Regulating the Crypto Industry - Is this a good or bad thing?
In my opinion, regulation can only be a good thing for the Crypto Industry. More and more governments are looking into ways to regulate this industry.
The South Korean Financial Services Commission is finalizing its proposals to regulate cryptocurrency exchanges. This follows an earlier “Bitcoin Regulation Act” submitted by lawmaker Park Yong-jin. Meanwhile, the prime minister is very concerned about the growth and risks of cryptocurrencies including bitcoin and has called for immediate action.
The South Korean government just announced they are looking to regulate. You can read the full story here
Is regulation good or bad?
As I mentioned earlier, regulating the industry will be a good thing in the long run, with the most important aspect being mass adoption. Everybody on Steemit is really early adopters of the new technology and this will count in all our favours in the long run. For me regulation means mass adoption, as more and more people will feel more comfortable to invest their money in Crypto Currencies. And we all know that when more money comes into crypto, the prices of everything usually goes up.
I do not believe that regulation will mean that we all have to declare exactly how much Bitcoins we each own. Just as nobody needs to know exactly how much money you have in your bank account.
Money Laundering
We live in a sick world and there is real problems with terrorism and money laundering. Just yesterday there was a lot of discussion in Washington around potential threats of using Crypto Currency to launder money. Well, this is NOT what this technology has been built for.
Dodgy ICO's
A lot of people is taking advantage of the fact that ICO's is not regulated and an easy way to scam people out of a lot of money. This is giving the industry a bad name and has to stop.
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I say regulation will in the end be a good thing for crypto..
What is your opinion around this?
Happy Steeming and a happy $10K day to you all!
Regulation goes completely against the core of crypto which is decentralization.
Governments should stay focused on their own fiat currency, most of these governments are heavily in debt with trillions in unfunded liabilities.
Crypto is a great hedge against them.
Regulation is also impossible especially with anon coins like Monero
It is impossible for them to regulate the coin but the platforms and systems that support the coin can and should be regulated to a certain extent. We need to weed out activities like pump and dumps. Not mention bad ICOs
It is a bad thing, government can’t regulate the free market, the only thing they want is the power to control people and if it is all encrypted they can’t.
Yes some regulation is oppressive, but a lot of it is actually a very good thing it will remove some elements of fraud especially when it comes to exchanges and ICOs @fedesox
Some light touch regulation may be a good thing, but ignorant over regulation is bad. See my full argument at https://steemit.com/crypto/@apshamilton/time-for-crypto-industry-to-push-back-against-regulatory-overreach
I think regulation is necessary for the crypto world. Regulation will bring more investors because they'll believe it's safer and more secure. It will also get rid of a lot of scam ICOs. I just hope there isn't too much
Exactly more investors will lead to mass scale adaption of cryptocurrencies.
How are they going to regulate it and is it possible?
I read somewhere that the IRS bought software that monitors Bitcoin transactions. Since Bitcoin is the most popular, I'm pretty sure that will be the target for regulation.
Yes they really want to tax it, that is why I love anon coins and decentralized exchanges.
I think to make this globally acceptable and fraud free Regulation of Crypto Industry is good .
Every country will regulate how Bitcoin is handled in their country. They cannot regulate Bitcoin or blockchain concepts. They might try to open their own blockchain system but will fail.
this would be the worst step as far i know
Regulations will help to legitimize cryptos and move things forward.
It is a NO!!! for me
Why should cryptocurrency be regulated?
Oh common..With regulation, the aim of cryptocurrency will be defeated and government might hijack it in a later stage.
A more competent internet security should be utilized by crypto and blockchain vendors to optimize users safety.