5 Laws That Could Change Crypto Forever

Cryptocurrency is a major aspect of the globe nowadays. A lot of individuals make use of it to trade, invest and even in form of payment on a daily basis. However, there is one thing certain; that crypto is still in its infancy and that governments are yet to figure it out. The use of crypto can reform all the aspects of laws. There are laws that may assist it to increase and those that may cause people to find it difficult to exercise its freedom. Being an interested person in crypto, I often consider how new regulations would influence its future. These are five laws that in my opinion can transform crypto forever.

The initial one is a global regulation law. The most significant issue with crypto is that there is variation in the rules of countries. It is welcome in some countries, prohibited in others and some countries are at cross roads as to what to do. Having a single international regulation that would determine the usage of crypto across all parts of the world would make a difference. Individuals would be more comfortable trading across the borders, and crypto would gain more credibility with people as compared to traditional banks. In my case, it would imply that I would be able to operate crypto at any location.

The second is a crypto taxation law. At this time, most governments are yet to determine how to tax crypto gains. Some charge heavy taxes and others do not tax. This leaves people who wish to use crypto in a legal manner confused. By making a fair law that would tax crypto in simple and straightforward way, it would attract more individuals to join. No one enjoys confusion and I believe an appropriate tax regulation would make crypto more stable and accepted by the world.

The third one is a user protection law against scams. Scams are a major problem in the crypto world of Nigeria and several other nations. New users that lack sufficient knowledge of how crypto works are the vulnerable ones to fake platforms and unscrupulous individuals. In case a tough law is designed to save users against scams, then more individuals will have the heart to become part of the crypto world. Safety will make it confident, and confidence will make the market grow.

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The fourth is the legislation on crypto payments in everyday life. Not all businesses accept crypto but some businesses do today. With governments enacting laws that will enable shops, schools, transport systems, and even government offices to accept crypto as a form of payment, then it would alter how money operates. Think of the possibility of paying with crypto food, clothing or school fees without worrying. Such a law will allow the crypto to become a part of ordinary life that is not only of investors and traders.

The fifth one is a decentralized finance (DeFi) law. DeFi provides individuals with an opportunity to borrow, save and invest without banks. However, since few rules apply, there are people who exploit others. In case a fair law is developed to regulate DeFi, it would assist millions of people, who lack access to banks, particularly in Africa. This law would allow me as an individual to be in a position to become wealthier and transact business with a single press of a button and at my fingertips.

To sum up, crypto is potent, and the future of crypto is determined by the laws that will be enacted. An international regulation law, tax system, user protection, daily payment, and DeFi have the power to transform everything. There are some individuals, who feel that laws will break the freedom of crypto, and I think that good laws will make it more powerful and safe. Being a Nigerian guy who is a crypto lover, I would wish that such type of laws will arrive in the near future so that all people can enjoy this new system of money.