Topic: Unregulated market is illegal or legal? - page 5. (Read 19972 times)

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

If you have a crypto currency that is not regulated in your country yet, it can not be regarded as a bank overseas account or shares of enterprises. Decentralized crypto currency exists on the Internet, which is officially authorized in your country and its use is legitimate. The same applies to the crypto currency. In fact, the Crypto currency is one of the forms of doing business, and according to the laws of most countries it is legal, unless it is specifically prohibited. This is the general rule of business of all countries. Therefore, if the crypto currency is not regulated in any country, it should be considered a legitimate activity.

If there are no official comments on bitcoin, or a particular crypto market, then it can definitely be considered to be legal. Bitcoin is decentralised, after all.

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.

Unless your government explicitly states that bitcoin is illegal, you should be fine with trading with it in private, conducting bitcoin transactions, or even using exchanges to trade. But due to the lack of regulation, there may not be local regulated exchanges to choose from, so do be careful when choosing your exchange.

yes obviously over time will be legal, and by that time there is a clear order regulating bitcoin, this means bitcoins are already received in your area, without we having to tell people later that we are bitcoin users, because later they will find out for themselves.

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....

The attitude taken by the government is what makes this legal or illegal, because sometimes it is not in the law of the state as long as it is not prohibited by the government then the law is legal

There's also the issue of the government defining laws to serve their needs. I've seen that happen in many third- and second-world countries, and even sometimes in first-world countries (the police in the US are notorious for this). If they look at you as a big enough problem, they can basically formulate legislation on the spot to deal with you. This is also what all of these "obstructing justice", "treason", and "terrorism" charges are meant to be. They're entirely open to the interpretation of the arresting officer.

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.

All things that doesn't have a regulation of such government of a certain place or country cant really be considered either legal or illegal.I would say it is just on a neutral state. Each country do have specific or laws have been implemented into its citizens which needed to be followed but regarding to your question, crypto is entirely different to stocks but when it comes to ban or regulation then both can really be prohibited if they do wanted to.

With the impending banking ban by the Reserve Bank of India, cryptocurrency exchanges in the country are scrambling to find banking alternatives. Two Indian exchanges have announced that they are launching P2P crypto trading services which will allow traders to buy and sell crypto legally even after the central bank’s ban.

ragiantex.COM  P2P Service
ragiantex.com

With the banking ban by the central bank set to take effect on July 5, Indian crypto exchange ragiant.com has been working on a solution for users to buy and sell crypto without needing a banking service.

The exchange announced last week that it is launching a P2P crypto transfer service which it claims to be “the most legal way to buy/sell cryptos in India after the RBI ban”.

The buyer and seller can deal with each other directly while RAGIANT acts as an escrow account for holding the cryptos during the transaction so that neither party cheats the other.

RAGIANT releases the crypto to the buyer upon receiving a confirmation from the seller, he noted. “We verify the KYC details of every user before allowing them to trade on RAGIANT, and keep a record of each and every transaction that occurs on our exchange.”



Launched in March, RAGIANT currently supports the BTC trading pair



With over 100,000 users currently, he added that his exchange is the “fastest to list those many coins in India in such a short span of time.”
Planning for RBI’s Ban

The P2P trading service will launch once the RBI ban takes effect, Shetty explained. According to the central bank’s circular, the ban prohibiting banks from servicing crypto businesses will commence on July 5.

People have been worried about how they would convert their fiat (INR) to crypto and vice versa. As soon as we announced P2P there was a big sigh of relief as users in India realized there are alternatives to the ban.

Five known petitions have been filed with the courts against the RBI ban. The supreme court will hear all cases on July 20, except for one petition which was filed by the Internet & Mobile Association of India (IAMAI). This petition will be heard later. “After considering the urgency, the supreme court decided to hear this one out on 3rd which is before the RBI deadline,”  ragiantex is a member of this association as are some other major crypto exchanges such as www.bittsbase.com  and Zebpay also starting p2p services in India



YOU CAN BUY AND SELL BTC AFTER RBI BAN ON EXCHANGES THROUGH BITTSBASE.COM WHICH IS ESCROW SYSTEM  the most legal way to buy/sellcryptos in India after the RBI ban peer-to-peer model to facilitate virtual currency trade without using normal banking channels

the bitcoin market arrangement is in fact not related to legal or illegal, but is affected by a government regulation or regulation that regulates the development or spread of the bitcoin.

Whether its legal or illegal in any country anyone can own and use bitcoin.
In a country which outlaws the use of bitcoin it will become a problem for
owners as soon as they use a controlled tool like a bank to buy into bitcoin
oe sell out from and to FIAT.

Whether regulated market or non-regulated ones, what matter is what is being done in that market because both regulated and unregulated, legal and illegal activities are going on but the assurance that regulated has is just that there is some checks and control when there is need for investigation, it can be traced and evidence can be garnered which makes the discussion to be around having a regulated market place not to eradicate illegal activities, but to put a tight leash around it.

From where you come from, there is need for you to really understand the laws of the country because for every law, there is always an exception. Just like mine too, there is a law against owning an account outside the country but this is only restricted to public officers alone like the civil servants and elected officials and not private citizens who have earned their money legitimately to have investment abroad. This also is would bring income to the country because when I invest abroad, I earn income from there which increase the GDP of my home country. Also, there is always a cap of the amount that can be kept abroad without raising any issue of illegality.

I think unregulated market cannot be illegal except if declared so specially if you are referring to Bitcoin but if your government has already a policy that every unregulated product is illegal therefore it would be clearly an illegal until it will be regulated. Try to review your government policies regarding regulations then you will find your answers.

Came from you that your government doesn't have any official statement about crypto so as long as they are not mentioning that it is illegal, your in good hands.

A ban is only specific to a country's jurisdiction. You can't ban those people as well that are living offshore while the ban is only being implemented on your island/country.

You don't have to think about it as if you are violating your country's rule about it since there's none, just don't make yourself involve in such criminal and illegal use of crypto's.

it is true, crypto network does not need it because it crypto no one has it, freedom in using crypto become one of the flagship, can be used in various country and can be exchanged with country currency.

Why shoukd you define as 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 legalised everywhere and is striving towards it.

In my country so far, everything is fine, the ban does not work.

In my country also the bitcoin is not yet regulated but it doesn't means it is illegal to use.The law that you mentioned that having bank account outside the country is illegal but bitcoin is just against the banks.
You no need to worry for now,you can buy and sell and store the bitcoins and other crypto currencies as your wish,before your government take a decision about the crypto currencies.

If your government don't have statement about Bitcoin in which they did not declare it ban but not illegal therefore you should rejoice because you could earn Bitcoin without tax and you should not wasting time of this once in a lifetime opportunity. About the government forbids us to have an account outside the county then well this is normal because this is to prevent the money laundering and terrorist funding activities.