A report on regulations surrounding blockchain technology and cryptocurrency came out recently on the state of regulations. BRI, the Blockchain Research Institute is a worldwide group of industry specialists with millions of dollars in funding to back their research. They are responsible for the recently released report on the need for clarification on regulations set in place for crypto. The executive director of the organization Tapscott made the statement on the need for clarity in addition to speaking of talks held earlier this year in May regarding regulations on crypto.
Regulators tend to micromanage everything, causing there to be too much red tape to be laid when it comes to cryptocurrency or blockchain. In his report, he points out that nearly seventy participants at the discussion where of Canadian origin. Location is an important factor, considering Canada and the United States have entirely different regulations as it is. Tapscott wants to see the industries significant problems solved when speaking from a regulatory perspective. As of now, there is a lack of clarity making it difficult to abide by all regulations adequately. Communication is another issue that needs a solution.
At the present moment, there is an apparent lack of communication between entrepreneurs, blockchain companies, regulators and financial service institutions. The problem has led to the issue with clarity regarding regulations. With most members participating in the talks there is a bias towards Canadian needs over American ones. Canada currently has a problem with the limited number of regulatory authorities for securities in the country. Regulators are determining the best way to address the situation before further confusion happens between the government and cryptocurrencies.
Regulators and cryptocurrency users alike also want to figure out what type of token each cryptocurrency is finally. Security tokens vs. utility tokens, for example, require different regulations to be set in place for them to operate correctly. Governments know this as well as cryptocurrency companies, so it is a pressing issue they are finding solutions for as you read this article.
Education for the public is also needed since everyone can agree that cryptocurrencies are here to stay. Governments must provide people with the resources they need to start gaining an understanding about cryptocurrency if it is to so for it to effectively integrate into society.
BRI is performing more research on how mainstream blockchain and cryptocurrency adoption is received by the larger corporations like Microsoft and Apple. Several of the larger tech companies have already started integrating blockchain technology into their systems with more soon to follow the process.
As for BRI, the organization is working closely with groups to solve the world’s cryptocurrency problems. They have a direct line of site on the end target, and that is to learn as much as possible about cryptocurrency and blockchain so that they can educate the rest of the world.
What regulations are you clear on regarding cryptocurrency? Tell us what you think of them in the section below.