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?
Of course, the crypto currency in the digital wallet can not be equated either to the bank account or to the shares of the enterprises. Therefore, in your country, I think that the crypto currency can be freely engaged. In addition, if the crypto currency is not regulated by the laws of the state, then, according to general rules, any business activity that is not prohibited by law is allowed. 
Topic: Unregulated market is illegal or legal? - page 4. (Read 20048 times)
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?
An exact answer cannot be reached for this question. A countries laws, policies, regulations, etc, are subjective, being withheld within a countries jurisdiction.Each countries rules will of course vary. However, small countries are usually molded after bigger countries and for the case with most countries, the U.S is usually the leader in terms of decision making.
So naturally, other countries may use a format similar to the U.S, or perhaps await there decision upon a troubling matter such as this.
Even a comprehensive understanding of the laws and a good lawyer isn't enough in some countries if you're deemed an enemy of the state. Best just to be as low-key as possible.
In other words, don't declare any of your holdings that haven't been purchased through centralized exchanges. I have always learned: what the government doesn't know can't harm you. I am a firm believer of that and will continue to have that be my main principle in life. I have seen how people out of nothing landed themselves in big financial problems just because they out of nothing declared wealth they never declared before. Instead of governments being happy that people are willing to pay tax, they punish them like they are the worst criminals in the world. It's insane that this happens, which just shows who the actual criminals are....
That's my main principle too. You don't have to admit anything, and I've seen lots of people get themselves into trouble by trying to play the nice guy. The government is a pack of wolves and will jump at any opportunity to punish a wrong-doing nice guy, no matter how nice he is.
I wouldn't even be declaring centralized exchanges at this point unless they are based in the US. I think that they still are not obligated to report (but will be soon), so it's probably all under the table at this stage. It might be a good idea to move it out of there soon though to cold wallets.
If its not yet defined as illegal or not an unregulated exchange might be legal but only on a short periods of time as I think it won't last long, why? You already said that foreign banks ans stocks are not accessible to your local country what made you think that buying cryptocurrencies would be legal in your country for a long time? They might see it as you are evading their law as you might have seen a loophole in their law which they obviously won't like. But I doubt such country exist, would you mind naming it so I can search more about it.
The government does not want to regulate the crypto currency or accept it, as citizens use it if the issue remains open.
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?
Yes, in a third world country it's very confusing, where we don't know the legal status of crypto. I conclude that the status of crypto in third world countries is not recognized but not illegal, and I think, for now, let's just enjoy the status not admitted but not illegal.
Of course unregulated exchange/market is not illegal, this is the purpose of cryptocurrency in the first place.
Though we hear a lot of regulations happening now, don't be scared if you are still in the unregulated market because for sure they will comply the government regulations later on. Just make sure that the exchange you are in is legit so you will not be having a problem when government enters the market.
Though we hear a lot of regulations happening now, don't be scared if you are still in the unregulated market because for sure they will comply the government regulations later on. Just make sure that the exchange you are in is legit so you will not be having a problem when government enters the market.
It takes time for a business to regulate its self in the market and you need to know that only a legal firm will regulate themselves in the market. Crypto currencies yes built a strong foundation beginning from bitcoin’s foundation. It regulated and was legalized. Bitcoin is legally accepted in many countries and the respective countries economy grew its wealth to its next stage. Its countries who decides upon which is legal and illegal in the concern countries.
Keep your bitcoin in a cold wallet where no one will ever know that you have it.Luckily in my country, it is unregulated but it doesn't mean it is illegal.
Nothing is illegal until the goverment changes the law. If an exchange works in a country, then it's legal.
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?
the purpose of bitcoin is so that we can facilitate transactions without parties when, when we transact in some countries it doesn't matter, because we can still use it and exchange on each country's money but still legal or illegal priority is still a key because there are several countries that do reject bitcoin and we cannot use or transact there. 
Why should you discuss about whether it is legal or illegal. Just take a note, countries who adapted bitcoin have considered as legal and who are yet to adapt have not yet announced as illegal. It depends on the laws made by individuals. Its just the market competition between fiats and crypto currencies. When crypto stands up in the market, too many crisis do come hence it should not be considered as illegal. To be fact it aims to be legalized everywhere and is striving towards it.
Well said mate, in addition to your idea we all know that bitcoin is unregulated but we cant considered this that illegal in the country. Because each country who will adopt bitcoin there is a different perception and they also have individual views in bitcoin. Luckily in my country, it is unregulated but it doesn't mean it is illegal. Besides, here in my country bitcoin was recognized by our government last year as a kind of mode in payment.
Why should you discuss about whether it is legal or illegal. Just take a note, countries who adapted bitcoin have considered as legal and who are yet to adapt have not yet announced as illegal. It depends on the laws made by individuals. Its just the market competition between fiats and crypto currencies. When crypto stands up in the market, too many crisis do come hence it should not be considered as illegal. To be fact it aims to be legalized everywhere and is striving towards it.
You should provide the country that you're talking about here instead of let everyone guess.
Usually though, an unregulated market doesn't mean that the government does not allow any trade activities to go on or anything like that. And it also usually means that the government takes a neutral stance, thus bitcoin transactions should be completely legal.
It is obviously possible that a country would also have bans on bitcoin or whatnot without having regulations, but you said that your country just hasn't made any statements about crypto altogether. In that case, it should be perfectly okay, as long as you don't do illegal stuff with your bitcoin. Also, might wanna be careful about storing bitcoin in overseas hosted wallets, due to the regulations that your country has on overseas bank accounts.
Usually though, an unregulated market doesn't mean that the government does not allow any trade activities to go on or anything like that. And it also usually means that the government takes a neutral stance, thus bitcoin transactions should be completely legal.
It is obviously possible that a country would also have bans on bitcoin or whatnot without having regulations, but you said that your country just hasn't made any statements about crypto altogether. In that case, it should be perfectly okay, as long as you don't do illegal stuff with your bitcoin. Also, might wanna be careful about storing bitcoin in overseas hosted wallets, due to the regulations that your country has on overseas bank accounts.
I have my own local exchange and my government still not legalize bitcoin yet.
So it is safe for me to trade ?
Yes, because they are paying tax as well. As long as the government did not make any regulation, I can still use the market without being worry !
So it is safe for me to trade ?
Yes, because they are paying tax as well. As long as the government did not make any regulation, I can still use the market without being worry !
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?
Unless the law explicitly states that you can't own any crypto-currency, I don't think that there should be an issue. But if you own a bank account abroad and the law doesn't permit that, then it is an entirely different story.
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?
If we consider dealing with crypto currency as a business, then according to the legislation of each country, any business activity, if it is not directly prohibited by law, is allowed, that is, the so-called presumption of legitimacy of transactions operates. Proceeding from this crypto currency, if it is not regulated by the states, should be recognized as a legitimate type of activity, until appropriate regulations are adopted against it.Everything is legal until the appropriate laws that make it illegal are established. Since the law decides what is and isn't legal, if there are no laws that say BTC can not function without proper regulations it remains legal. You are right thinking that BTC isn't a bank account nor stocks and since your wallet isn't assigned to your name you don't have to inform the government.
I hope that answers your question in full
I hope that answers your question in full
Yes, I really agree with you, everything that is legalized in the country is all in the law or the decree, whether it is a president or the ranks, if all of that has come out, then it can be legally and officially included, including bitcoin.
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?
If we consider dealing with crypto currency as a business, then according to the legislation of each country, any business activity, if it is not directly prohibited by law, is allowed, that is, the so-called presumption of legitimacy of transactions operates. Proceeding from this crypto currency, if it is not regulated by the states, should be recognized as a legitimate type of activity, until appropriate regulations are adopted against it. Yes most of the government still hasn't make a clear announcement about crypto yet, I think if there is still no announcement then the crypto is legal to used as investment, and for the payment, but most of the government already prepare to set regulation, so the best thing to do is to store and used crypto while the government still hasn't make any declaration yet
It would be the same in our country wherein there are no applicable regulation yet when it comes to cryptocurrency, but then the advantage of it is that they already issue licenses to some exchanges to operate so it would mean that they support cryptocurrency. As for OP's question, he should just use cryptocurrency maybe privately because it is not open yet as to how their government treats cryptocurrency. If it is not illegal, then I would assumed that it is deemed legal.
An unregulated market does not mean that something is illegal - it just means that there is no overarching regulation that is put in place yet. The government is most likely taking a neutral stance, or simply not bothered to come up with regulations.
It would mean that it is not forbidden to trade or transact cryptocurrency. While you have the opportunity, then you should just trade and earn as much as you can because your government is not taking a stance now. You should just transfer amounts that will not catch the authorities' attention because they may act upon it.
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