Regulating crypto firms: 'It's important that policymakers are involved,' say...
According to Bertrand Perez, some lawmakers are still making decisions “too fast or without having education” on crypto, but Libra may given them a push to develop a framework. Bertrand Perez, chief operations officer of Web3 Foundation, one of the firms behind the Polkadot blockchain, said a certain level of regulation was necessary in the crypto space as long as those responsible left room for innovation.Speaking to Cointelegraph at the Paris Blockchain Week on Wednesday, Perez said he saw a few areas of concern when it comes to regulating the space, including a recent draft bill from....
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While some security issues do exist, major internet outages like the one witnessed across the EU recently cannot really threaten cryptocurrencies or their associated networks. Centralized cryptocurrency exchanges have become the backbone of the nascent crypto ecosystem, making way for retail and institutional traders to trade cryptocurrencies despite a constant fear of government crackdowns and lack of support from policymakers. These crypto exchanges over the years have managed to put self-regulatory checks and implemented policies in line with the local financial regulations to grow....
In the race to adopt Blockchain technology and cut costs, financial firms have to deal with multiple challenges. Japanese financial firms have been hit by the most basic of them of all – a shortage of technical experts. Japan – regulation a positive. The Japanese government has been active in regulating cryptocurrency-based companies. A new law has been passed regulating Bitcoin exchanges, after the Mt Gox debacle. The Japanese Government passed a bill in May 2016, which recognized that virtual currencies have a function similar to money. Japan has also eased regulations, now allowing....
The head of the South African central bank has insisted that regulators and policymakers should be involved in directing any potential move to markets that are based on distributed ledger technology (DLT).
Pondering the Implications of Innovation
The governor of the South African Reserve Bank (SARB), Lesetja Kganyago, has argued that central banks, regulators, and policymakers should and must play a role in “shaping a potential move to DLT-based markets.”
According to Kganyago, these stakeholders can achieve this objective by “pondering the....
In a speech prepared for the Lord Mayor’s Banquet for Bankers and Merchants of the City of London at the Mansion House, Mark Carney, governor of the Bank of England (BoE), revealed that the BoE is launching a fintech accelerator. “I am announcing tonight that the Bank is launching a fintech accelerator to work in partnership with fintech firms on challenges that we, as a central bank, uniquely face,” Carney says in his prepared remarks. “The accelerator will work with new technology firms to help us harness fintech innovations for central banking. In return, it will offer firms the chance....
“We are at a crucial time for the sector as global policymakers are also now reviewing their approach to crypto and how it should be regulated,” said the group's chairperson and MP Lisa Cameron. Lisa Cameron, a member of parliament for the United Kingdom’s House of Commons, is reportedly chairing a lobbying group aimed at promoting crypto-related legislation in government.According to a Friday report from the Financial Times, members of parliament, as well as members of the House of Lords in the United Kingdom, launched the Crypto and Digital Assets Group to ensure rules for the crypto....