Are laws & regulations bad for the crypto ecosystem or the necessary catalyst for adoption?
In a system where no central authority is in charge of the financial activities day in, day out has it strengths and shortcomings.
Today, there are over 4,000 cryptocurrencies in the market with no intermediary to monitor these transactions giving users full ownership and control over their crypto assets.
The question remains, are there laws that govern the crypto ecosystem? If there are laws, why are external bodies clamoring to regulate internal developed projects ?
Why are there still crashes and frauds ravaging the ecosystem?
Should a crypto trader pay tax to the government?
It is imperative that we answer these questions to enlighten ourselves on the legal framework on how the crypto and blockchain ecosystem works.