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?
