who regulates crypto-currencies? | Bitcointalksearch.org

lizardbtc

full member

Activity: 448

Merit: 109

Quote from: sona12 on December 15, 2017, 01:27:45 AM

like FINRA regulates stock market, who regulate crypto currencies?

Nobody. It is decentralized like when you seed/download files from the torrent. Nobody owns it, nobody controls it.

Goverments can regulate exchagnes that are located in their country, but they can't regulate all aspects of it.

Best is when people say it is not regulated, but it was build not to be regulated in the first place, or I have got it wrong here?

exstasie

legendary

Activity: 1806

Merit: 1521

Quote from: Fridalucia on December 21, 2017, 03:28:07 AM

I think the answer is simple. No one does or can regulate cryptocurrency.

Governments might not be able to regulate it effectively, but that doesn't mean they won't try. The SEC recently made a statement about cryptocurrency payments that was particularly disturbing to me:

Quote

As I have stated previously, these market participants should treat payments and other transactions made in cryptocurrency as if cash were being handed from one party to the other.

If cryptocurrency transactions are equivalent to cash transactions under the law, then presumably money transmission laws apply. That means that lots of the current exchanges are in violation of AML/KYC regulations. It also probably means that a crackdown on anonymous trading is coming. Undecided

Fridalucia

newbie

Activity: 23

Merit: 0

I think the answer is simple. No one does or can regulate cryptocurrency. Sure—There are forces that shape its future evolution, but these are not controls. Rather, they constitute a consensus-driven evolution. Those forces can be miners or they can be forced in a manner that is known as a user activated fork. But they are not controls.

Governments can attempt to impose regulation on a currency or the entire industry, such as tax reporting rules or prohibitions on using digital currencies for certain transactions. But, as Erick points out, it is difficult to enforce laws concerning a mechanism that is decentralized and redundant. It’s a bit like telling feral cats that they may not mate in the wild or telling water that it must not seep into basements.

MaxGiant57001

newbie

Activity: 53

Merit: 0

Miners and User activated fork shapes the future of cryptocurrency. These are consensus-driven evolution rather than controls.

odolvlobo

legendary

Activity: 4466

Merit: 3391

Quote from: sona12 on December 15, 2017, 01:27:45 AM

like FINRA regulates stock market, who regulate crypto currencies?

Nobody.

sona12

newbie

Activity: 44

Merit: 0

like FINRA regulates stock market, who regulate crypto currencies?

Topic: who regulates crypto-currencies? (Read 130 times)