What do you think about “ Regulation” in Cryptocurrencies?

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Here is a new about UK regulations.

The U.K.'s City Minister, John Glen, told reporters at the Treasury's International Fintech conference on Thursday that "proportionate" regulations could give the local cryptocurrency industry a significant boost.

In his comments, Glen said the government is still "engaged in trying to find the right narrative and the right level of regulation if that's appropriate," according to Business Insider.

The minister continued, saying:

"Regulation could be an enabler of a stable, flourishing cryptocurrency exchange in the City of London."

Notably, the minister acknowledged that the current level of cryptocurrency trading and related activities is "not posing any significant risk to the UK economy."

That same day, Chancellor Philip Hammond announced the establishment of a new "cryptocurrency task force" including regulators, representatives from the Bank of England and the Treasury. A new legal infrastructure for the U.K. blockchain industry could be on the horizon.

Earlier this month the U.K. cryptocurrency exchange CoinfloorEX announced it will start offering bitcoin futures contracts in April. Although London is teeming with blockchain projects and startups, so far the most popular exchanges operate out of the United States or Asia.

Glen stressed the importance of taking measured steps before trying to encourage local innovation with more legal clarity, saying:

"I think it's right that we take appropriate -- not really cautious, but proportionate -- steps to evaluate it before we act as a government."

For my opinion, a certain level of reasonable supervision of the cryptocurrency industry can effectively promote the development of the cryptocurrency industry. However, how to measure this extent still needs to continue to wait and see the UK government’s operations.
 

dashinstant

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This sounds fairly positive for those of us here in the UK.

Typical prevarication by the British Government though.. "We're still thinking about it.. so um, carry on.. um.. we'll tell you later....(maybe)"

Aka - Kickin' the can down the road.
 
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GrandMasterDash

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Bah. Once upon a time, it used to be okay to take sunlight and turn it into electricity. No tax, why should there be? But then some arse decided that selling excess electricity to the national grid is taxable. Sunlight is no one's business except mine. To create 0s and 1s from thin air is also no one's business except mine. After all, they originally dismissed it, wasn't a threat to their own dishonesty; criminals printing virtual notes, more 0s and 1s, no less than mine. So yeah, they can keep their animal-fat tainted plastic notes, and I'll keep what is inherently mine.
 

dashinstant

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Bah. Once upon a time, it used to be okay to take sunlight and turn it into electricity. No tax, why should there be? But then some arse decided that selling excess electricity to the national grid is taxable. Sunlight is no one's business except mine. To create 0s and 1s from thin air is also no one's business except mine. After all, they originally dismissed it, wasn't a threat to their own dishonesty; criminals printing virtual notes, more 0s and 1s, no less than mine. So yeah, they can keep their animal-fat tainted plastic notes, and I'll keep what is inherently mine.
Awesome dude. I'm with you.
 
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Ezio Rojas

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If large governments want to regulate cryptocurrencies it is for one reason only, taxes.

This has been the attitude of governments since the political structure exists in the civilization.


However, I personally believe that certain regulations for the cryptocurrency market are necessary.

Especially for the control of the ICOs and the possible SCAMs that arise from these operations. There are already many people who have been scammed by this and unfortunately this generates a very negative effect on the general market of cryptocurrencies.
 
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Moquaio

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It's a funny one really, you can argue against it all you like, but the fact of the matter is that without a reliable way to tax cryptocurrencies governments will fight their adoption forever so to an extent my view is that whether or not it is a good thing it is going to have to happen before any widespread adoption can happen, especially anywhere where banking is very established and (relatively) stable.

Also without regulation I guess there is a bit of a double standard where businesses that work in Fiat have to obey a ton of regulations about AML/KYC and how they store customers money etc but a company working in crypto currently doesn't have to, I believe the law should be the same for both, whether that is regulation for crypto or less for Fiat.
 

Sahabia

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It's a funny one really, you can argue against it all you like, but the fact of the matter is that without a reliable way to tax cryptocurrencies governments will fight their adoption forever so to an extent my view is that whether or not it is a good thing it is going to have to happen before any widespread adoption can happen, especially anywhere where banking is very established and (relatively) stable.

Also without regulation I guess there is a bit of a double standard where businesses that work in Fiat have to obey a ton of regulations about AML/KYC and how they store customers money etc but a company working in crypto currently doesn't have to, I believe the law should be the same for both, whether that is regulation for crypto or less for Fiat.
I strongly agree with you on this bro. Without taxes governments will fight cryptocurrency forever. And if governments will continue to fight cryptocurrency I'm very sure that no matter what they will defeat it.
 

camosoul

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I'm convinced that the word "regulation" is just the word governments use to acknowledge their own corruption and frame it as a good thing...
 

9158 Exchange

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It's a funny one really, you can argue against it all you like, but the fact of the matter is that without a reliable way to tax cryptocurrencies governments will fight their adoption forever so to an extent my view is that whether or not it is a good thing it is going to have to happen before any widespread adoption can happen, especially anywhere where banking is very established and (relatively) stable.

Also without regulation I guess there is a bit of a double standard where businesses that work in Fiat have to obey a ton of regulations about AML/KYC and how they store customers money etc but a company working in crypto currently doesn't have to, I believe the law should be the same for both, whether that is regulation for crypto or less for Fiat.
Double standard could be used to describe for all the gove. Actually, I don't think they will allow any uncontrolled power could be held in peoples' hands
 

dashinstant

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I'm convinced that the word "regulation" is just the word governments use to acknowledge their own corruption and frame it as a good thing...
Yeh, it’s the typical ‘Problem, Reaction,Solution’ paradigm.

Oldest trick in the book. They create the problem, the public are manipulated into demanding a solution, and so the Government provide the solution which is usually punitive legislation and regulation.
 

geoffreycelen

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Cryptocurrency, developed through the backbone of Blockchain technology, was once only associated with sales in the underbelly of the Internet. The cryptocurrency market is in constant flux, regulators worldwide are grappling with ways to control trading, and traditional banking systems are far from isolated from the global phenomenon.
 

geoffreycelen

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You are absolutely right @Daniel Sedin. I agree with you. This move for banning the cryptocurrency ads is somewhere useful for others to help the genuine folks to stealth building of their projects and since these projects add values for their businesses.
 

jayshi19

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Sunlight is no one's business except mine. To create 0s and 1s from thin air is also no one's business except mine. After all, they originally dismissed it, wasn't a threat to their own dishonesty; criminals printing virtual notes, more 0s and 1s, no less than mine. So yeah, they can keep their animal-fat tainted plastic notes, and I'll keep what is inherently mine.