Cryptocurrency Regulations: A Need or Necessity

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Cryptocurrency Regulations A Need or
Necessity
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. The bull 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.
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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?
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Why Did Governments Decide To
Regulate Crypto Space?
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 
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Source
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