Cryptocurrency Regulations: A Need or Necessity

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2. 2 Cryptoknowmics is an innovative decentralized platform that serves almost every aspect of the crypto space. It aims to be the top destination and the largest media portal in the crypto world and the all-in-one solution for information and services for the industry. www.cryptoknowmics.com

3. Cryptocurrency Regulations: A Need or Necessity 3 Cryptocurrency space has come a long way from its early days of heavy scrutiny and being seen as an internet bubble. When Bitcoin was launched back in 2009, it remained nearly value less for almost an entire year, before seeing some price movement. The progress of Bitcoin, and the core software being open source led to the creation of several other cryptocurrencies in the following years. Most of these cryptocurrencies remained unknown from the broader public glare and only became popular after the bull run in Dec 2017. Thebull run created a lot of hype around the crypto space bringing it in the mainstream media glare, those who favoured the idea of decentralization called Bitcoin and cryptocurrencies the most prominent financial revolution, while traditional financial institutions and banks called it an internet bubble. However, when the crypto space survived the crypto winter, the same institutions which called it a bubble once started to launch their cryptocurrency. www.cryptoknowmics.com

4. Not just financial institutions, even governments who were strictly against cryptocurrencies and crypto service providers started to set up committees to study and formulate laws to facilitate crypto trading and use. Countries like Russia, the US, South Korea and many others who saw cryptocurrencies as a threat to their financial sovereignty found ways to regulate them or are looking to regulate them. However, many who believe in the idea of decentralization are not in favour of regulations from government agencies. So, the question is whether the concerns of the crypto community related to onerous regulations is right or wrong? www.cryptoknowmics.com

5. Why Did Governments Decide To Regulate Crypto Space? 3 The 2017 crypto boom did bring digital currencies into mainstream attention, but at the same time, it also provided a perfect opportunity for scammers as well. The bull run in 2017 also gave rise to Initial Coin Offering (ICO), which was once considered to be one of the finest ways for raising funds for blockchain projects. However, within a year it turned out that a majority of the projects which raised funds via different ICOs were scam who robbed millions of dollars from people. A study from a Statis group revealed that two-thirds or 78% of the ICOs turned out to be a scam while only 15% ICOs were able to make it to any exchange. Keeping these scams in minds, governments and regulatory bodies started to look into cryptocurrencies and how it can impact their economy. Many countries like South Korea, China have banned any ICOs while many others have issued warning to investors as well as put it under security laws. Some of the significant ICO scams include  www.cryptoknowmics.com

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