ArticleController :: show
Request
GET Parameters
None
POST Parameters
None
Uploaded Files
None
Request Attributes
Key | Value |
---|---|
_controller | "App\Controller\ArticleController::show" |
_firewall_context | "security.firewall.map.context.main" |
_links | Symfony\Component\WebLink\GenericLinkProvider {#3672 -links: [ 3793 => Symfony\Component\WebLink\Link {#3793 -href: "/build/runtime.js" -rel: [ "preload" => "preload" ] -attributes: [ "as" => "script" ] } 3791 => Symfony\Component\WebLink\Link {#3791 -href: "/build/644.js" -rel: [ "preload" => "preload" ] -attributes: [ "as" => "script" ] } 3790 => Symfony\Component\WebLink\Link {#3790 -href: "/build/502.js" -rel: [ "preload" => "preload" ] -attributes: [ "as" => "script" ] } 3789 => Symfony\Component\WebLink\Link {#3789 -href: "/build/app.js" -rel: [ "preload" => "preload" ] -attributes: [ "as" => "script" ] } 3788 => Symfony\Component\WebLink\Link {#3788 -href: "/build/view-more.js" -rel: [ "preload" => "preload" ] -attributes: [ "as" => "script" ] } 3787 => Symfony\Component\WebLink\Link {#3787 -href: "/build/term-condition.js" -rel: [ "preload" => "preload" ] -attributes: [ "as" => "script" ] } 3786 => Symfony\Component\WebLink\Link {#3786 -href: "/build/contact.js" -rel: [ "preload" => "preload" ] -attributes: [ "as" => "script" ] } 3785 => Symfony\Component\WebLink\Link {#3785 -href: "/build/scroll-infinite-article.js" -rel: [ "preload" => "preload" ] -attributes: [ "as" => "script" ] } 3784 => Symfony\Component\WebLink\Link {#3784 -href: "/build/app.css" -rel: [ "preload" => "preload" ] -attributes: [ "as" => "style" ] } 3783 => Symfony\Component\WebLink\Link {#3783 -href: "/build/cookie-style.css" -rel: [ "preload" => "preload" ] -attributes: [ "as" => "style" ] } 3782 => Symfony\Component\WebLink\Link {#3782 -href: "/build/term-condition-css.css" -rel: [ "preload" => "preload" ] -attributes: [ "as" => "style" ] } 3781 => Symfony\Component\WebLink\Link {#3781 -href: "/build/contact-css.css" -rel: [ "preload" => "preload" ] -attributes: [ "as" => "style" ] } 3780 => Symfony\Component\WebLink\Link {#3780 -href: "/build/comment-css.css" -rel: [ "preload" => "preload" ] -attributes: [ "as" => "style" ] } ] } |
_route | "article_show" |
_route_params | [ "category" => "technology" "slug" => "nothing-is-more-decentralized-than-cryptocurrency-regulation" ] |
_security_firewall_run | "_security_main" |
_stopwatch_token | "05b1be" |
category | "technology" |
slug | "nothing-is-more-decentralized-than-cryptocurrency-regulation" |
Request Headers
Header | Value |
---|---|
accept | "*/*" |
accept-encoding | "gzip, br, zstd, deflate" |
connection | "close" |
cookie | "PHPSESSID=s6tsnfajf93ok17e9ffhg9ifkf" |
host | "rct.dev.bbntimes.com" |
user-agent | "Mozilla/5.0 AppleWebKit/537.36 (KHTML, like Gecko; compatible; ClaudeBot/1.0; +claudebot@anthropic.com)" |
x-php-ob-level | "1" |
Request Content
Request content not available (it was retrieved as a resource).
Response
Response Headers
Header | Value |
---|---|
cache-control | "no-cache, private" |
content-type | "text/html; charset=UTF-8" |
date | "Sat, 22 Feb 2025 13:45:32 GMT" |
link | "</build/runtime.js>; rel="preload"; as="script",</build/644.js>; rel="preload"; as="script",</build/502.js>; rel="preload"; as="script",</build/app.js>; rel="preload"; as="script",</build/view-more.js>; rel="preload"; as="script",</build/term-condition.js>; rel="preload"; as="script",</build/contact.js>; rel="preload"; as="script",</build/scroll-infinite-article.js>; rel="preload"; as="script",</build/app.css>; rel="preload"; as="style",</build/cookie-style.css>; rel="preload"; as="style",</build/term-condition-css.css>; rel="preload"; as="style",</build/contact-css.css>; rel="preload"; as="style",</build/comment-css.css>; rel="preload"; as="style"" |
x-debug-token | "ee3e8f" |
Cookies
Request Cookies
Key | Value |
---|---|
PHPSESSID | "s6tsnfajf93ok17e9ffhg9ifkf" |
Response Cookies
No response cookies
Session 6
Session Metadata
Key | Value |
---|---|
Created | "Sat, 22 Feb 25 13:43:26 +0000" |
Last used | "Sat, 22 Feb 25 13:45:30 +0000" |
Lifetime | 0 |
Session Attributes
Attribute | Value |
---|---|
_csrf/https-comment | "7ReeFSX8xx6IMxYRooX163__x6LH9bYwle8FjHVWDog" |
_csrf/https-cookie_accept | "o9s-u0ppatCESXPUDtSx4SVkBJ53igeoALzKoHRWcuI" |
Session Usage
6
Usages
Stateless check enabled
Usage |
---|
Symfony\Component\Security\Csrf\TokenStorage\SessionTokenStorage:76
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Symfony\Component\Security\Csrf\TokenStorage\SessionTokenStorage:79
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Symfony\Component\Security\Csrf\TokenStorage\SessionTokenStorage:52
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Symfony\Component\Security\Csrf\TokenStorage\SessionTokenStorage:56
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Symfony\Component\Security\Core\Authentication\Token\Storage\UsageTrackingTokenStorage:41
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current_article | App\Entity\Article {#1094 -id: 3901 -title: "Nothing is More Decentralized than Cryptocurrency Regulation" -slug: "nothing-is-more-decentralized-than-cryptocurrency-regulation" -introtext: "<p><span style="color: #000000;"><span class="graf-dropCap">If </span>you’ve ever played “Whack-A-Mole” at the arcade, you’ll know just how frustrating and pesky those moles can be. Just as you think you’ve beaned one on the head, another one comes up somewhere else.</span></p>\r\n" -content: """ \r\n <figure id="b181" class="graf graf--figure graf-after--h3" style="text-align: center;">\r\n <div class="aspectRatioPlaceholder is-locked">\r\n <div class="progressiveMedia js-progressiveMedia graf-image is-canvasLoaded is-imageLoaded" data-image-id="1*2gFToZst3Mil9Q8aPJPjFQ.jpeg" data-width="4272" data-height="2848" data-is-featured="true" data-action="zoom" data-action-value="1*2gFToZst3Mil9Q8aPJPjFQ.jpeg" data-scroll="native"><canvas class="progressiveMedia-canvas js-progressiveMedia-canvas" width="75" height="50"></canvas><img class="progressiveMedia-image js-progressiveMedia-image" src="https://cdn-images-1.medium.com/max/1600/1*2gFToZst3Mil9Q8aPJPjFQ.jpeg" alt="" width="975" height="650" data-src="https://cdn-images-1.medium.com/max/1600/1*2gFToZst3Mil9Q8aPJPjFQ.jpeg" /></div>\r\n </div>\r\n <figcaption class="imageCaption"><span style="color: #808080;"><strong><br />Tim was told that a bigger hammer would do the trick. Standard disclaimers applied.<br /><br /></strong></span></figcaption></figure>\r\n <p id="517c" class="graf graf--p graf--hasDropCapModel graf--hasDropCap graf-after--figure"><span style="color: #000000;"><span class="graf-dropCap">If </span>you’ve ever played “Whack-A-Mole” at the arcade, you’ll know just how frustrating and pesky those moles can be. Just as you think you’ve beaned one on the head, another one comes up somewhere else.</span></p>\r\n <p id="0994" class="graf graf--p graf-after--p"><span style="color: #000000;">Yet for all the accusations leveled against cryptocurrencies for facilitating cross-border crime and money laundering, there seems to be very little coordinated regulatory effort to regulate the mother of all “Whack-A-Mole” games.</span></p>\r\n <p id="c03f" class="graf graf--p graf-after--p"><span style="color: #000000;">But that’s not to say that regulators haven’t recognized the problem. The U.S. Securities and Exchange Commission has charged that the lack of regulation and oversight of cryptocurrencies, particularly those which enhance anonymity, could induce “illicit trading and financial transactions.”</span></p>\r\n <p id="edc4" class="graf graf--p graf-after--p"><span style="color: #000000;">Across the pond, the European Parliament’s Special Committee on Financial Crimes has flagged the anonymous nature of cryptocurrencies as a security risk,</span></p>\r\n <p style="padding-left: 30px;"><span style="color: #000000;">“(Anonymity could prevent) cryptocurrency transactions from being adequately monitored, allowing shady transactions to occur outside of the regulatory perimeter and criminal organizations to use cryptocurrencies to obtain easy access to ‘clean cash.’”</span></p>\r\n <p id="e2df" class="graf graf--p graf-after--blockquote"><span style="color: #000000;">Tax authorities, already struggling from the revelations of the <em class="markup--em markup--p-em">Panama Papers</em>, are similarly concerned that tax evaders will simply move their tax evasion from the offshore realm to the online one.</span></p>\r\n <h2 id="2018" class="graf graf--h4 graf-after--p">Pieces of Eight</h2>\r\n <p id="8cf1" class="graf graf--p graf-after--h4"><span style="color: #000000;">But the piecemeal approach by regulators globally means that any semblance of a unified code or agreement on regulating cryptocurrencies will be a long time coming.</span></p>\r\n <p id="a0ab" class="graf graf--p graf-after--p"><span style="color: #000000;">According to data tracked by CoinMarketCap, there are believed to be some 2,082 cryptocurrencies worth approximately US$179 billion (at last count) with a variety of underlying technologies, protocols and development. Some cryptocurrencies more closely resemble securities while others more closely resemble utility tokens.</span></p>\r\n <p id="6b7a" class="graf graf--p graf-after--p"><span style="color: #000000;">Like shape-shifters, cryptocurrencies are difficult to pin down as well.</span></p>\r\n <figure id="ebe8" class="graf graf--figure graf--startsWithDoubleQuote graf-after--p" style="text-align: center;">\r\n <div class="aspectRatioPlaceholder is-locked">\r\n <div class="aspectRatioPlaceholder-fill"> </div>\r\n <div class="progressiveMedia js-progressiveMedia graf-image is-canvasLoaded is-imageLoaded" data-image-id="1*izqgzJVPkuXU6tNjNcR4Bw.jpeg" data-width="1200" data-height="680" data-action="zoom" data-action-value="1*izqgzJVPkuXU6tNjNcR4Bw.jpeg" data-scroll="native"><canvas class="progressiveMedia-canvas js-progressiveMedia-canvas" width="75" height="42"></canvas><img class="progressiveMedia-image js-progressiveMedia-image" src="https://cdn-images-1.medium.com/max/1600/1*izqgzJVPkuXU6tNjNcR4Bw.jpeg" alt="" width="1046" height="593" data-src="https://cdn-images-1.medium.com/max/1600/1*izqgzJVPkuXU6tNjNcR4Bw.jpeg" /></div>\r\n </div>\r\n <figcaption class="imageCaption"><span style="color: #808080;"><strong><br />“Oops.”<br /><br /></strong></span></figcaption></figure>\r\n <p id="4ef1" class="graf graf--p graf-after--figure"><span style="color: #000000;">Even among cryptocurrency advocates, there is raging debate on the nature of even the most famous of cryptocurrencies, Bitcoin. Is it a store of a value? A means of transferring value? A commodity? Both?</span></p>\r\n <p id="b60e" class="graf graf--p graf-after--p"><span style="color: #000000;">And if the community that supports cryptocurrencies can scarcely classify cryptocurrencies, what odds to regulators have?</span></p>\r\n <p id="382d" class="graf graf--p graf-after--p"><span style="color: #000000;">For now, regulators, given the relatively small size of the cryptocurrency market, have not taken it upon themselves to try and sort the wheat from the chaff. Instead, most seem content to issue warnings to investors while withholding regulatory approval for new cryptocurrency-based financial instruments\u{200A}—\u{200A}it’s just easier that way it seems.</span></p>\r\n <p id="00ac" class="graf graf--p graf-after--p"><span style="color: #000000;">Some regulators in the United Kingdom, Hong Kong and Singapore have launched regulatory sandboxes for cryptocurrency companies\u{200A}—\u{200A}lest the fallout of any failed cryptocurrency experiments taint the wider financial system of these cities.</span></p>\r\n <p id="e2e5" class="graf graf--p graf-after--p"><span style="color: #000000;">In Asia, the regulatory approach is varied. In China, a blanket ban on cryptocurrency trading and initial coin offerings (ICOs) has been in force since 2017.</span></p>\r\n <p id="0dfb" class="graf graf--p graf-after--p"><span style="color: #000000;">But in Hong Kong (technically a part of China), the Securities and Futures Commission recently made an attempt to regulate “funds and unlicensed trading platforms” without specifically mentioning cryptocurrency trading or digital assets.</span></p>\r\n <p id="e3b1" class="graf graf--p graf-after--p"><span style="color: #000000;">Japan however has taken the most proactive approach towards cryptocurrencies where exchanges with an operating presence in Japan have been subject to the Payment Services Act since 2017 as well as a host of other anti-money laundering (AML) regulations.</span></p>\r\n <p id="f3cb" class="graf graf--p graf-after--p"><span style="color: #000000;">In Australia, an AML program for cryptocurrency-related businesses requires registration with the regulator as well as various reporting and identity-checking procedures.</span></p>\r\n <p id="8d59" class="graf graf--p graf-after--p"><span style="color: #000000;">But given the lack of harmonization of cryptocurrency regulation, the Organization of Securities Commissions notes that regulators are challenged to deliver consistent regulatory frameworks across borders and failure to do so has already led to regulatory arbitrage.</span></p>\r\n <h2 id="be46" class="graf graf--h4 graf-after--p">A Question of Wills</h2>\r\n <p id="1912" class="graf graf--p graf-after--h4"><span style="color: #000000;">But it’s not impossible to come to some sort of agreement globally on how to regulate cryptocurrencies and an obvious example of where the world came together to regulate for the global benefit is from aviation.</span></p>\r\n <p id="e83a" class="graf graf--p graf-after--p"><span style="color: #000000;">From the time the Wright brothers launched the world’s first manned, powered flight at Kitty Hawk, countries quickly sat together in recognition of the need to harmonize regulations governing this new technology.</span></p>\r\n <figure id="d37b" class="graf graf--figure graf-after--p" style="text-align: center;">\r\n <div class="aspectRatioPlaceholder is-locked">\r\n <div class="aspectRatioPlaceholder-fill"><span style="color: #000000;"></span></div>\r\n <div class="progressiveMedia js-progressiveMedia graf-image is-canvasLoaded is-imageLoaded" data-image-id="1*qDvqFqe0kvFPjuZ69aATyA.jpeg" data-width="1051" data-height="701" data-action="zoom" data-action-value="1*qDvqFqe0kvFPjuZ69aATyA.jpeg" data-scroll="native"><span style="color: #000000;"><canvas class="progressiveMedia-canvas js-progressiveMedia-canvas" width="75" height="50"></canvas><img class="progressiveMedia-image js-progressiveMedia-image" src="https://cdn-images-1.medium.com/max/1600/1*qDvqFqe0kvFPjuZ69aATyA.jpeg" alt="" width="932" height="621" data-src="https://cdn-images-1.medium.com/max/1600/1*qDvqFqe0kvFPjuZ69aATyA.jpeg" /></span></div>\r\n </div>\r\n <figcaption class="imageCaption"><span style="color: #808080;"><strong><br />A bit too late to regulate when you’re staring this down. <br /><br /></strong></span></figcaption></figure>\r\n <p><span style="color: #000000;">By 1912, the meeting of the International Commission for Aviation (the precursor to the International Civil Aviation Organization) had agreed on the first radio callsigns for use by aircraft.</span></p>\r\n <p id="24d2" class="graf graf--p graf-after--p"><span style="color: #000000;">Since then, ICAO, which succeeded ICAN has served as the forum for countries to agree on how aircraft plying the world’s air routes should be regulated.</span></p>\r\n <p id="b57a" class="graf graf--p graf-after--p"><span style="color: #000000;">To be sure, there are local variations to ICAO standards, but by and large, the cost for not playing by the rules far outweighs the costs of playing by the rules and standards set by ICAO, which is why (despite the recent spate of Boeing 737–8 MAX crashes) flying is still one of the safest modes of transport on the planet.</span></p>\r\n <p id="6e1a" class="graf graf--p graf-after--p"><span style="color: #000000;">Because citizens looking to travel between countries need to find a way to safely do so and countries have an incentive to ensure they do so, it has been relatively easy to harmonize global aviation rules and standards.</span></p>\r\n <p id="6ea7" class="graf graf--p graf-after--p"><span style="color: #000000;">No such incentive exists for cryptocurrency regulation.</span></p>\r\n <p id="e9b9" class="graf graf--p graf-after--p"><span style="color: #000000;">On the contrary, it’s in the interests of countries to provide favorable regulation that actually <em class="markup--em markup--p-em">facilitates</em> regulatory arbitrage to attract the best and brightest companies working in cryptocurrencies and blockchain technology to their shores.</span></p>\r\n <p id="3756" class="graf graf--p graf-after--p"><span style="color: #000000;">To be sure, no one knows for certain if blockchain technology or cryptocurrencies will achieve mass adoption or live up to their fullest potential\u{200A}—\u{200A}but if they do, the countries which had co-opted many of the most promising startups in the space will be at the forefront of the revolution\u{200A}—\u{200A}sort of the way that China had a leg up when it came to artificial intelligence.</span></p>\r\n <p id="4394" class="graf graf--p graf-after--p"><span style="color: #000000;">And since cryptocurrencies are pseudonymous anyway, it’s not as if robust regulation can entirely prevent its misuse and application for nefarious purposes.</span></p>\r\n <p id="2875" class="graf graf--p graf-after--p"><span style="color: #000000;">Against that backdrop, governments are better off trying to cream whatever tax revenues they can get from legitimate blockchain and cryptocurrency companies asking (begging) to be regulated rather than attempt to play “Whack-A-Mole” with the darker side of the cryptosphere.</span></p>\r\n <p id="3db0" class="graf graf--p graf-after--p"><span style="color: #000000;">So instead of trying to develop comprehensive and overarching regulations that would govern cryptocurrencies, regulators are perhaps better off trying to cater to the lowest common denominator and work more closely with industry to develop meaningful regulations that would be globally easier to implement.</span></p>\r\n <p id="81ee" class="graf graf--p graf-after--p"><span style="color: #000000;">For now at least, given the total market cap of cryptocurrencies, even the Financial Stability Board (FSB) posits that cryptocurrencies do not present a systemic threat to the global financial system, but the FSB does recognize the potential of the nascent digital assets to pose serious threats to financial stability in the future.</span><br /><br /><canvas class="progressiveMedia-canvas js-progressiveMedia-canvas" style="text-align: center;" width="75" height="50"></canvas></p>\r\n <figure id="733d" class="graf graf--figure graf-after--p" style="text-align: center;">\r\n <div class="aspectRatioPlaceholder is-locked">\r\n <div class="progressiveMedia js-progressiveMedia graf-image is-canvasLoaded is-imageLoaded" data-image-id="1*fuz2mc2rRiwGAfarYYz6tQ.jpeg" data-width="1050" data-height="700" data-action="zoom" data-action-value="1*fuz2mc2rRiwGAfarYYz6tQ.jpeg" data-scroll="native"><img class="progressiveMedia-image js-progressiveMedia-image" style="display: block; margin-left: auto; margin-right: auto;" src="https://cdn-images-1.medium.com/max/1600/1*fuz2mc2rRiwGAfarYYz6tQ.jpeg" alt="" width="960" height="640" data-src="https://cdn-images-1.medium.com/max/1600/1*fuz2mc2rRiwGAfarYYz6tQ.jpeg" /></div>\r\n </div>\r\n <figcaption class="imageCaption"><span style="color: #808080;"><strong><br />What cryptocurrency markets look like to regulators.<br /><br /></strong></span></figcaption></figure>\r\n <p><span style="color: #000000;">That in and of itself should not be reason enough for regulators to take it easy and wait for cryptocurrencies to develop before trying to regulate them. That’s a bit like letting the horse off its tether (no pun intended) and then trying to chase after it on foot.</span></p>\r\n <p id="b881" class="graf graf--p graf-after--p"><span style="color: #000000;">Instead, regulators should seize the initiative and work more closely with industry. As it stands, countless cryptocurrency companies are struggling to gain access to even the most basic financial services such as opening a bank account.</span></p>\r\n <p id="256f" class="graf graf--p graf-after--p"><span style="color: #000000;">And where service providers do exist, it’s been up to the cryptocurrency companies themselves to educate service providers on how to do their job and then be charged exorbitant fees in exchange for their trouble.</span></p>\r\n <p id="19a5" class="graf graf--p graf-after--p"><span style="color: #000000;">The current state of affairs is undesirable to say the least and would increase pressure on cryptocurrency companies to go rogue, not necessarily for any business advantage, but simply to continue to exist as going concerns.</span></p>\r\n <p id="a7c8" class="graf graf--p graf-after--p"><span style="color: #000000;">And regulators adopting a “wait-and-see” approach may be left flatfooted if and when cryptocurrencies suddenly see mass adoption. Dramatic change can occur in a Silicon Valley minute\u{200A}—\u{200A}just look at the effect of social media in the elections across the world and it’s not difficult to recognize when regulators were caught off guard.</span></p>\r\n <p id="a30f" class="graf graf--p graf-after--p"><span style="color: #000000;">Ironically, social media companies had lobbied for years to self-regulate, leading to genuine socio-political consequences.</span></p>\r\n <p id="7232" class="graf graf--p graf-after--p graf--trailing"><span style="color: #000000;">For legitimate cryptocurrency companies, the clarion call to be regulated has been made repeatedly\u{200A}—\u{200A}regulators should answer that call.</span></p> """ -user: Proxies\__CG__\App\Entity\User {#1092 …} -createdAt: DateTime @1555602451 {#1145 : 2019-04-18 15:47:31.0 UTC (+00:00) } -updatedAt: DateTime @1555602686 {#1150 : 2019-04-18 15:51:26.0 UTC (+00:00) } -deletedAt: null -category: App\Entity\Category {#445 …} -status: "published" -imageCard: Proxies\__CG__\App\Entity\File {#1184 …} -ImageHeader: Proxies\__CG__\App\Entity\File {#1184 …} -featured: false -mainView: false -clicks: 2984 -comments: Doctrine\ORM\PersistentCollection {#1125 …} -reviewed_at: DateTime @1555602448 {#1148 : 2019-04-18 15:47:28.0 UTC (+00:00) } -metakey: "" -metadesc: "If\u{A0}you’ve ever played “Whack-A-Mole” at the arcade, you’ll know just how frustrating and pesky those moles can be. Just as you think you’ve beaned one on the head, another one comes up somewhere else." -robots: null -publishedAt: DateTime @1555602448 {#1147 : 2019-04-18 15:47:28.0 UTC (+00:00) } -canonical: null -superTag: null } |
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