Positioning Bitcoin As An Asset Outside The Regulatory System Does Not Comply With Satoshi’s Document: Expert Opinion
Since its inception, Bitcoin has been trying to maintain the image of an independent, decentralized asset. Crypto-Papa Christopher Giancarlo, former chairman of the US Commodity Futures Trading Commission [CFTC], cast doubt on this postulate. He is convinced that the official document of Satoshi does not mean that Bitcoin should remain outside the control of the government and regulatory bodies. He recently commented on this statement:
“According to Satoshi’s concept, Bitcoin should become a digital currency, which will avoid the mediation of banks and commercial institutions in conducting financial transactions. But nothing is said that Bitcoin should be outside government and regulatory systems.”
Also, the ex-chairman of the CFTC made a comparison of how continental and island countries evaluate Bitcoin. He concluded that the banking structures of different countries have polar views on digital currency. This directly proportionally reflects the level of conservatism of an economy.
“We all know that the banks of island countries such as Bermuda, Malta, Singapore keep offshore oligarchs and tycoons from all over the continental world. Maintaining an increased level of asset security is a priority and a visiting card of these banks. They see Bitcoin as one of the many assets that need to be protected.”
The central banks of continental countries are not so well open Bitcoin, unlike island countries. Conservative views prevail here. According to Giancarlo, “when it comes to protecting financial assets, first, local central banks protect the national currency.”
Island countries perceive Bitcoin quite well. A striking example of this is Malta. For many years’ crypto companies, exchanges whose rights were significantly limited or in general have been banned from functioning, have been deported here.
The Government of Malta also supports the digital currency at the legislative level. In particular, the local parliament approved three bills that set out the legal framework for blockchain technology. One such document is the Law on Virtual Financial Assets.
Cryptocurrency friendly policies also apply in the Cayman Islands. Here, blockchain technology has wide freedom, but at the same time there are minimum regulatory standards. There are no such restrictions as compulsory licensing of companies, exchanges that deal with cryptocurrency.