Regulation in Crypto is starting to happen, bit by bit
I do not think it comes as a surprise to any of us that more and more reports and regulation is starting to happen. In my opinion this is a very good thing :)
I just read a breaking news articles stating that the Australian authorities will start to Regulate Bitcoin under a new AML and counter terrorism laws. This should not surprise any of us. The world is starting to wake up to Bitcoin and the Crypto Currency industry, because it is a massive industry and it is scaring a lot of governments and financial institutions that has for many years been controlling this aspects of life.
I recently had a conversation with a good friend and business partner, and everything he predicted is starting to happen. When people are scared they try to control it. And this is exactly what is happening in the USA, with the report which they published in July stating that certain ICO's are now seen as securities. You can view the full SEC report here
SEC Report
Developers, businesses, and individuals increasingly are using initial coin offerings, also called ICOs or token sales, to raise capital. These activities may provide fair and lawful investment opportunities. However, new technologies and financial products, such as those associated with ICOs, can be used improperly to entice investors with the promise of high returns in a new investment space. The SEC’s Office of Investor Education and Advocacy is issuing this Investor Bulletin to make investors aware of potential risks of participating in ICOs.
Business has always been looking at ways to raise investment to implement new ideas or grow their business. That is a part of life and business. The old saying of "You need money to make money" is very true in this instance. It is important to understand that there will always be people who is looking to do things in the correct and fair way, but there will also be people that are trying to take chances and make money for not doing much.
I still believe that regulation is a good thing, a society does not function well without rules. I would however prefer if we could have regulation by the community. This is not at all impossible.
Happy Steeming!
It means crypto currencies soon become a part of financial institution of the goverment. Next they going to imposed tax on it.
That is my fear or concern if you will. The government requires control and what scares them is the apparent lack of control. The problem with ICOs is that even though the tokens are decentralized, the distribution is centralized and that is the reason why they can aspire to control it. Remember Napster? The network itself was P2P but the company behind it had a central location. This is nothing new; it is just now in a different form. When MP3s came on the scene the music industry was scared and they are still scared to some extent but we all know what happened there. One of the main reasons that Apple (AAPL) is the biggest company in the world is because they capitalized on MP3 technology and catapulted them to the top: the creation of iPod leading to the creation of the iPhone!!!! I think that people got greedy and instead of issuing coins that could be mined or staked, they opted to make money quickly by setting their own price in an ICO, this way they can make money quickly and not be accused of "pump and dump". Then if the project failed, they will categorize it in the same realm as a failed startup. It makes it easier for the developers to sleep at night. Neucoin tried this strategy and it blew up in their faces. I believe in pure crypto: let the community decide its worth by mining it and trading it. The value goes up or down based on that and acquisition is through mining and not determined who has the biggest amount of money. This was the vision of Satoshi Nakamoto; not this new form of crypto! Every day there is some strange ICO on Coinmarketcap vying for attention. This is the reason why the SEC now finally has a chance at control. When everything was decentralized...really decentralized...no central distribution, they couldn't even dream of this.
We just have to wait! But prepare for that, it will surely come like a burglar.
Well problem if you ask me is that regulations mess up everything with crypto valutes, suddenly banks and everything will get in big time, blow values and earn more money. Crypto is kinda big problem for governments and if you ask me I would love it to stay this way.
I don't think normal people will benefit from these regulations but maybe I am wrong, really hope so.
But then again history proves otherwise.
You know what they say about people who ignore history.
Everybody knew it will happen sooner or later. Real question is what we gonna do about it. If we just sit and wait what 'our masters' will decide, we know how will that end up. Viva la anarchy!
Regulating crypto is as good as impossible...
Thanks for sharing @jacor
I think the fact that Japan and now Australia are implementing it (Bitcoin) as a legal currency means that they will definitely try and monitor and regulate them more. They don't want currencies they can't control as legal tender....
This Means a lot , at least for a change and good initiation, also well said mate "a society does not function well without rules." 👏 ......Love to see more post from you in future. Lets get in touch. Upvoted and resteemed 👍
One fundamental rule of of all currency is it will only be worth what people think it is worth. It does not matter if it is gold or digital currency. Keeping this rule (human nature) in mind, no one that has any real money is going to use an unregulated currency. Period. It will be impossible to "get in front" with a new technology and force it onto the masses with the possibility of the "value" disappearing overnight due to some unregulated "glitch".
Hate anyone you feel is necessary, but these facts are human nature. You are not going to change it. The devil you know is always better than the one you don't.
M0loN 74bE
Good news for cryptocurrency I agree