“…when you said that NFTs are the same as any crypto currency…”
I made the exact opposite point, that nfts and cryptocurrency are not the same thing and that is the main problem with the meme.
“Please tell me how crypto is regulated?”
In general? currency is regulated by a regulatory organization imposing guidelines and legal restrictions on a currency so that the exploitation of that currency is minimized.
with USD, if you accrue mineral royalties, that is income and you would pay tax on those royalties according to the IRS.
if you mine cryptocurrency, that is income and you have to pay a tax on that mined cryptocurrency according to the IRS.
the IRS is a large regulatory body concerned with collecting taxes from the American population.
these are two examples of federal currency regulation.
since you asked about which companies regulate cryptocurrencies, we can look to coinbase, the largest centralized exchange for cryptocurrency.
coinbase complies with multiple banking acts such as KYC and consumer protection to ensure legitimate transactions the same way that your credit union or banking institution on the corner does.
“…when you said that NFTs are the same as any crypto currency…”
I made the exact opposite point, that nfts and cryptocurrency are not the same thing and that is the main problem with the meme.
“Please tell me how crypto is regulated?”
In general? currency is regulated by a regulatory organization imposing guidelines and legal restrictions on a currency so that the exploitation of that currency is minimized.
with USD, if you accrue mineral royalties, that is income and you would pay tax on those royalties according to the IRS.
if you mine cryptocurrency, that is income and you have to pay a tax on that mined cryptocurrency according to the IRS.
the IRS is a large regulatory body concerned with collecting taxes from the American population.
these are two examples of federal currency regulation.
since you asked about which companies regulate cryptocurrencies, we can look to coinbase, the largest centralized exchange for cryptocurrency.
coinbase complies with multiple banking acts such as KYC and consumer protection to ensure legitimate transactions the same way that your credit union or banking institution on the corner does.