The Number of Cryptocurrency Speculation has Surged

Earlier, Carlton Fields’s lawyers, Justin Wales and Arnaldo Rego conducted surveys in all states in the United States to try to understand the knowledge of cryptocurrency users about the relevant transfer regulations. According to the survey, 12 of the 50 states in the United States showed that they did not understand the money laundering law and how the cryptocurrency was applied. There are also 11 states that the anti-money laundering laws may not apply to cryptocurrencies. According to the survey, users of cryptocurrencies in more than half of the states in the United States are not sure whether they have violated relevant laws.

 

With the development of society, the inherent laws are now slowly out of touch with real life, and the law of cryptocurrency is the most prominent example. The laws and regulations related to it have not been perfected, and some people have not heard of cryptocurrency.

 

Previously, the US Tax Law Office had stated that the definition of currency was the legal currency of a sovereign state, but currently bitcoin currencyand other cryptocurrencies such as eth coin, litecoin are not considered as currency, but are considered commodities. Although ICO is permitted in the United States, regulations vary widely between states. Therefore, the corresponding laws and regulations are difficult to define and appear ambiguous. So how the other countries regulate ICO and cryptocurrencies around the world?

 

China

The People’s Bank of China banned all ICO activities in 2017 and ordered the cryptocurrency exchange to close. According to several reports released earlier this year, China is developing a set of regulations that will enter into force in 2018 and will end the ban on ICO.

 

Japan

Last year, the Financial Services Authority stated that ICO alike tron ICO may be subject to Japanese law, including payment service laws and financial instruments and trading laws, depending on the structure used. According to reports, the authorities are considering ICO regulations. Japan introduced cryptocurrency regulations last year and treated it as a legitimate payment method. The law requires cryptocurrency exchanges to hold special business licenses.

 

EU

In the European Union, ICO is allowed because it complies with AML and KYC (know your customer) policies as well as the required business regulations and permits.

 

Many traders want to benefit from the huge volatility of cryptocurrencies, but as we all know, high returns are usually accompanied by high risks. Take the current bitcoin trading market, it is still full of speculators, and its number is still exploding. It has a common understanding of cryptocurrency market knowledge, regulations, history, and risk awareness. Many people either It is blindly entering the market, or there is gambling psychology, serious speculation, lack of investment ideas, are chasing short-term profits, and it is not good for the development after Bitcoin.

 

The real investment needs to be based on the value and development of the investment target. Although in a sense, Bitcoin is speculative because it can be traded 24 hours without any price limit, but no product can rise without limit. The price always has a day of callback. Behind such a frenzied skyrocketing, bitcoin must have many risks.