Opinion
[1]As Bitcoin becomes increasingly prominent around the world, nations will seek to apply regulations in order to clarify the legal usage of bitcoin.
As Bitcoin becomes increasingly prominent around the world, nations will seek to apply regulations in order to clarify the legal usage of bitcoin.
Two weeks ago, Ukraine adopted a new law[2] on virtual assets. It is a fundamental law, and it establishes the principles of how the crypto market will be regulated. The law does not contain any specific requirements and direct obligations. Nevertheless, the existing opinions that cryptocurrencies do not need any regulation, even that it harms them, have stirred up the Ukraine crypto community.
It should be understood that the crypto-anarchist movement is quite strong in Ukraine. Historically, one of the first anarchist republics in the world was proclaimed in these lands a hundred years ago — the Free Territory[3]. If you’ve never heard of this, I highly recommend reading about this period of history. It is an exciting experiment. But these thoughts got me thinking about how much regulation really harms bitcoin.
The idea that bitcoin exists out of legal regulation is also wrong. I will give another analogy here. We may treat the air differently, but atmospheric pressure applies to all of us. The laws of physics apply to us regardless of our views and beliefs. We are all the same object of the Earth’s attraction, and we are in its atmosphere. In the same way, when we are in a particular society, we have to follow its laws, regardless of what we think of them. Now, if we have new relationships happening or arising, they are not placed in a legal vacuum. The ground rules apply to them, but most probably — especially with
