A minster's look at regulation and innovation: A necessity to strike a balance
Without constant nurturing through communication and collaborative efforts, the pursuits of legislators and businesses would be fruitless. Repeatedly, proponents of disruptive technologies have proven that regulation and innovation have an immense potential to actualize a mutually beneficial existence. The often delicate relationship between innovators and regulators — which may be mired by antagonism — is fundamental to the functioning of the global economy, especially at times as challenging as we are facing now. The fuel that keeps the fire of the important relationship between....
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Since the realm of virtual currencies is a decentralized industry, there is no single monetary authority or government agency implementing bitcoin regulation these days. In the United States, state governments are in charge of coming up with the necessary legislation to oversee the activity of bitcoin companies and enforcing the rules. For the Uniform Law Commission (ULC), there is a need for a unified bitcoin regulation law, as this could help strike the balance between consumer protection and encouraging innovation. The group recently released a discussion-only draft of their proposed....
Regulation can add value by strengthening the reputation of a marketplace and creating the conditions to unlock innovation and enhance it. Regulation is sometimes positioned as the enemy of innovation, an antagonistic force that reduces progress in the name of bureaucracy. However, when implemented sensitively and proportionately, regulation can strengthen a private sector’s reputation by creating the conditions necessary for businesses to focus on and enhance innovation.Getting this right means working with entrepreneurs and providing them the opportunity to innovate and experiment while....
Earlier today, it was reported that a brand-new Digital Finance Institute launched with a mandate to work towards supporting international financial technology innovation with bonds regulation that addresses financial inclusion globally. The Institute has been put in place to serve as a sort of figurehead of global fintech support and regulation - something that has become a necessity as financial technology becomes more innovative and more and more ingrained into our daily lives. Christine Duhaime, co-founder of the Digital Finance Institute and a prominent financial regulatory and....
The Superintendent of Financial Services at the New York State Department of Financial Services, Mr. Ben Lawsky, has publicly released the highly-awaiting BitLicense regulation proposals that come as a result of hearings that took place earlier this year. The push came via the Bitcoin page on social sharing website Reddit.com as a means to connect with one of the largest online digital currency communities. According to Lawsky, the drafted proposal will make its was to the New York State Register on the 23rd of July, which will commence a public commenting period of forty-five days.....
Bitcoin businesses in Singapore now have a new group to promote their cause, with the formation of the Association of Crypto-Currency Enterprises and Start-ups, Singapore (ACCESS) on 30th May. ACCESS, which launched publicly just yesterday, represents various businesses within the Singapore bitcoin and other cryptocurrency ecosystem, including exchanges, merchant transaction services, vending machines and miners. As a condition of membership, members must abide by a Code of Conduct. Mission and objectives. The Association's Mission is "To facilitate legitimate use of cryptocurrencies in....