FYI: Regulatory Changes

I’ve been seeing people post to complain about changes in availability to many countries and asking why they are impacted. There’s a lot of things going on, but one of the big aspects here are recent actions by governments. Unfortunately it’s not on all of our TV screens and you don’t see it in news papers. It’s all pretty silent. But let me show some examples of things which are causing rifts around crypto, exchanges, and regulations. This is not all inclusive, but just is random examples. Please try to do some research your own.

Crypto Winter
While countries were trying to figure out ways to regulate crypto, we had a few recent crypto winters. The most recent hitting pretty hard. Now governments are asserting they need to control cryptocurrency, otherwise their economy will be hurt.

World Economic Forum

The ‘crypto winter’ is here. But what is it and what does it mean for the…

Cryptocurrency prices have been crashing, leading to talk of a ‘crypto winter’. But what’s causing the downturn?

Regulatory Changes

World Economic Forum

Here’s what you need to know about cryptocurrency regulation

Advances signal a desire for regulatory clarity in the crypto asset space with the EU and the US setting the initial direction for regulatory standards.

Obviously there are a lot more countries affected. Some of this is in motion and others decided. And these aren’t the only things causing an uproar, but they do contribute a bit into what’s going on.

Places like Gemini, Uphold, and Brave have to act in compliance with all of these things and adjust business accordingly. This can be very complicated as each country has different requirements, yet at the same time each business also has to meet certain standards and requirements. For example, if the United States has sanctions against a country you live in, then as an American company they would have to exclude you.

Opting in for Brave Rewards and supporting content creators is very easy and is able to stay decentralized. This is why many are able to still participate in Rewards and earn BAT, even if they can’t connect to an exchange.

But once you are wanting to move it away from Brave and into exchanges, bank accounts, or anything of the sort it becomes very complicated due to various laws and regulations.

Again, this is not THE answer to why regions aren’t allowed. There are other things that are probably more critical, but these are things that have come to my attention as I have asked questions and been doing research. Unfortunately nobody is wanting to reveal everything going on behind the scenes. Anyway, hopefully this might help some of you since some of this stuff isn’t actually widely spoken about by people, especially if you’re not big into crypto.

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@Deepak993635 yeah, we’ll have to see. Yours was from February where things I posted were more recent.

On July 19, India’s Finance Minister Nirmala Sitharaman said in a speech at the Lok Sabha, the lower house of India’s bicameral Parliament, that crypto is a danger to international regulatory arbitrage and that they should be blocked or banned.

and

Shaktikanta Das, Governor of the Reserve Bank of India, said in the bank’s annual report that cryptocurrencies are a “real danger,” and given their lack of any real value beyond pure belief, they can only be considered as a speculative tool with “a sophisticated name.”


Which is quite different from your February article which says:

Finance Minister Nirmala Sitharaman on Tuesday announced that the Reserve Bank of India (RBI) will introduce its digital currency in the new financial year.


Again, things have been a roller coaster ride. But also seeing for India:

The regulatory burdens imposed by the RBI seem to have hurt the local crypto industry enough to cause a similar effect as a plain ban. As CryptoPotato recently reported, the Reserve Bank of India imposed a tax on citizens’ crypto-earned income of up to 30%. This heavily impacted the growth and stability of the cryptocurrency exchanges that were operating in the country.

On July 01, the transactional volume of Binance in India dropped by more than 63% from the $14.5 million it was moving a day before the new cryptocurrency tax law came into effect.

Of course, it looped around again. Covering what you shared.

Despite its anti-crypto policy, the ReserveBank of India is actively working on the development of a Central Bank Digital Currency. The idea so far is to go for a gradual implementation that will not disrupt the traditional financial system.

The RBI has not disclosed which technology it will use to develop a CBDC, however, the blockchain has played a starring role among other central banks, even though the general consensus is to opt for a closed chain where all nodes are controlled by local governments.

So they are trying to force to a closed system, where they are in control.

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@Deepak993635 you should consider to look at the date before you post or
read something.
This article is from November2021.
No news there.