For a long time, regulators were treating crypto-currencies as anancestral domain for users of darknet and criminal structures. However, after 2017, when the industry began togrow exponentially (in terms of the number of block projects, miners, crypto-exchanges, investment funds and ICO) and accessto the tokens was received by a wide range of investors, it became obvious that there was no more left aside.
Most likely, in the next two or three years the world is waitingfor global regulation of the industry. But how do differentmarket participants look at this and what benefit does it bring tothem?
At the same time, state structures often do not have a clearposition on this issue. The regulatory framework of differentcountries is constantly changing from a complete ban on anyactivity related to the crypto industry, to the provision of specialeconomic zones and benefits.
Regulators
Regulators see in the crypto-currencies a threat to the economy, an uncontrolled source of financing of criminal activity andundermining their authority as a controlling body.
Trying to control the crypto industry, the regulators pursue thefollowing objectives:
- do not give money to citizens to escape from their control in theworld of crypto-currencies;
to receive personal data of citizens using crypto-currencies; - to receive tax deductions from operations with crypto-currencies;
- to cut off sources of financing for criminal structures;
- Do not allow violation of current legislation in the area of circulation of funds;
- protect citizens from illegal activities: from acts of swindlers andcriminals;
- to create a "national" crypto-currency, control over which(including issuance) will be completely in the hands of the state, and, possibly, to ensure the transfer of citizens to this currencyinstead of the phiatic option;
- ensure the universal use of this currency to pay for goods andservices on the territory of the country and create opportunitiesfor using coins outside its borders;
- to get out of the financial crisis or circumvent the sanctions;
- to create a system for encouraging blockade innovation toorganize a flow of investment in the country, to provide newjobs, to reduce bureaucracy and various costs.
Certainly, some of the items on this list can be questioned. However, the move towards regulation goes, and we already seean example of the first national crypto currency - El Petro. Yes, the coin is subjected to various kinds of criticism, but this is astep forward.
At the same time, the US Securities and Exchange Commission(SEC) does not leave the news pages of profile publications, being a constant source of information on updates to theregulatory framework and the blocking of fraudulent ICOs. Thecommission even set up a special website to give an example of afraudulent primary offer of coins.
Meanwhile, regulators in countries such as Singapore, Switzerland and Japan openly support innovations in theblockbuster and finteh industry and sponsor projects for thedevelopment of projects in the field of blockbuster technologies.
To be continued...
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