Can Crypto/Decentralization be regulated easily?

[ImamShaheb]

📣Kuwait has banned cryptocurrency and virtual assets transactions in the country.

➡️Kuwait’s Capital Markets Authority has officially confirmed the commitment to “absolute prohibition” of virtually all crypto operations in the country. What's your stand regarding that?

➡️Source Of The News: Kuwait bans crypto and virtual assets transactions

 

[Maxicreed]

Reading through their reasons, it's obvious they are trying to reduce money laundering cases in their country and I guess it's the right call even though it has negative impact on adoption and growth of cryptocurrency. But I expected them to regulate the services of crypto service providers instead of outrightly proscribe it cos I'm confident some exchanges with adequate security architecture could decide to stay back and work with the government.

Kraken, crypto dot com, Coinbase and Bitget were all able to stay back when Canada and few European countries rolled their policies on virtual currencies.

I think a robust synergy between government and crypto service providers will help speed up adoption and growth of Blockchain and cryptocurrency

 

[ImamShaheb]

Reading through their reasons, it's obvious they are trying to reduce money laundering cases in their country and I guess it's the right call even though it has negative impact on adoption and growth of cryptocurrency. But I expected them to regulate the services of crypto service providers instead of outrightly proscribe it cos I'm confident some exchanges with adequate security architecture could decide to stay back and work with the government.

Kraken, crypto dot com, Coinbase and Bitget were all able to stay back when Canada and few European countries rolled their policies on virtual currencies.

I think a robust synergy between government and crypto service providers will help speed up adoption and growth of Blockchain and cryptocurrency

That's an awesome point of view. Money laundering & the related problems can be solved just like El-Salvador is doing.

 

[ananyabushra]

"It's not easy to regulate, in my opinion. Even though crypto isn't legal in our country, there are still millions of people actively participating in crypto transactions regularly. Moreover, we have access to nearly all the major crypto exchanges like Bitget, Binance, and Gate, making it feasible for us to engage in cryptocurrency trading."

 

[BashirJasper]

Reading through their reasons, it's obvious they are trying to reduce money laundering cases in their country and I guess it's the right call even though it has negative impact on adoption and growth of cryptocurrency. But I expected them to regulate the services of crypto service providers instead of outrightly proscribe it cos I'm confident some exchanges with adequate security architecture could decide to stay back and work with the government.

Kraken, crypto dot com, Coinbase and Bitget were all able to stay back when Canada and few European countries rolled their policies on virtual currencies.

I think a robust synergy between government and crypto service providers will help speed up adoption and growth of Blockchain and cryptocurrency

I think that also depends on the strength of their financial regulations before the growth of crypto. For Kuwait, I believe they must have seen the abuse of the crypto market by some of their citizens. Another thing that a lot of people are not seeing is the effect of crypto transaction on the strength of an already weak national currency especially when economic policies are not favourable to the wider populace.
But it's also important to note that some crypto with wider use-case like XRP, BTC and ETH can be regulated to give legality to their adoption. I equally believe most exchanges are open to friendly regulatory principles to continue offering market services like Coinbase and BG - one of the exchanges you mentioned here (I think they're becoming a global brand these days)

 

[ImamShaheb]

"It's not easy to regulate, in my opinion. Even though crypto isn't legal in our country, there are still millions of people actively participating in crypto transactions regularly. Moreover, we have access to nearly all the major crypto exchanges like Bitget, Binance, and Gate, making it feasible for us to engage in cryptocurrency trading."

Basically, crypto is decentralised & that's the beauty of it. FTX have failed & after that, Nance & other big players are trying hard to push ,if they fail ,crypto wouldn't stop because of the blockchain tech .

 

[ImamShaheb]

I think that also depends on the strength of their financial regulations before the growth of crypto. For Kuwait, I believe they must have seen the abuse of the crypto market by some of their citizens. Another thing that a lot of people are not seeing is the effect of crypto transaction on the strength of an already weak national currency especially when economic policies are not favourable to the wider populace.
But it's also important to note that some crypto with wider use-case like XRP, BTC and ETH can be regulated to give legality to their adoption. I equally believe most exchanges are open to friendly regulatory principles to continue offering market services like Coinbase and BG - one of the exchanges you mentioned here (I think they're becoming a global brand these days)

🫥 XRP has won the case with the SEC . That's the testament of the success of blockchain & crypto. It's just a matter of time , we'll witness the mass adoption of crypto just like Salvador did.

 

[BashirJasper]

🫥 XRP has won the case with the SEC . That's the testament of the success of blockchain & crypto. It's just a matter of time , we'll witness the mass adoption of crypto just like Salvador did.

That's my wish because I believe there's a lot potentials in the application of blockchain than could be ascertain already. Something a grade better than the Ripples cross border transactions