The lack of rules and regulations, problems in starting a crypto company.
The more science advances and new technologies are being developed, the more the world of politics falls far behind. This can create trouble in starting a new business in these new technologies. How do you classify something that hasn’t been classified yet? When starting a business and having finished your concept, one of the things you have to do is go to your government and register your business. You need to tick all the boxes, for example, what kind of business are you? Are you a financial organization, in the service industry, artisanal work and so on. But which box do you tick when the boxes don’t apply?
What if it so happens to be that the concept you have developed is one of the first out there? The options you get to classify your business haven’t been established yet. Rules and regulation do apply, but which ones? What if, for example, you combine two things, a crypto-currency and a lottery in one. Is it gambling when your ticket is also a coin, thus an investment. Or is it a gambling activity because your investment is also a lottery ticket? These are the kind of problems many start-ups in the world of crypto deal with. You cannot assume only your national laws apply, every crypto start-up operates on an international level. There is no international agency where one can go with crypto. There are no international rules and regulations that apply to crypto.
This results in a vast landscape of laws, rules and regulations that differ in every country. Can you expect a start-up to follow the laws of each country? The international laws are not applicable in the world of technology, blockchain and crypto. The internet has created a connected world where borders have no meaning. How can a business operate while holding legality, when the world of politics have not even deemed it legal or illegal on a level where the business operates in? What if your business, on paper, even can’t exist. These are the problems we run into in creating Ticket2Lambo. A crypto lottery that exists outside the realm of rules and regulations. fighting conventionality and is a call for clarity to governments worldwide. In a time where new technologies are passed the development stage, have proved they work and are starting to be applied, it is time for a pathway that start-ups can follow. We want to be in the open, but are left no other option than operating in a grey area. This needs to be fixed and our start-up proves this. Follow us on our social media accounts for updates on our search for right for existence.