- IOTA Foundation, in partnership with FTI Consulting and community projects, organizes policy discussions on blockchain regulation, focusing on Decentralized Finance (DeFi) and Non-Fungible Tokens (NFTs).
- A report summarizing these discussions provides insights from industry experts and policymakers, with the aim to establish a balance between regulation and innovation, and the inclusion of smaller entities in future legislation formulation.
In the evolving landscape of blockchain technology, there exists a dynamic tug-of-war between constant innovation and regulatory challenges. Policymakers grapple with crafting apt regulations for this burgeoning sector while industry players strive to assert their needs and the projected path of the industry. To this end, the IOTA Foundation, in partnership with FTI Consulting and various community projects, orchestrated a sequence of policy discussions focused on blockchain regulation within the European Union.
[ICYMI] Can regulators and builders see eye-to-eye when it comes to #blockchain & #DLT? 👀
Read it yourself in this new report showcasing policy discussions on EU blockchain regulation by #IOTA, @FTIconsultingEU & community projects.
— IOTA (@iota) June 28, 2023
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These collaborative discourse sessions concentrated on key areas such as Decentralized Finance (DeFi) and Non-Fungible Tokens (NFTs). A recently released report, ‘Bridging the Gap Between Technology and Regulation With Dialogue,’ encapsulates the crux of these events, presenting valuable reflections and recommendations for both the blockchain industry and regulators.
Contributors from the IOTA community lent their expert insights to enhance the understanding of the underlying technology amongst policymakers. This knowledge augmentation will foster the proposal of balanced, fact-based regulations in the future. The report sheds light on a series of events, each of which addressed a specific aspect of blockchain technology and regulation:
- Enhancing trust, accountability, and user-friendliness in self-hosted wallets, delving into the realm of SIS and reusable KYCs, with contributions from Charlie Varley (IOTA Foundation) and Marius Kat (European Parliament).
- Decoding the future of NFT regulation and exploring NFTs beyond art, featuring insights from Song Choi (Soonaverse), Vitaly Semko (Minted Vodka), Joachim Schwerin (European Commission), and Jeff Bandman (European Securities and Markets Authority).
- Exploring the interplay of tokenization and the real economy, with insights from Rob Daykin (Nakama), Gianfranco Campos (Zignar Technologies), Barbara Brandtner, and Ernst Ferdinandusse (European Commission).
- Understanding the impact of regulation and uncertainty on SMEs and startups, presented by Dennis Shouten and Bas van Sambeck (Chunk Works), Peter Kerstens (European Commission), and Jan Klesla (European Blockchain Partnership).
These collaborative events demonstrate a commendable commitment from both industry players and policymakers to seek mutually beneficial ground, fostering innovation while safeguarding consumer rights. The initiatives represent a stepping stone towards establishing progressive, effective blockchain regulations, bridging the existing gap between the rapidly advancing blockchain industry and its regulatory counterparts.
For those seeking a deeper dive, the complete report is available for download, and further discussions on blockchain regulation challenges can be accessed on the IOTA Discord’s Regulatory Matters channel and YouTube community calls series.
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