Dont overregulate cryptocurrency

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Rather contributors receive company tokens that can be traded on crypto exchanges. As the range of ICOs has broadened and deepened, many new and established companies have begun exploring ICOs as an alternative form of venture capital. The capacity to tap a liquid market without the need for intermediaries has provided a wide range of companies with deep pools of investor capital.

In fact, a recent study suggests that the vast majority of ICOs are scams. So where is this all going? This stands to reason given the enormous growth of ICOs over the past two years. Most government regulators are apprehensive about how to precisely classify ICOs and therefore how to govern and tax them. The most pressing concern for the majority of regulators is eliminating the use of ICOs for money-laundering and terrorism.

While critics debate the legitimacy of these concerns, governments are nonetheless struggling to author guidelines for regulating the space. According to some, cryptocurrencies represent an entirely new asset class.

This may not be true of tokens that function like securities, but it may well be true of so-called utility tokens. Broadly speaking, utility tokens are defined as having some utility apart from or in addition to their value as an investment. The problem with strictly classifying all tokens as securities is that they can simultaneously function across multiple categories—as currencies, as instruments for betting or for voting , and as traditional securities.

Indeed, while some regulatory agencies define cryptocurrencies as monetary equivalents, others define them as commodities , or even taxable property. There is, in fact, a global legal vacuum with regard to cryptocurrencies because they do not precisely fit the traditional definition of an investment contract as defined by the Howey test.

While a legal framework for the overseeing of ICOs is slowly starting to take shape, the fact remains that most governments are not entirely sure how to govern the space. Forecasting future SEC guidance in the United States is difficult, but the common view is that this new asset class will be increasingly subject to U. A sporadically aggressive posture by the SEC has served as a warning to early-stage companies who might seek to raise funds through the sale of tokens.

On the enforcement side, there are an increasing number of class-action lawsuits raised against companies involved in ICOs. Selling unregistered securities can mean significant fines and even prison sentences, leading many companies to bypass the U. One particular fear is that overregulation will undermine innovation by discouraging risk-taking. The value of ICOs is that they have radically democratized access to capital for start-ups. This suggests the need for a different set of regulatory obligations specifically designed to allow smaller, cash-poor companies to raise funds from a wide range of funders.

Unlike crowdfunding, for example, ICO contributors can trade their assets on secondary markets in order to potentially strengthen their investments. However, given that crypto asset transactions take place between public addresses, it is often difficult to establish the owner of these addresses, therefore making the application of the FATF rule difficult.

Custody is another area that needs a solution. Traditional assets are normally tied to a centralized ledger entry or database, which identifies the owner, making it easy to confer possession without transferring ownership. That said, undoubtedly, some of the latest developments in the crypto asset space such as DeFi and NFTs need further regulatory attention.

For example, decentralized exchanges allow for peer to peer trading between users while maintaining control of their funds in the selfcustodian manner of Defi protocols. As such, there are practical difficulties with how such decentralized exchanges can be regulated since they exist on the blockchain as a series of smart contracts.

For instance, in a decentralized exchange, how do you pinpoint entities or actors that are decisionmakers and may be held ultimately accountable for the operation of the network? One viewpoint that has been advocated in recent times is dubbed as the gatekeeper approach. However, such a regulatory framework would be limited as it would only address the first and last transactions at the entry and exit points of DeFi leaving the rest of the DeFi system unsupervised. This limited regime could nonetheless be helpful in establishing the income tax of such activity and mitigate the risks of tax evasion inherent to DeFi participation.

Yet another proposal for the regulation of DeFi argues in favor of a grace period for DeFi exchanges. Essentially, regulators need to rapidly learn about the business and technology that underpins crypto assets. While sandboxes have now become common in the context of regulatory development, it would be important to develop a regulatory framework for sandboxes that are truly fit for purpose in the DeFi world.

By upskilling themselves, regulators can continue to learn about new risks and think of ways to address them. Pursuing a multi-tier phased regulatory approach, with a focus first on understanding the technology through a trial and error framework, means they can avoid a lengthy process of consultation and legislation. They can then create a regulatory framework that takes into account the evolving risks regarding crypto asset technology.

This article was previously posted in Corporate Investment Times, a business publication for leaders. Part of Consultancy. Campus events Seminars Business Courses Workshops. Consulting Industry. Regulating crypto assets continues to be a tough feat 01 March Consultancy-me. Anti-money laundering One area that regulators need to address is establishing ownership to be able to apply anti-money laundering rules.

Consider, that convert bits to btc words... Certainly

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Congress which indicated that within the next 12 months or so, the country will move towards a more streamlined regulatory approach to crypto. Canada, similar to the U. Canada is home to a large number of established crypto business ventures and startups and it sees cryptocurrencies as an alternative form of payment in the future.

Cryptocurrencies are classified as a commodity in Canada, which means that all transactions in cryptos in the country are legally termed as a barter trade. Canada government wants to ensure strict Anti Money Laundering laws when it comes to cryptocurrencies.

When it comes to crypto adoption and innovation U. While digital currencies are not yet banned across the country, they are still not considered to be legal tender. No value-added tax VAT , is applicable across the country on the purchase of various cryptocurrencies. Instead, a surcharge is applicable on goods or services that are obtained in exchange for Bitcoin or other similar cryptocurrencies.

If the investors incur any profit or loss in relation to their crypto assets are subject to capital gains tax. CryptoUK which is a self-regulatory trade association is seeking to enhance the U. The Reserve Bank of Australia appears to have an open mind towards the crypto industry, it was stated by the regulatory body that it does not prevent people from making use of digital currencies. In , it was declared by the Australian government that Bitcoin would be treated like regular money and will not be subject to double taxation.

The Court ruling on cryptocurrency offered the companies which operate cryptocurrency or offer services related to cryptocurrency, have legal certainty to operate in the country. Earlier the country had passed a bill that was to establish a new legal framework to govern cryptocurrency operations like Initial Coin Offerings ICOs across the nation.

Crypto-related firms have to voluntarily abide by the standards on consumer protection and capital requirements and pay tax in the country, in exchange for approval from the regulator. Nevertheless, individuals or firms that indulge in token purchases for commercial purposes should obtain approval in advance from the regulatory body. BaFin has prescribed a case-by-case examination for firms looking to conduct an Initial Coin Offering ICO and thus suggesting that it has an open mind towards such developing methods of fundraising.

German fintech also rushed to offer similar services. Early in the year , China had banned all activities related to cryptocurrencies to take place within the borders of the country and had shut down domestic cryptocurrency exchanges. Moreover, there also exists an access ban that has been imposed by the government on all the locals and international crypto exchange platforms.

Many countries who had earlier banned cryptocurrencies have now legalized the same, like India who has recently reversed its previous order and now the digital currency is legal in India. While there are some countries that are still striving to construct an economic framework for digital currency, there are some countries that have already built systems that require the digital currency service providers to be licensed by the appropriate local regulatory bodies.

It is likely that in the coming years the countries who have banned cryptocurrency will lift their ban in the need of the hour. LawSikho has created a telegram group for exchanging legal knowledge, referrals and various opportunities. You can click on this link and join:.

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Get help. Home cryptocurrency Global regulations of cryptocurrency. Table of Contents. Is Bitcoin legal in India. Significance of cryptocurrency : could India completely ban private cryptocurrency in India. Cryptocurrency in India : to be or not to be. Please enter your comment! Please enter your name here.

You have entered an incorrect email address! Powered by iPleaders. Register now Name. Which country are you from? As reported by U. Today , Gallagher described the new feature as a "big event" for the company in early February. The company started rolling out cryptocurrency wallets in early to the first batch of customers on its massive waitlist. Despite the fact that the share of Robinhood's crypto revenue dropped in the fourth quarter of the previous year due to declining crypto prices, digital assets remain central to the app's business.

Alex Dovbnya aka AlexMorris is a cryptocurrency expert, trader and journalist with extensive experience of covering everything related to the burgeoning industry — from price analysis to Blockchain disruption. Alex authored more than 1, stories for U. Today, CryptoComes and other fintech media outlets. Alex Dovbnya A Robinhood executive says cryptocurrencies desperately need clarity while praising the recent executive order issued by the White House.

About the author. Alex Dovbnya. Vladislav Sopov.

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