After the G20 summit decided to introduce general rules for regulating the cryptocurrency market, the market situation began to change rapidly. The UK authorities received a recommendation from the FATF to streamline the activity of crypto-burg, in Holland they are going to introduce licensing of trading platforms. Where will such decisions lead?
Initially, cryptocurrencies were created with the aim of avoiding overregulation and total control. The White Book of Satoshi Nakamoto said that Bitcoin is designed to create a secure and anonymous peer-to-peer network. And completely independent of any regulator.
The opposition of the first years from the authorities of various levels was caused by the fact that they felt the threat of their monopoly. Apparently, the situation in 2018 has changed dramatically. Bitcoin has become a legalized trading asset, with a very user-friendly interface during the operation. Satoshi's idea was right. Even the most stringent supervisors recognize that the volume of criminal transactions here is even less than in the banking system. However, the authorities can not calm down, and take attempts to put the blockchain under total control.
In a recent FATF report on the UK, it was recognized that blockchains are hardly ever used for money laundering or terrorist financing. However, it also has recommendations to strengthen supervision in order to prevent such activity in the future.
News that the Netherlands will introduce licensing in the field of cryptocurrency, also speaks of the authorities' attempt to take the blockchain under full control. In the Central Bank of Holland directly noted - the purpose of innovation is to reduce the degree of anonymity of peering operations. That is, these actions are completely contrary to the concept of Satoshi. Apparently, the authorities have found a way to take complete control over cryptocurrencies.
Some experts call this the true reason for the fall in cryptocurrency prices. Fully controlled bitcoin was not interested in a wide layer of investors. Large funds also do not show much activity, because their range of possibilities is much wider.
An example from the Department of Financial Services of the State of New York speaks well of how power manages the financial industry. Since 2015, the Office has received 36 applications for a license. And for three years, NYDFS only reviewed and granted permission to nine applicants.