions around but not certain. The country gov. doesn't have official statement about crypto. There is a law that you cannot own a bank account abroad and that you can't own stocks outside of the contry. But i think crypto doesn't fit into stocks sector. What are your oppinions?

It's really quite complicated you are your bank if we talk about cryptocurrency and you can move it anywhere in the world and this makes cryptocurrency so unique for us, that is why the government cannot make a final decision on how to explain or define cryptocurrency, and that is why they don't like, government don't want something they cannot define or control.

olliecrypto

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the distinction between illegal and unregulated is a bit unimportant if you are using btc for it's initial purpose, which was to remove the government from the financial equation. if people want a secure, government regulated financial tool, why not invest in stocks, bonds, certificates of deposits, etc?
The hands-off approach to crypto by most governments, meaning we are meant to self-regulate and have no one to complain to if we are ripped off by a hacked exchange or some hacker, but that's the price we pay for some semblance of financial freedom.
i feel that the governments won't ever officially make btc or alts illegal as long as they can tax it as soon as you try to convert to fiat.

DoublerHunter

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Quote from: imstillthebest on March 24, 2019, 12:22:42 AM

If bitcoin is illegal on your country , you can still use crypto only online because country or a government rather dont hold the online world , they dont hold bitcoin but its possible that they can ban some sites within their network or within the countries local ip . there are also sites that are illegal online and you can get into some serious trouble if you will insist to use and visit them .

If bitcoin were illegal in the country then you must obey the law with your government because if you have been caught of course you must punishable by them. So, you don't have anything to do if illegal in your country unless you migrate into another place were bitcoin was allowed to use.

Topic: Unregulated market is illegal or legal? (Read 19972 times)