Unregulated market is illegal or legal? - page 6.

Tylev

full member

Activity: 854

Merit: 104

Quote from: Flashstein on July 27, 2018, 11:46:12 AM

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?

You indicate that under the law of your country of residence you can not have a bank account abroad and can not use shares. Crypto currency really can not be considered as a bank account or as a stock. For this, an appropriate normative act should be adopted, wherever a crypto-currency would be classified accordingly.
Also in all civilized countries, civil codes have introduced a rule that provides for the freedom of entrepreneurship and that everything that is not prohibited by relevant laws is permitted in business. That is, if the laws of your country do not yet regulate the crypto currency, you should consider it as a legitimate activity. However, one must clearly know the legislation of their country on this issue.

pawel7777

legendary

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Merit: 1561

Quote from: Flashstein on July 27, 2018, 11:46:12 AM

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?

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 delegalised or heavily regulated (ie. by dragging it under already existing definitions).

In such cases it's probably best to directly enquire with your authorities (preferably anonymously) and ask for clarification.

jhongzjhong

full member

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https://bmy.guide

Yes definitely, that is not illegal but not also legal. You know why? Because the government has nothing to do with cryptocurrency whether they regulate but still bitcoin has functional the reason is no one blame or no one behind in bitcoin currency.
Since they know that it is helpful to the economic growth and having a chance to contribute to the economic growth, governments now keep quite on this crypto world.

LyQaN

sr. member

Activity: 588

Merit: 250

The word unregulated doesn't means illegal.If something is not under the control of government it does not means that it is illegal.Let us talk about crypto's.In many countries it is not legal as well as illegal but still many exchanges are working with it and people are using it.So unregulated market is neither legal nor illegal.

hugeblack

legendary

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Merit: 4002

To be criminalized in financial cases, there must be an exception in the law that criminalizes dealing with bitcoin and imposes penalties for anyone who trades using these currencies.
Based on the above,Bitcoin is not defined in your law. This means that you can not be legally criminalized.
But this does not mean that you are safe where there can be a law that prohibits the use of your local currency in any transfers outside the banking system
Ask a lawyer if you want to create a work "company/ business" based on cryptos/bitcoin.

gantez

full member

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Merit: 121

Quote from: darkangel11 on July 27, 2018, 03:07:34 PM

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 very much agree with your position. In the law practice, it is said that you don't put something on nothing and expect it to stand. Thus, if for instance, a jurisdiction has not enacted a law that defines a thing or practice as illegal, therefore that should continue to exist as legal until the appropriate body declares it as "whatever" by enactment.

DirectContract

newbie

Activity: 23

Merit: 0

Exactly. It is legal until declared as illegal. Although some countries may see it as the other way around (like Germany), most of the world is quite flexible about this. And the beauty of bitcoin is that no one will ever know that you have it unless you make it obvious that you have it.

So practice safety. Don't sign up for an exchange that requires ID verification if that could be a risk for you back home. Keep your bitcoin in a cold wallet where no one will ever know that you have it. Keep your keys somewhere where no one will ever find them. Bitcoin can only exist in your mind if you are quiet about it.

Technically speaking, it is neither a stock nor a bank account. So worst case scenario, you do get caught, you still have a way out. It's beyond borders.

darkangel11

legendary

Activity: 2478

Merit: 1360

Don't let others control your BTC -> self custody

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

Flashstein

copper member

Activity: 45

Merit: 0

You have to earn my trust.

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?

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