Brazil has passed Regulatory framework

The FTX incident is not at all good for the crypto community but things are not in our hands and we just have to deal with it. Lots of people have lost their friends because of this situation and now the regulation is something that some countries are talking about. It was also expected that now we are going to have tough regulations in place to avoid this kind of scenario where the exchanges do not follow fair practice. It is understood if people face loss because of volatility or market fluctuation but lose funds because of collapse that unfair practice is something, not the right way.

Brazil is one of the countries which has passed its regulatory framework for cryptocurrencies. This is still in the approval process but the kind of reports we are getting seems like the country is going to have the regulation soon. Ftx was a global exchange and had higher operations in so many countries across the world so it has been affected globally, however, the major effect has been in the US and Europe. With regulation at least we can expect that these exchanges have to follow transparency like we can see some of the exchanges are trying to show with the proof of reserve.

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It is understood that crypto is not a mature industry but it is getting better day by day however with these questions things do not get on the right track and we can hope that this should not be repeated in the future. This year 2022 has not been good for the community because of these scenarios where multiple platforms have collapsed and have affected people in form of loss.

India is one of the countries where crypto is in the neutral state but they have put taxation in place which is so high that it is not easy for any trader to trade with ease. At least the current situation does not give any signal that we are going to have crypto-friendly regulations here in India and in this situation when I see these kinds of countries including Dubai and Brazil who are doing good to support crypto makes me worry about Indians.

This is the time when any country can build the required infrastructure in the country on blockchain but sadly India is lacking here. It is difficult to say or credit how things will be unfolded in the next year as the current parliamentary session has no crypto bill listed. It is also difficult to expect positive regulation as the government is not at all in favor of the cryptocurrency market and we can say this on the basis of the taxation they have put in place.

During the bear market, I believe it is very important to keep ourselves updated and eye spend some time almost every day reading news articles. Knowledge is important and keeping ourselves updated is also equally important so I am trying my best to see how things are going on in the world.

Thank you so much
Stay Safe

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