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1AI Guest Post
  • Brand: APAC Insider (£75.00) £75.00
  • Select Publication Date: 2022-06-21
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  • Article title: Crypto Exchanges in Australia to be Licensed by the AU Government
  • Article text: [*heading*]Best Crypto Exchanges in Australia: The AU Government to Establish Market Licenses[*endheading*]



    Governments around the world have different relationships with crypto. 



    In China, for instance, all cryptocurrency-related activities are banned. In the South American country of El Salvador, the government has approved Bitcoin as legal tender – the first country to do so in the world. In the United States, cryptocurrencies constantly come under regulatory watchdog. 



    The same goes for much of Europe, barring a few countries where it is either mainstream or banned.

    [*subheading*]Crypto regulations around the world[*endsubheading*]

    While the United States of America is and was the major hub of crypto, the numbers are now changing. For example, the country with the highest number of crypto investors is now India, [*nolink https://www.apac-insider.com/why-has-india-turned-against-bitcoin-is-it-a-warning-sign-for-crypto/ *]despite even some ongoing legislation tensions[*endlink*]. It has more than three times the number of investors in the US. But considering the overall population of India, it is still a small percentage of the population.

     

    Once we look at Africa, we get another glimpse of how things are changing. Nigeria has 13 million active crypto investors, which is around 10 million less than the US. It still has almost 10 million more crypto investors than the United Kingdom. Vietnam also has more crypto owners than the UK. In many of these third-world countries, people are seeking financial freedom through crypto trading or passive income with [*link https://www.trality.com/blog/copy-trading-guide *]copy trading[*endlink*].

     

    What these numbers suggest is that cryptocurrency is no longer an American phenomenon. In fact, it’d be wrong to call it a first-world phenomenon. Some of the most utilitarian applications of crypto were in African countries.

     

    Amidst this wave of crypto adoption, Australia has steadily seen a rise in the number of crypto users. Today there are more than 1 million crypto investors in Australia. The population of Australia is 27.10 Million, which makes 1 million a sizable proportion of the country. To foster this growing interest in crypto and a general mistrust of US dollar-backed currencies, Australia is adopting a unique stance toward crypto. 

    [*subheading*]What Australia is doing[*endsubheading*]

    Before we jump into what steps the Australian government is taking with respect to crypto, it is important to give you some context. First, we need to understand why governments around the world are against crypto, some more fervently than others.

     

    The first, and primary argument is that cryptocurrencies can destabilize a nation’s economy. For example, if everyone invested all their money in Bitcoin, no one would invest in the country’s stock market. As a result, business and commerce would collapse. This argument does not take into account the fact that no trend or pattern has indicated anything similar to such a doomsday scenario.

     

    The second argument that governments give is more valid. As we already know, cryptocurrencies are decentralized. If a crypto exchange steals your money and runs away, you can technically go nowhere for justice. As such, governments do not want to handle crypto fraud management.

     

    Cryptocurrency frauds and scams are pertinent issues in the crypto ecosystem. In 2021, for example, more than $14 billion was lost to scammers and cybercriminals. People who are not comfortable with technology are often at the brunt of attacks. 



    Several crypto exchanges also get a pass to [*link https://www.trality.com/blog/crypto-exchanges-without-kyc *]operate without KYC compliance[*endlink*]. Given such an epidemic of money laundering scams involving crypto, governments took harsh steps. While they were well-intended in some cases, they ended up stifling growth and innovation in the crypto sectors.

    What Australia is doing differentlyAustralia has a way of doing things differently than the rest of the world. But what the country is doing with cryptocurrencies is not exactly unique. UAE, among a few other countries, has adopted the same stance. Australia is giving a [*nolink https://currency.com/australia-to-introduce-badge-of-approval-for-crypto-exchanges *]“Badge of Approval”[*endlink*] to the cryptocurrency exchanges that it deems safe for its citizens.

     

    Jane Hume, the Minister for Digital Economy of Australia, spoke in favor of cryptocurrencies and Defi at the Australian Blockchain Week 2022. In her long speech, she spoke at length about how Defi and crypto are the most exciting prospects for the Australian people. Under the Morrison government, the digital market economy of Australia is around $AUD 2.1 billion. It is very close to toppling gold and taking its place in terms of market share.

     

    At the same event, Senator Hume spoke about how the government is trying to address this issue. The key highlights of her speech were:

     

    ● Introducing safe labels for cryptocurrency exchanges that are deemed fit legally

    ● Making crypto taxation processes simple

     

    When we take into account the major hindrances that crypto investors face, these two problems come out on top. In India, for example, [*nolink https://economictimes.indiatimes.com/markets/cryptocurrency/the-1-tax-that-has-indias-crypto-industry-predicting-chaos/articleshow/90603840.cms *]the crypto taxation framework remains unclear[*endlink*] months after its declaration.

    [*subheading*]Will Australia be able to tackle the crypto exchange issue?[*endsubheading*]

    What Australia is trying to do is not unprecedented. Other countries have tried to do similar things to curb the problem of crypto scams. Several European countries have strict guidelines on cryptocurrency advertisement. That’s yet another way governments are trying to protect their citizens from crypto-related scams. Australia, however, is taking a softer stance.

     

    Whether or not Australia will succeed depends on how well the Senate handles the issue. If the government can arrive at a mutually agreed-upon stance, it would not be difficult to legalize this stance. But that’s only the first step towards adopting crypto institutionally.

     

    What parameters the evaluating body chooses to grade cryptocurrency exchanges is the most important factor. Many governments make a mistake here since their panels do not include people who are real crypto experts. If Australia manages to get a grip on these two factors, its policies can have very beneficial effects on the crypto landscape of the country.

    [*subheading*]Will Australia set an example for the world?[*endsubheading*]

    As of now, it is too soon to say whether Australia will set an example for other countries to follow. The policies are still at an ideation level and their execution may not be as promising. Most importantly, several governments have a deep-rooted anti-crypto stance. It’s highly unlikely that their stance would sway due to what happens in a distant country.

_Brand: APAC Insider (£75.00) £75.00
_Select Publication Date: 2022-06-21
_Number of images/videos: 1 (£0.00)
_Media 1: Image or video?: Image (£0.00)
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_Total number of words: 1000+ (£35.00) £35.00
_Do-Follow links: up to 3 (£10.00) £10.00
_Article title: Crypto Exchanges in Australia to be Licensed by the AU Government
_Article text: Governments around the world have different relationships with crypto.  In China, for instance, all cryptocurrency-related activities are banned. In the South American country of El Salvador, the government has approved Bitcoin as legal tender – the first country to do so in the world. In the United States, cryptocurrencies constantly come under regulatory watchdog.  The same goes for much of Europe, barring a few countries where it is either mainstream or banned. [*subheading*]Crypto regulations around the world[*endsubheading*] While the United States of America is and was the major hub of crypto, the numbers are now changing. For example, the country with the highest number of crypto investors is now India, [*nolink https://www.apac-insider.com/why-has-india-turned-against-bitcoin-is-it-a-warning-sign-for-crypto/ *]despite even some ongoing legislation tensions[*endlink*]. It has more than three times the number of investors in the US. But considering the overall population of India, it is still a small percentage of the population. Once we look at Africa, we get another glimpse of how things are changing. Nigeria has 13 million active crypto investors, which is around 10 million less than the US. It still has almost 10 million more crypto investors than the United Kingdom. Vietnam also has more crypto owners than the UK. In many of these third-world countries, people are seeking financial freedom through crypto trading or passive income with [*link https://www.trality.com/blog/copy-trading-guide *]copy trading[*endlink*].   What these numbers suggest is that cryptocurrency is no longer an American phenomenon. In fact, it’d be wrong to call it a first-world phenomenon. Some of the most utilitarian applications of crypto were in African countries. Amidst this wave of crypto adoption, Australia has steadily seen a rise in the number of crypto users. Today there are more than 1 million crypto investors in Australia. The population of Australia is 27.10 Million, which makes 1 million a sizable proportion of the country. To foster this growing interest in crypto and a general mistrust of US dollar-backed currencies, Australia is adopting a unique stance toward crypto.  [*subheading*]What Australia is doing[*endsubheading*] Before we jump into what steps the Australian government is taking with respect to crypto, it is important to give you some context. First, we need to understand why governments around the world are against crypto, some more fervently than others. The first, and primary argument is that cryptocurrencies can destabilize a nation’s economy. For example, if everyone invested all their money in Bitcoin, no one would invest in the country’s stock market. As a result, business and commerce would collapse. This argument does not take into account the fact that no trend or pattern has indicated anything similar to such a doomsday scenario. The second argument that governments give is more valid. As we already know, cryptocurrencies are decentralized. If a crypto exchange steals your money and runs away, you can technically go nowhere for justice. As such, governments do not want to handle crypto fraud management. Cryptocurrency frauds and scams are pertinent issues in the crypto ecosystem. In 2021, for example, more than $14 billion was lost to scammers and cybercriminals. People who are not comfortable with technology are often at the brunt of attacks.  Several crypto exchanges also get a pass to [*link https://www.trality.com/blog/crypto-exchanges-without-kyc *]operate without KYC compliance[*endlink*]. Given such an epidemic of money laundering scams involving crypto, governments took harsh steps. While they were well-intended in some cases, they ended up stifling growth and innovation in the crypto sectors. What Australia is doing differently Australia has a way of doing things differently than the rest of the world. But what the country is doing with cryptocurrencies is not exactly unique. UAE, among a few other countries, has adopted the same stance. Australia is giving a [*nolink https://currency.com/australia-to-introduce-badge-of-approval-for-crypto-exchanges *]“Badge of Approval”[*endlink*] to the cryptocurrency exchanges that it deems safe for its citizens. Jane Hume, the Minister for Digital Economy of Australia, spoke in favor of cryptocurrencies and Defi at the Australian Blockchain Week 2022. In her long speech, she spoke at length about how Defi and crypto are the most exciting prospects for the Australian people. Under the Morrison government, the digital market economy of Australia is around $AUD 2.1 billion. It is very close to toppling gold and taking its place in terms of market share. At the same event, Senator Hume spoke about how the government is trying to address this issue. The key highlights of her speech were: ● Introducing safe labels for cryptocurrency exchanges that are deemed fit legally ● Making crypto taxation processes simple When we take into account the major hindrances that crypto investors face, these two problems come out on top. In India, for example, [*nolink https://economictimes.indiatimes.com/markets/cryptocurrency/the-1-tax-that-has-indias-crypto-industry-predicting-chaos/articleshow/90603840.cms *]the crypto taxation framework remains unclear[*endlink*] months after its declaration. [*subheading*]Will Australia be able to tackle the crypto exchange issue?[*endsubheading*] What Australia is trying to do is not unprecedented. Other countries have tried to do similar things to curb the problem of crypto scams. Several European countries have strict guidelines on cryptocurrency advertisement. That’s yet another way governments are trying to protect their citizens from crypto-related scams. Australia, however, is taking a softer stance. Whether or not Australia will succeed depends on how well the Senate handles the issue. If the government can arrive at a mutually agreed-upon stance, it would not be difficult to legalize this stance. But that’s only the first step towards adopting crypto institutionally. What parameters the evaluating body chooses to grade cryptocurrency exchanges is the most important factor. Many governments make a mistake here since their panels do not include people who are real crypto experts. If Australia manages to get a grip on these two factors, its policies can have very beneficial effects on the crypto landscape of the country. [*subheading*]Will Australia set an example for the world?[*endsubheading*] As of now, it is too soon to say whether Australia will set an example for other countries to follow. The policies are still at an ideation level and their execution may not be as promising. Most importantly, several governments have a deep-rooted anti-crypto stance. It’s highly unlikely that their stance would sway due to what happens in a distant country.
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1AI Guest Post
  • Brand: EU Business News (£70.00) £70.00
  • Select Publication Date: 2022-06-21
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  • Total number of words: 1000+ (£35.00) £35.00
  • Article title: EU Proposal Against Crypto Privacy Fails In Vote
  • Article text: [*heading*]EU Proposal Against Crypto Privacy Fails In Vote: Can Crypto Users Breathe Freely Now?[*endheading*]

    [*subheading*]A Crypto Victory and Defeat in March 2022[*endsubheading*]

    The European Parliament voted [*nolink https://www.coindesk.com/policy/2022/03/14/proposal-limiting-proof-of-work-is-rejected-in-eu-parliament-committee-vote-sources/ *]in mid-March 2022[*endlink*] to reject the amendment to the Markets in Crypto-Assets legislation that would ban cryptocurrencies and crypto transactions that use the Proof of Work (PoW) consensus algorithm. For crypto enthusiasts, the joy and relief brought by that victory was short-lived. At the end of March 2022, a European committee voted to strip crypto wallets, custodial and non-custodial, of their privacy. Furthermore, since MICA has 126 provisions related to cryptocurrency and crypto transactions, it is likely that the fight to keep the crypto sphere in alignment with Satoshi Nakamoto’s dream of democratic wealth creation has only just begun.

    [*subheading*]Failed Vote to Ban Tokens Using the Proof of Work Consensus Algorithm[*endsubheading*]

    The ban on PoW-based cryptocurrencies and crypto transactions would have effectively banned the legacy tokens, Bitcoin and Ether, in Europe. Bitcoin cannot switch to the less energy-intensive Proof of Stake (PoS) consensus algorithm, which is used by some of [*link https://www.trality.com/blog/most-energy-efficient-cryptocurrencies *]the most environmentally friendly cryptocurrencies[*endlink*]. On the other hand, Ethereum is in the process of switching to the less energy intensive PoS consensus, but some parts of its operations must remain powered by PoW. Therefore, Bitcoin, Ether, and their associated blockchains would have been unable to operate in the European Union and interact with any other crypto technologies approved for operation in the EU.

    PoW-Based Crypto Activities Are Environmentally UnsustainableBeing environmentally unfriendly and unsustainable are the most oft-cited arguments used to justify banning PoW-based crypto technology. Critics argue that [*nolink https://www.forbes.com/advisor/investing/cryptocurrency/bitcoins-energy-usage-explained/ *]the energy-guzzling PoW process[*endlink*] has a significant negative impact on the environment, uses more energy than many small nations, and is environmentally unsustainable. The crypto world has responded by developing renewable energy sources to power its crypto mining. In addition, it has begun to repurpose the energy (i.e., heat) generated during the mining process in ways beneficial for society (e.g., using the generated heat to heat/warm small greenhouses for farmers). Yet, crypto firms are still assailed by critics who fear that the renewable energy being created to power crypto operations will be preferentially provided to crypto operations instead of used for public consumption. In short, it is clear that any solutions put forth by crypto firms will not be enough to satisfy critics who want to regulate or have some say in how the crypto firms operate.

    [*subheading*]Stripping Privacy from Crypto Wallets[*endsubheading*]

    Voting to strip crypto wallets of their privacy was pushed for three major reasons. The first was that it has been argued that cryptocurrency and the blockchain are being used to conduct illegal transactions and fund terrorism. Secondly, blockchains are not in compliance with General Data Protection Regulation (GDPR) laws. The third is that crypto transactions do not comply with the Know Your Customer (KYC) and Anti-Money Laundering (AML) financial regulations that govern wire transactions. Let’s examine more closely the reasons for unmasking anonymous crypto transactions.

    Straw Man Arguments: Illegal Transactions, Funding Terrorism, AML, and KYCIt cannot be denied that some people and businesses are using cryptocurrency and blockchain technology to conduct illegal activities/transactions and possibly fund terrorism. The industry argues that, at most, it amounts to 0.5% of all crypto transactions. Politicians and the financial sector, however, argue that it’s likely much more than that. The biggest weakness in the position of those who want crypto wallets stripped of privacy is that they have no evidence to support their position. Their argument, namely that after crypto wallet owners and their financial transactions are made available for examination they will have the evidence to support their position, is pure conjecture. Forcing blockchains and centralized crypto exchanges (CEXs) to identify and verify the owners of the wallets that perform transactions on their blockchain (many of whom engage in high-frequency trading using [*link https://www.trality.com/blog/most-energy-efficient-cryptocurrencies *]copy trading bots[*endlink*][*link https://www.trality.com/blog/most-energy-efficient-cryptocurrencies" style="text-decoration:none; *][*endlink*]) and report all of their transactions only strips the wallet owners of their privacy, a valued aspect of crypto transactions, and invites the government into their private financial affairs. 



    Still, crypto firms have found at least one way for parties in a transaction to perform KYC and AML procedures without involving the government. This solution is not considered acceptable because there is no government oversight of it and outside agencies cannot amass data on them and study it. Arguably, it is as reliable as the government investigating itself. If that is acceptable, why would blockchains and transacting parties policing their transactions not be acceptable? At the other end of the spectrum are a handful of [*link https://www.trality.com/blog/crypto-exchanges-without-kyc *]crypto exchanges without KYC[*endlink*].

    Blockchains Fail to Comply with GDPRThe remaining argument that blockchain technology does not comply with GDPR, while correct, overlooks the fact that the GDPR was written for Web 2.0. It is inappropriate to try and force Web 3.0 to be in compliance with legislation created to govern Web 2.0 technology. There are vast differences between Web 2.0 and 3.0. As usual, the laws governing the technology lag behind its development because lawmakers have to understand the problems a technology creates (or may create) before they pass legislation on it. There are ways to bring blockchain and Web 3.0 tech into compliance with most of the GDPR articles, but not all of them (e.g., the right to be forgotten, erasure and rectification of information). Why? Blockchains are considered secure and trustworthy because they have immutable records that are strung together in a ‘chain’ that makes it almost impossible to alter the records after they have been created and recorded on the blockchain. The EU’s proposal that the blockchain permit various wallet owners to alter the blockchain’s records that have information pertaining to their blockchain activities undermines the blockchain itself and renders it as reliable as accounting records maintained on a computer. Though, apart from the GDPR, [*nolink https://www.eubusinessnews.com/europes-future-in-blockchain-technology/ *]the EU is quite friendly to blockchain technology in general[*endlink*]. 

    [*subheading*]Government’s Want to Tax and Regulate the Crypto Sphere[*endsubheading*]

    Based on the crypto-related legislation being introduced by the EU, USA, and India, it is clear that crypto enthusiasts cannot breathe a sigh of relief, relax, or take their current situation in the crypto world for granted. Given the work being done to unmask crypto transactions, crypto wallet owners, and amass data on crypto transactions, it is more likely that this is the beginning of government taxation of and interference in the crypto world.

_Brand: EU Business News (£70.00) £70.00
_Select Publication Date: 2022-06-21
_Number of images/videos: 1 (£0.00)
_Media 1: Image or video?: Image (£0.00)
_Media 1: Upload image: cover.png
_Total number of words: 1000+ (£35.00) £35.00
_Do-Follow links: up to 3 (£10.00) £10.00
_Article title: EU Proposal Against Crypto Privacy Fails In Vote
_Article text: [*heading*]EU Proposal Against Crypto Privacy Fails In Vote: Can Crypto Users Breathe Freely Now?[*endheading*] [*subheading*]A Crypto Victory and Defeat in March 2022[*endsubheading*] The European Parliament voted [*nolink https://www.coindesk.com/policy/2022/03/14/proposal-limiting-proof-of-work-is-rejected-in-eu-parliament-committee-vote-sources/ *]in mid-March 2022[*endlink*] to reject the amendment to the Markets in Crypto-Assets legislation that would ban cryptocurrencies and crypto transactions that use the Proof of Work (PoW) consensus algorithm. For crypto enthusiasts, the joy and relief brought by that victory was short-lived. At the end of March 2022, a European committee voted to strip crypto wallets, custodial and non-custodial, of their privacy. Furthermore, since MICA has 126 provisions related to cryptocurrency and crypto transactions, it is likely that the fight to keep the crypto sphere in alignment with Satoshi Nakamoto’s dream of democratic wealth creation has only just begun. [*subheading*]Failed Vote to Ban Tokens Using the Proof of Work Consensus Algorithm[*endsubheading*] The ban on PoW-based cryptocurrencies and crypto transactions would have effectively banned the legacy tokens, Bitcoin and Ether, in Europe. Bitcoin cannot switch to the less energy-intensive Proof of Stake (PoS) consensus algorithm, which is used by some of [*link https://www.trality.com/blog/most-energy-efficient-cryptocurrencies *]the most environmentally friendly cryptocurrencies[*endlink*]. On the other hand, Ethereum is in the process of switching to the less energy intensive PoS consensus, but some parts of its operations must remain powered by PoW. Therefore, Bitcoin, Ether, and their associated blockchains would have been unable to operate in the European Union and interact with any other crypto technologies approved for operation in the EU. PoW-Based Crypto Activities Are Environmentally UnsustainableBeing environmentally unfriendly and unsustainable are the most oft-cited arguments used to justify banning PoW-based crypto technology. Critics argue that [*nolink https://www.forbes.com/advisor/investing/cryptocurrency/bitcoins-energy-usage-explained/ *]the energy-guzzling PoW process[*endlink*] has a significant negative impact on the environment, uses more energy than many small nations, and is environmentally unsustainable. The crypto world has responded by developing renewable energy sources to power its crypto mining. In addition, it has begun to repurpose the energy (i.e., heat) generated during the mining process in ways beneficial for society (e.g., using the generated heat to heat/warm small greenhouses for farmers). Yet, crypto firms are still assailed by critics who fear that the renewable energy being created to power crypto operations will be preferentially provided to crypto operations instead of used for public consumption. In short, it is clear that any solutions put forth by crypto firms will not be enough to satisfy critics who want to regulate or have some say in how the crypto firms operate. [*subheading*]Stripping Privacy from Crypto Wallets[*endsubheading*] Voting to strip crypto wallets of their privacy was pushed for three major reasons. The first was that it has been argued that cryptocurrency and the blockchain are being used to conduct illegal transactions and fund terrorism. Secondly, blockchains are not in compliance with General Data Protection Regulation (GDPR) laws. The third is that crypto transactions do not comply with the Know Your Customer (KYC) and Anti-Money Laundering (AML) financial regulations that govern wire transactions. Let’s examine more closely the reasons for unmasking anonymous crypto transactions. Straw Man Arguments: Illegal Transactions, Funding Terrorism, AML, and KYCIt cannot be denied that some people and businesses are using cryptocurrency and blockchain technology to conduct illegal activities/transactions and possibly fund terrorism. The industry argues that, at most, it amounts to 0.5% of all crypto transactions. Politicians and the financial sector, however, argue that it’s likely much more than that. The biggest weakness in the position of those who want crypto wallets stripped of privacy is that they have no evidence to support their position. Their argument, namely that after crypto wallet owners and their financial transactions are made available for examination they will have the evidence to support their position, is pure conjecture. Forcing blockchains and centralized crypto exchanges (CEXs) to identify and verify the owners of the wallets that perform transactions on their blockchain (many of whom engage in high-frequency trading using [*link https://www.trality.com/blog/most-energy-efficient-cryptocurrencies *]copy trading bots[*endlink*][*link https://www.trality.com/blog/most-energy-efficient-cryptocurrencies\" style=\"text-decoration:none; *][*endlink*]) and report all of their transactions only strips the wallet owners of their privacy, a valued aspect of crypto transactions, and invites the government into their private financial affairs.  Still, crypto firms have found at least one way for parties in a transaction to perform KYC and AML procedures without involving the government. This solution is not considered acceptable because there is no government oversight of it and outside agencies cannot amass data on them and study it. Arguably, it is as reliable as the government investigating itself. If that is acceptable, why would blockchains and transacting parties policing their transactions not be acceptable? At the other end of the spectrum are a handful of [*link https://www.trality.com/blog/crypto-exchanges-without-kyc *]crypto exchanges without KYC[*endlink*]. Blockchains Fail to Comply with GDPR The remaining argument that blockchain technology does not comply with GDPR, while correct, overlooks the fact that the GDPR was written for Web 2.0. It is inappropriate to try and force Web 3.0 to be in compliance with legislation created to govern Web 2.0 technology. There are vast differences between Web 2.0 and 3.0. As usual, the laws governing the technology lag behind its development because lawmakers have to understand the problems a technology creates (or may create) before they pass legislation on it. There are ways to bring blockchain and Web 3.0 tech into compliance with most of the GDPR articles, but not all of them (e.g., the right to be forgotten, erasure and rectification of information). Why? Blockchains are considered secure and trustworthy because they have immutable records that are strung together in a ‘chain’ that makes it almost impossible to alter the records after they have been created and recorded on the blockchain. The EU’s proposal that the blockchain permit various wallet owners to alter the blockchain’s records that have information pertaining to their blockchain activities undermines the blockchain itself and renders it as reliable as accounting records maintained on a computer. Though, apart from the GDPR, [*nolink https://www.eubusinessnews.com/europes-future-in-blockchain-technology/ *]the EU is quite friendly to blockchain technology in general[*endlink*].  [*subheading*]Government’s Want to Tax and Regulate the Crypto Sphere[*endsubheading*] Based on the crypto-related legislation being introduced by the EU, USA, and India, it is clear that crypto enthusiasts cannot breathe a sigh of relief, relax, or take their current situation in the crypto world for granted. Given the work being done to unmask crypto transactions, crypto wallet owners, and amass data on crypto transactions, it is more likely that this is the beginning of government taxation of and interference in the crypto world.
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