What was once a booming industry is struggling to survive
Rewind the clock to 2017, everyone and their dog was coming up with a new crypto project...
Money was being thrown at these projects in the form of ICOs left and right.
It was never easier to get an idea off the ground, funded, and on the path to realization.
That may not have been the best setup going forward as it was ripe with fraud and a little too easy for it to be sustainable for any length of time.
(Source: https://www.cryptowisser.com/crypto-regulation-in-different-countries/)
However, now we have gone too far the other direction...
Now we have regulations popping up every few weeks as it relates to exchanges, to developers, to ICOs, to taxes etc etc etc.
This has stiffed the industry to the point that almost no new projects are coming out.
Again, a little slow down might be necessary, but now even the legitimate projects are having trouble getting financed.
Investors are afraid to invest in worthwhile projects due to the complexity of the regulatory environment as well as the lack of clarity surrounded taxes.
This is slowly choking off a once thriving and promising new industry.
Exchanges are closing shop.
Roughly 90% of projects that launched an ICO are either dead or on there way to be.
Even developers are fearful for what they do on established blockchains such as Ethereum for fear they could be prosecuted at some point down the line.
This is all getting ridiculous
Governments needed to take a "do no harm" approach, and they mostly have crossed that line at this point.
Even once friendly jurisdictions like Japan and South Korea have gone too far in tightening the reins.
If this continues we are likely going to see an industry that is mostly chocked off and killed before it was ever really given a chance to thrive.
Hopefully this is realized before it is too late and regulations that work with innovators are put in place as opposed to ones that stifle innovation.
We need to start going down this path, yesterday.
Stay informed my friends.
-Doc