Taken from Bloomberg News
Around the world, the legal status of cryptocurrencies, and the regulatory framework around blockchain technology varies greatly - from countries like China that has been stringently banning ICO’s and others that don’t legally recognize cryptocurrencies as an asset to Switzerland, which is embracing the technology with open arms and huge investments. More recently, Wyoming, USA enacted a total of 13 blockchain-enabling laws, making it the only US state to provide a comprehensive, welcoming legal framework that enables blockchain technology to flourish, both for individuals and companies. Some argue that for a new technology to attain wide adoption, the law and technology must be “backwards-compatible,” and that’s what Wyoming’s regulatory body had in mind when it approved these legislations.
But on the other hand, some believe that the coming of regulators will stifle innovation in this technology that is looking to revolutionize virtually every industry. And when we are now at an era or development phase where use cases are yet to come, how are regulators to regulate something that does not yet exist? And will it actually diminish innovation?
What do you think about the need for regulation in blockchain and cryptocurrencies?
Interested in this topic?
The IOHK summit will host a number of talks exploring how law-making and legislature will affect the blockchain industry, and how crypto-friendly policy is vital in enabling blockchain and cryptocurrencies to reach their full potential. Speakers Caitlin Long (co-founder of the Wyoming Blockchain Coalition) and Tyler Lindholm (co-founder of BeefChain) – both instrumental in Wyoming’s recent adoption of new blockchain legislation — will be at the summit, hosting talks on the real-world implications of legislative change, and how Wyoming’s progressive stance on crypto is set to benefit both the state and the industry.