Regulators treated cryptocurrency businesses as questionable or even criminal. But the ICO boom in 2017 has changed a lot. Now the authorities are increasingly thinking about regulating the crypto market. This has its drawbacks, but today we will talk about the benefits that will give the establishment of clear rules.
Benefits for regulators
Now regulators see cryptocurrencies as a threat to the economy. Сontrol of the industry means for them:
- not to give citizens fiat to switch to bitcoin;
- to obtain the personal data of the owners of digital money;
- get transaction taxes;
- to block the sources of financing of criminal structures;
- protect citizens from scams;
- create a controlled cryptocurrency and ensure its widespread use;
- to promote blockchain innovation.
Benefits for developers and ICO
The regulatory framework and licenses will give developers confidence in the future on the territory of a particular country. Legitimation has a positive effect on consumer confidence.
The market will be cleared of fraudulent projects that badly affect the image of the industry.
Benefits for cryptocurrency exchanges and traders
The wound will be cleared of potentially dangerous areas. This will attract even more investors.
Benefits for ordinary people
Possible advantages for ordinary people:
- greater attention to the security of projects, control in the processing of personal data;
- convenient conditions for depositing and withdrawing funds in fiat;
- the national currency will be available for public audit if it has open source code;
- possibility to pay for goods and services in cryptocurrency;
- legal protection.
