12 septiembre, 2018 0

Should cryptocurrencies be regulated?

Should cryptocurrencies be regulated?

As we explained in our article about how safe cryptocurrencies are, currently we’ve seen multiple scam coins. These cases aren’t left in the past, since more are discovered with time. This way, many States are seeing the need to consider the regulation of the cryptocurrencies inside their laws. This has made many more to consider it neccesary. In this article we’ll expalin what type of regulations can be made for cryptocurrencies and we’ll give you examples of countries that have regulate them.

Legal framework for cryptocurrencies

Possible regulations

Cryptocurrencies have benefits for their users. And these benefits have always been characterized by anonymous transactions. This way, no one can track a persons’ address and identify it making a transaction through the Blockchain. And this anonymity is what mostly worries States. And it’s because, having cases like terrorist networks that receive donations with Bitcoin, the word “money laundering” comes to the minds of government.

This way, many States are talking about requesting users information from the exchanges to their executives. The same way, they have established the need to put a face to the person that’s making the transaction. Sounds like the contrary to the Blockchains’ goal, right? And that’s exactly the fear of many while watching how many governments are wanting to put their hands on these virtual coins.

Another possible regulation would be cryptomining. Being that these have a high energy expense, some States are prohibiting it or regulating it, so it doesn’t intervene on the regular electric service, Lastly, a current regulation is the register and audit of enterprises that create cryptocurrencies and exchanges. Nonetheless, these are just some of the multiple regulations or prohibitions that can exist in many countries. Now well, we’ll explain three cases of countries where laws were made in order to regulate these digital coins.

Japan

The country with the most usage of cryptocurrencies is also one of the first to regulate them. In the japanese country, cryptocurrencies are legal and commonly used, are susceptible of taxes and have a promulgated law by the Financial Services Agency of Japan. In this law, the use of Bitcoin’s legalized as payment method nationwide. Nonetheless, there also some regulations. Most of these have to do with transparency of prople that buy or sell with these cryptos. It fixes capital requirements for the exchange of these currencies, and regulations on cybersecurity. It also establishes the obligation for workers of the enterprises that operates with cryptocurrencies to have enough training to do it. The same way, it obligates them to have regular tax audits.

United States

The economic power that’s United States has always fought against situations like money laundering. This is why since 2.013, the Department of the Treasury studies and analyze cryptocurencies through special guides. Federal level, Bitcoin to altcoins are legal and susceptible to burden, and in some States are analyzing the possibility of paying taxes through these. To buy or sell is a needed requirement that the operator that registers through the Department of the Treasury as a money service provider. This way, enters among the norms that govern these providers.

Venezuela

A booming country when it comes to cryptocurrencies as payment methods. Since the end of 2.017, by law the use of cryptocurrencies (Bitcoin and other altcoins) are allowed, as well as cryptomining. Nonetheless, miners must register to the Superintendence of Cryptoactives and Related Activities. The same way, to get to have a cryptocurrencies exchange, it must adquire a license issued by this entity, in case of creating it in Venezuelan territory. This way, it’s required to operate with petros of any other cryptocurrency issued or mined under supervision of the Government or their entities. These are just some of the existent regulation in the country.

Do you think cryptocurrencies should be regulated? Comment below!

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