Crypto Caution Is the Preamble to Mainstream Usage
Don’t get spooked by official intervention — fair regulation is a step toward making crypto easily accessible to everyone in the world.
Scan some headlines, and you’ll see how crypto has serious backing from visionary permabulls like Jack Dorsey and Elon Musk. Read other news, and you might walk away with the impression that regulation is about to strangle crypto platforms. The truth is crypto is a constantly evolving space, both technologically and ideologically — and the fact is crypto is heading toward mainstream, mass adoption.
At the moment, there is no shortage of debate about what crypto is and isn’t. The International Monetary Fund has warned against using cryptocurrency as legal tender, and various countries’ monetary authorities are limiting the ways that crypto exchanges can operate. The nature of initial coin offerings (ICOs) — as in whether they qualify as securities — is being debated by monetary regulators.
This may all sound alarming, but it isn’t necessarily an aversion toward digital currencies. Rather, it’s a process where state actors are figuring out how existing systems can mesh with new ones.
Crypto’s Global Nature Evokes Legislative Attention
With no official involvement since day one, the crypto community has sculpted a coherent and vibrant ecosystem that transcends borders. Many members share lofty ideals about transparency and trust. Some have built new tools to make smoother user experiences as the community grew beyond its initial pool of supporters, many of whom had to contend with its complicated technical processes.
As the community grew, it evolved into a truly global phenomenon in ways that have never been seen before. Given those conditions, governmental debate and legislation were inevitable. If nothing else, clearly defined frameworks backed by lawmakers and monetary officials can provide protection to novice investors and cultivate consumer confidence in the crypto space. Platforms as well as new users will know exactly what to expect. Unnecessary risk can be mitigated.
Much of the new wave of legislation targeting crypto is related to taxation. If most people are willing to pay taxes on their earnings, then that attitude could extend to gains made in the crypto space, the logic goes. This can be interpreted as a step to making crypto a mainstream asset, much like stocks and bonds. It also offers crypto platforms a chance to tap an immense consumer base whose financial exposure to crypto has so far been zero, assuming the platforms are compliant with local legislations in the countries where they do business.
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