Global rules for cryptocurrencies

Hey everyone, what’s your take on global regulations for cryptocurrencies? I’m curious about how they vary in different countries. Check out this link for a cool overview of crypto regulations in some well-known places. Also, what’s the deal with how crypto exchanges are managed there? Drop your thoughts below. Can’t wait to chat about it!

International Regulation = World government. I am strongly against. Bitcoin is about International Desregulation. Let people be free to transact with whoever they want, without any government interference

You can do so through peer to peer transactions, which is what Bitcoin is for. Not one entity can stop your transactions if they don't like you or the recipient. Governments can only exercise control over the centralized ecosystem, which is what we have seen them do for over a year now in quite an aggressive manner. The more adapted governments are to what Bitcoin is and how it works, the more aggressive their regulations become. Japan is the perfect example of that. It was praised as the safe haven country for Bitcoin initially, but after a while it became clear that Japan definitely isn't a safen haven country for Bitcoin. They definitely shot themselves in the foot there.

For various reasons (such as international treaties and domestic laws), countries must create laws and regulations against money laundry,terrorism, etc... This obligates countries to require identifications, block some suspicious bank accounts, etc... Bitcoin goes against all that. Regulations will never be too friendly to bitcoin.... because it is just wild, unregulated. I hope that it don't get banned or prohibit some day

I must say that you have used a very effective way to market your own exchange. However, let's get back to the topic. FATF has only made a proposal to the G20 leaders and advised some guidelines to regulate cryptocurrency and related risks! G20 leaders have agreed to implement these recommendations of FATF to their own countries. People are now panicked due to  miscommunications from the freedom lovers or from the crypto maximalists. See some facts below, 1. FATF can only advise but can't enforce 2. Countries will have to make their own law to enforce their guidelines 3. Strict KYC and AML measures will be implemented to ensure cryptos are not used in wrong purposes 4. People will be asked to pay taxes on their income from cryptos which they are hiding till date 5. Cryptos will be harder to use for terrorism financing and drug purchasing The world couldn't standardize weight scale and distance measurement scale, how the hell they are expected to implement same crypto regulation measure?? World/international regulation is a daydream!

Remember that all this talk about regulation is only relevant as long as fiat gateways are required. Stay within a closed crypto-ecosystem and you don't need to bother with AML or KYC, as was intended. For the most part you're not even breaking any laws by avoiding AML / KYC this way. Sometimes I feel like people have lost sight of the big picture.

You have the G20 gearing up to release a standardized set of rules and guidelines for regulations which most people view as somewhat vital for the development of crypto and also a possibly hurdle for further advancements. You have the US barring overseas services from entering their market and forcing crypto exchanges/services to setup a dedicated American service to continue their business there. You have the EU pressing Malta to change their ways and to possibly convert the said country into a bitcoin and crypto-hostile soil, further forcing crypto businesses settled there to set sail for other countries.. Regulations, regulations, regulations, they are helping but they are certainly making the world smaller for consumers and service providers. All I can say is that it's not going to be a pretty future, but hopefully the spirit of decentralization and P2P-everything still persist in the end.

Due to this equation, International Regulation will never happen. There will be many countries against regulating cryptocurrencies as there are many that rely their economic growth in achieving business transformation via innovative technologies like cryptos.

I believe you are using the word "international" in a wrong way. If you are only talking about crypto laws in each country than you can't call it international since they are just the domestic laws for that country. You might have to change your title into an accurate one such as "Domestic Crypto Laws Known in Countries" or "Crypto Laws Internationally" because really "International Regulation" isn't really the sentence for it since we really don't have one to begin with. P.S. Since we are talking about legal issues here why not put some reference link for your borrowed pictures in your written article for you to set up a good example to others.

Are you referring to the travel rule? I know ciphertrace and shyft just announced a partnership to help with the FATF recommendation https://ciphertrace.com/ciphertrace-and-shyft-partner-to-address-the-new-fatf-virtual-currency-travel-rule/

Their main objective is to have a strong battle against money laundering using crypto so i will strongly support it too. I believe that we need to improve more our regulation like the KYC in which the illegal people can still find ways on how to deal with it and proceed with their scam and other illegal activities.

is this allow in countries like india

After some time, the international regulation of cryptocurrency will still be. An example is the recent FATF rules. Yes, this body issues recommendations for more than two hundred states, however, if states do not duplicate them as their internal laws, they must pay large penalties. Therefore, the introduction of common rules for most states will be soon. And the FATF recommendations that persons who send or receive payments in excess of one thousand dollars must be identified, and in the amount in excess of $ 15,000 are reported to the relevant government bodies, I do not consider it too strict.

Regulation is just good for not blocking the entire adoption of Crypto but it would really affect cryptos true essence of its creation which is on being decentralized. because if anything would be regulated then even its pseudo-anonymous there would always be a tendency of being monitored and also not all countries would just accept nor agree with such arrangement.Everyone do have different insights towards crypto.