Phase of Regulation and Normalization

Starting in 2015, most countries began to adopt more pragmatic stances. They recognized that prohibiting Bitcoin was ineffective, and that it was more viable to regulate it than to combat it.

This approach led to the implementation of specific legal frameworks:

• Obligation to know your customer (KYC) in exchanges.

• Regulations against money laundering (AML).

• Tax declaration of gains in cryptocurrencies.

• Legal classification according to jurisdiction: as digital asset, commodity, property, or security.

Examples of this stage include the MiCA framework legislation in the European Union, the dual interpretation as commodity or security in the United States, and hybrid models in Latin American countries like Argentina, Colombia, or Brazil.

In BSV, this normalization is balanced with maintaining the original decentralization, facilitating efficient transactions without compromising individual sovereignty.