Crypto markets can exist without government permission

[MrSpasybo]

Most often when crypto is regulated, the government do it to favour their own side and they don't give priority to the other side of crypto which is why many people are against it any time they try to regulate it. If crypto is regulated, scammers that use centralized exchanges to scam people can be easily track but the disadvantage of this is that government are very manipulative, they will use it to their own advantage to censor people.

If you look at some of the countries that have been trying to regulate cryptocurrency, they are been careful about the whole thing because they are generating revenue from it and they know quite well that if they regulate any how, they will lose the revenue they are generating, if not for the tax they make from crypto, I'm sure they wouldn't be talking about regulations but ban of cryptocurrency.

I believe we can strike a balance between government regulation and investor protection. Currently, CEXs are already willing to provide user data to law enforcement agencies upon court order. This is unlikely to change if governments adopt stricter regulations for this market.

The same logic applies to government decisions: adopting crypto could benefit national budgets through taxation but also poses risks to fiat currency values and capital flows in other major markets like equities and real estate. This is likely why most nations are maintaining a cautious stance and avoiding taking a definitive position on crypto.

[sagarmota10]

Government now interfere in crypto due to they want tax collection from it that's it and it's hurt to many investors and traders due to unfair Tax slab on crypto transaction as per my view.

We need platform like no any boundaries and no need to pay tax so crypto market can alive bullish.

[luckyledger]

Government now interfere in crypto due to they want tax collection from it that's it and it's hurt to many investors and traders due to unfair Tax slab on crypto transaction as per my view.

We need platform like no any boundaries and no need to pay tax so crypto market can alive bullish.

Governments want a slice of it too, or to control it to some degree.
I do think it's natural, however, it does mean that the crypto market should be balanced, as MrSpasybo said.
Of course, many can brag about it, but it essentially is in that state on CEXes. The better situation is on DEXes I imagine, but they are not as convenient and reliable for now for most of the traders.

[rizqillah]

Most often when crypto is regulated, the government do it to favour their own side and they don't give priority to the other side of crypto which is why many people are against it any time they try to regulate it. If crypto is regulated, scammers that use centralized exchanges to scam people can be easily track but the disadvantage of this is that government are very manipulative, they will use it to their own advantage to censor people.

If you look at some of the countries that have been trying to regulate cryptocurrency, they are been careful about the whole thing because they are generating revenue from it and they know quite well that if they regulate any how, they will lose the revenue they are generating, if not for the tax they make from crypto, I'm sure they wouldn't be talking about regulations but ban of cryptocurrency.

I believe we can strike a balance between government regulation and investor protection. Currently, CEXs are already willing to provide user data to law enforcement agencies upon court order. This is unlikely to change if governments adopt stricter regulations for this market.

The same logic applies to government decisions: adopting crypto could benefit national budgets through taxation but also poses risks to fiat currency values and capital flows in other major markets like equities and real estate. This is likely why most nations are maintaining a cautious stance and avoiding taking a definitive position on crypto.

If CEX has cooperated with the government by sharing user data which is something that might be positive for those who only invest and trade. But for those who like the anonymous world, they will feel disadvantaged by this case. Because we know crypto is a semi -anonymous, but we as citizens must comply with the rules of the country. And the government can get success by taking taxes from our transactions at CEX.

[MUGNIA]

Government now interfere in crypto due to they want tax collection from it that's it and it's hurt to many investors and traders due to unfair Tax slab on crypto transaction as per my view.

We need platform like no any boundaries and no need to pay tax so crypto market can alive bullish.

Taxes cannot be avoided if the government has made the rules because they have full power in all of this,
what can we do, we are just a society that is required to follow the rules in one country
if it is possible to exchange without government interference, I think the exchange will not last long, there will be obstacles

[Prime]

If CEX has cooperated with the government by sharing user data which is something that might be positive for those who only invest and trade. But for those who like the anonymous world, they will feel disadvantaged by this case. Because we know crypto is a semi -anonymous, but we as citizens must comply with the rules of the country. And the government can get success by taking taxes from our transactions at CEX.

I think it will be bad if CEX share the user data with government. It means it is unsafe to do KYC in CEX. I think CEX won't do this, they only will share the data that has nothing to do with user private data. Well, it is actually not recommended to do KYC at CEX because this bad thing can happen. Using DEX looks more secure if we consider this bad side of CEX.

[bayu7adi]

I think it will be bad if CEX share the user data with government. It means it is unsafe to do KYC in CEX. I think CEX won't do this, they only will share the data that has nothing to do with user private data. Well, it is actually not recommended to do KYC at CEX because this bad thing can happen. Using DEX looks more secure if we consider this bad side of CEX.

Do you think KYC is dangerous? Does it threaten your life and potentially put you in danger? I think there are also people like Elon Musk who don't mind his personal data as a resident born in South Africa... it means everyone has their own considerations, what risks they can bear when submitting their personal data to others... if it's just data that is already known to some people around us, it's not a big problem.. as long as it doesn't risk too much of our valuable things there.

[Rubel007]

Government now interfere in crypto due to they want tax collection from it that's it and it's hurt to many investors and traders due to unfair Tax slab on crypto transaction as per my view.

We need platform like no any boundaries and no need to pay tax so crypto market can alive bullish.

Taxes cannot be avoided if the government has made the rules because they have full power in all of this,
what can we do, we are just a society that is required to follow the rules in one country
if it is possible to exchange without government interference, I think the exchange will not last long, there will be obstacles

Where crypto is not legalized taxes will not be relevant. It is demanded after crypto is legalized in a country I think it should not be ignored. If the government does not benefit, then the government cannot play a role in the development of that country. The government will not be motivated to provide services to the people. Of course I am in favor of taxation but the TAX must be at the logical level. If additional tax is leveled then common people will not be encouraged to pay for tax and also there will be a big hurdle in the transition of this industry.

[nakmantu99]

Government now interfere in crypto due to they want tax collection from it that's it and it's hurt to many investors and traders due to unfair Tax slab on crypto transaction as per my view.

We need platform like no any boundaries and no need to pay tax so crypto market can alive bullish.

Taxes cannot be avoided if the government has made the rules because they have full power in all of this,
what can we do, we are just a society that is required to follow the rules in one country
if it is possible to exchange without government interference, I think the exchange will not last long, there will be obstacles

Where crypto is not legalized taxes will not be relevant. It is demanded after crypto is legalized in a country I think it should not be ignored. If the government does not benefit, then the government cannot play a role in the development of that country. The government will not be motivated to provide services to the people. Of course I am in favor of taxation but the TAX must be at the logical level. If additional tax is leveled then common people will not be encouraged to pay for tax and also there will be a big hurdle in the transition of this industry.

I agree if taxes are imposed on crypto investors who make transactions, but taxes that are reasonable and do not burden us as crypto lovers. That is compensation for the government legalizing crypto and we become safer because crypto is already legal and not something that is prohibited in our country.

[alltalk]

That's true. In India, government takes 1% TDS (Tax Deducted at Source) on trades. Here is helpful article, if you want to learn more about it: https://coindcx.com/blog/cryptocurrency/one-percent-tds-on-crypto/.
And this is also reason, why majority of Indian crypto traders prefer to trade on overseas exchanges such as Binance, Gate, KuCoin, etc — at least for crypto-crypto trades, sometimes they use local exchanges for fiat trades because of scamsters in P2P systems available on global exchanges.

1% is quite a lot, I'm surprised that Indian government takes 1% in each crypto transaction in exchanges. If you have many CEXs, your government will get huge money from crypto industry. In my country, it is only around 0,22% and I think it is still reasonable. We must lodge a protest if it can reach $1%.

I also prefer to transact on global exchanges, because as you said the government is too greedy in taking taxes from our transactions. Of course the local exchange will work with the government for that and we also have to take the positive side in countries that have received permission from the government we can transact with crypto, this is something positive and must be grateful for because there are still countries that prohibit their citizens from investing in crypto.

Yep. If we are trader, we can choose global exchange. I prefer to choose Binance because it is free to send crypto from Binance to Tokocrypto. This is a solution to deal with the high taxes from the government. We trade on the global exchange, then we can withdraw it to our local exchanges.

[libert19]

That's true. In India, government takes 1% TDS (Tax Deducted at Source) on trades. Here is helpful article, if you want to learn more about it: https://coindcx.com/blog/cryptocurrency/one-percent-tds-on-crypto/.
And this is also reason, why majority of Indian crypto traders prefer to trade on overseas exchanges such as Binance, Gate, KuCoin, etc — at least for crypto-crypto trades, sometimes they use local exchanges for fiat trades because of scamsters in P2P systems available on global exchanges.

1% is quite a lot, I'm surprised that Indian government takes 1% in each crypto transaction in exchanges. If you have many CEXs, your government will get huge money from crypto industry. In my country, it is only around 0,22% and I think it is still reasonable. We must lodge a protest if it can reach $1%.

Tbh, I'm still ok with 1% TDS, but there is 30% more tax on crypto earnings, which makes people hesitant to convert their crypto to inr in first place, as no one want to pay huge tax.

[pieppiep]

Government now interfere in crypto due to they want tax collection from it that's it and it's hurt to many investors and traders due to unfair Tax slab on crypto transaction as per my view.

We need platform like no any boundaries and no need to pay tax so crypto market can alive bullish.

Taxes cannot be avoided if the government has made the rules because they have full power in all of this,
what can we do, we are just a society that is required to follow the rules in one country
if it is possible to exchange without government interference, I think the exchange will not last long, there will be obstacles

Where crypto is not legalized taxes will not be relevant. It is demanded after crypto is legalized in a country I think it should not be ignored. If the government does not benefit, then the government cannot play a role in the development of that country. The government will not be motivated to provide services to the people. Of course I am in favor of taxation but the TAX must be at the logical level. If additional tax is leveled then common people will not be encouraged to pay for tax and also there will be a big hurdle in the transition of this industry.

I agree if taxes are imposed on crypto investors who make transactions, but taxes that are reasonable and do not burden us as crypto lovers. That is compensation for the government legalizing crypto and we become safer because crypto is already legal and not something that is prohibited in our country.

Adoption of taxation with regards to cryptocurrency leads to their transactions does not necessarily have be a vice for a country’s economy especially if applied correctly without bias. When regulation is good, then the surrounding will be secure and reliable for the investors as well as the other players within the industry. This also assists the government to benefit from the prospective new revenues within this sector for development ad welfare.

But it should be done in a manner that does not put a dent in the future development of the cryptocurrency related services. Where this is true, high information acquisition and processing costs imply that firms can be discouraged from investing or that investors will likely seek other, higher return, investments or even avoid regulation. Hence the need to develop a balance between need for taxes and striving to provide an environment that fosters financial technology innovation.

[MrSpasybo]

Adoption of taxation with regards to cryptocurrency leads to their transactions does not necessarily have be a vice for a country’s economy especially if applied correctly without bias. When regulation is good, then the surrounding will be secure and reliable for the investors as well as the other players within the industry. This also assists the government to benefit from the prospective new revenues within this sector for development ad welfare.

But it should be done in a manner that does not put a dent in the future development of the cryptocurrency related services. Where this is true, high information acquisition and processing costs imply that firms can be discouraged from investing or that investors will likely seek other, higher return, investments or even avoid regulation. Hence the need to develop a balance between need for taxes and striving to provide an environment that fosters financial technology innovation.

Yes, taxes are collected to fund public services, but it would be better if a portion of crypto taxes were used to further develop this market through positive and reasonable regulations. If this were done, everyone would be happy to pay taxes to protect themselves in this market.

Sadly, many governments are too lazy to learn about crypto, so they ban it to avoid facing a financial risk they don't understand. Sometimes they also accept crypto and impose excessively high taxes as a way to limit its growth. I oppose both approaches. We should have a government that understands crypto well before proposing any legal framework for our market.

[erus]

~snip~
Does your country have a plan to accept crypto? Are you willing to use crypto as a legal payment method alongside fiat currency?

My country is still open to crypto and everything that is caused by crypto, such as profits and losses, is borne by the person who joins crypto, but trade taxes must still go to the government because it is from the government that taxes are ultimately distributed to the community.
The characteristic in our country is that it is very DWYOR to those who join crypto. I can also attend this altcoinstalks because I am sure that the local government does not prohibit the circulation of crypto but all the effects of this crypto are borne by me myself. While I myself do like crypto as a digital asset whose price can be very expensive or change to cheap at any time.

[doc]

~snip~
Does your country have a plan to accept crypto? Are you willing to use crypto as a legal payment method alongside fiat currency?

My country is still open to crypto and everything that is caused by crypto, such as profits and losses, is borne by the person who joins crypto, but trade taxes must still go to the government because it is from the government that taxes are ultimately distributed to the community.
The characteristic in our country is that it is very DWYOR to those who join crypto. I can also attend this altcoinstalks because I am sure that the local government does not prohibit the circulation of crypto but all the effects of this crypto are borne by me myself. While I myself do like crypto as a digital asset whose price can be very expensive or change to cheap at any time.

My government also allows crypto which makes me comfortable to invest in crypto and I don't mind if we as crypto users are taxed because it is state revenue that will later be used for the development of our country. There may still be some countries that prohibit crypto, but it is likely that in the future the government in that country will allow it, it's just a matter of time.