Talk to anyone within the fintech space right now and they’re almost guaranteed to tell you that regulation is one of the biggest challenges when it comes to innovating and operating in this industry.
Of course, this is for good reason, as regulation is vital for the safety and security of the consumers, the businesses and even the economy itself.
With regulation increasing in the sector in every global market, blockchain and its technologies has also seen an increase in regulatory scrutiny as the use of the technology is becoming more and more popular – not just in finance but across multiple industries.
Russell Starr, CEO of DeFi Technologies said: “Whenever you have revolutions like blockchain that rock the very foundation of the status quo, you typically start without any regulations at all and then morph into standard regulation. Take the advent of internet technologies or biotech, for example, these technologies started out without regulations but later followed the traditional path of regulatory markets.
“Blockchain, on the other hand, is directed specifically towards destabilizing the status quo and traditional markets. Roughly 1% of the world has adopted or has exposure to crypto. If we are able to get to a world where people are comfortable with investing in blockchain and crypto — a world where everyone is able to realize its benefits, not just that 1 per cent — we need the global market to invest in them. And in order for Wall Street and Bay Street to gain a foothold to truly leverage the technology, the regulatory environment would need to catch up.
Continue reading: https://thefintechtimes.com/is-blockchain-technology-regulated/
Of course, this is for good reason, as regulation is vital for the safety and security of the consumers, the businesses and even the economy itself.
With regulation increasing in the sector in every global market, blockchain and its technologies has also seen an increase in regulatory scrutiny as the use of the technology is becoming more and more popular – not just in finance but across multiple industries.
Russell Starr, CEO of DeFi Technologies said: “Whenever you have revolutions like blockchain that rock the very foundation of the status quo, you typically start without any regulations at all and then morph into standard regulation. Take the advent of internet technologies or biotech, for example, these technologies started out without regulations but later followed the traditional path of regulatory markets.
“Blockchain, on the other hand, is directed specifically towards destabilizing the status quo and traditional markets. Roughly 1% of the world has adopted or has exposure to crypto. If we are able to get to a world where people are comfortable with investing in blockchain and crypto — a world where everyone is able to realize its benefits, not just that 1 per cent — we need the global market to invest in them. And in order for Wall Street and Bay Street to gain a foothold to truly leverage the technology, the regulatory environment would need to catch up.
Continue reading: https://thefintechtimes.com/is-blockchain-technology-regulated/
