The year 2023 : Could be an year of Crypto regulation?

This year 2022 is ending in a day and this has not been a good year for the crypto community. We have seen a lot this year that has also damaged the market pretty much. A negative environment is something that we see often around the market but the kind of scenarios we have gone through this year including Luna and ftx were not expected. Because of these incidents, a lot of people have lost their money and which is not at all expected in the crypto market.

It's not that people do not lose money here but losing funds because of someone else unfair practice is not right. With this incident, we have seen many things new things coming up like proof of reserve and even more focus on the audit by the exchanges. It is right that we need to believe more in self-custody instead of keeping the funds in an exchange wallet because there is always risk involved. Whenever we do not own our crypto then it is not our money because the ownership remains with someone else.

(edited with canva)
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We are in the bear market and this is the time when there are more innovations and development because projects get time to explore many new things. During the bull run market, everyone is busy making money out of it, and because of this development is not high. Now since the prices are only down so we can see more innovations and development with various crypto projects in the segment.

India is one of the countries that has implemented taxation on the crypto this year and they also applied another term called TDS on the transactions effective 1st July 2022. They could have banned crypto in the country but they did not do it which me in somewhere the government is exploring the possibility or they are trying to find a better way to deal with it.

I am not sure about the global impact on the regulation site but it is expected that some countries will think about bringing regulations in place for cryptocurrency. Maybe India can be the one on the list where crypto coins move towards regulation because this way government might be able to generate more revenue through taxation. Though the tax is already there the current rate is quite high and it requires revision on the same so that more people can be part of the crypt and start their trading journey. It is difficult to answer that what sort of regulation we can see for crypto in the coming months and years because it cannot be the same as banks. Cryptocurrencies are built on blockchain which is the open laser and things are transparent but that is not the weak side of this instead it is the strength that is capable of giving the payment option to the world.

Maybe we can see a better market moment in the next year but anyone who is here for the long term will not be worried about the price instead more innovations and development can help to bring more price appreciation in the ecosystem. My goal is here for the long term and that long term is till the year 2025 which means I still have 3 years to build my portfolio in crypto. I will also be trying to diversify my overall investment for told you including crypto and some other instruments because that is required. I am not sure if I can say myself at trained investor but I will surely try my best to learn as much as I can so that it can help me improve my overall investing strategy and plans.

Thank you so much
Stay Safe