how will new u.s. regulations affect the price of bitcoin?
as we reported at night today, regulations on cryptocurrency wallets have been announced in the united states for some time. the regulations have yet to come into force. first, feedback will be received for 15 days after it is published in the federal register, and then put into practice, giving the final shape accordingly.
in summary, at first glance, the new regulations are aimed at making it difficult to trade cryptocurrencies anonymously. cryptocurrency wallets will be subject to a high level of anti-money laundering standards under the new regulation. for withdrawals of more than $ 3k, advanced know your customer (kyc) requirements, including counterparty credentials, will be asked to be met. for transactions worth 10 thousand dollars and more, it will also be mandatory to report the transaction to fincen. this statement will include the credentials, names and physical addresses of the parties involved.
in fact, the rules that need to be implemented are in line with the travel rule of the g20 financial action task force, which also covered cryptocurrencies last year.
apparently, the market has encountered regulations that impose less restrictions than expected. movements in the price of bitcoin after the announcement also confirm this. a regulation as drastic as expected could create a serious wave of sales in price. after a drop of about $ 250 in the first minutes, bitcoin soon recovered. from here, you can read how regulations are met by the market.
for example, jake chervinsky, a leading cryptocurrency lawyer, said, “the regulations could have been worse.” said. bitcoin entrepreneur and supporter matt odell “the block writes that the us government will require exchanges to report bitcoin withdrawals larger than $ 10k. honestly, i assumed they did. the concerns expressed by armstrong and davidson seemed to be expected much worse. if it’s true, it’s very bullish,” he said.
on the other hand, lawyer oguz evren kılıç said, “the united states has introduced quite extensive regulation on cryptocurrencies. this is the first flare-up of the expected wave of global regulation. many people have concerns, especially about defi, but these regulations will be very useful. now states are coming to terms with cryptocurrency. the regulations will allow the cryptocurrency phenomenon to sit on legal ground, legitimize, give confidence to large audiences, enter the secure market of institutional investors and reduce destructive actions in the market. # crypto thus surpassed his childhood, entered the age of maturation.” made the comments.
in the us, there has always been a significant audience that has refrained from entering the market due to regulatory uncertainty. clarification of regulations will allow these potential investors and companies to feel comfortable getting involved in the market. in the medium and long term, it can be assumed that this will have a positive impact on the price.