I understand what you are trying to say but I deny the fact regulation means the government is accepting the bitcoin or cryptocurrencies, sometimes government if it doesn't want the people of the country to use bitcoin but also in the same time they don't want to take the blame of a ban what they will do is simply implement the unfair tax rates like 30 to 40% which is too much right for a common man so he may lose his interest if he has to pay half of his earning to the government as an individual.
I not understand what in government minds when they try accepting bitcoin as legal currency transaction but most disappointed when implementing about 30% until 40% tax rate. Looks crazy when have transaction digital assets adopt very bigger tax and how come taking profit as investor or trader when government blame with values for tax rate. Have planning did by Indian government because they want give space and make bitcoin as legal transaction in their country but have bad side with tax rate reach more than 30%. I think give up if tax rate above 30% and not have way for us get profit more than 50% every day. My country have adopt tax when transaction selling or buying altcoin assets with exchange local market, they not care about loss or not keep pay tax each transaction made.
Many government proposes or implement laws without knowing what is going to be the reality, 30% may look fair for them but if the rate applies for small and big traders equally then its a flaw. When taxation system was introduced it meant to collect tax from rich people and serve for the others in the country but now everything changed the richest person in the world is paying less tax than his employee so its time to make better taxation system all over the world.