How Smart Regulation Could Help Institutional Blockchain Adoption

As with many new technologies, blockchain can only thrive if the relevant infrastructure is in place to support it. This includes a banking system willing to accept digital currencies such as Bitcoin, developers capable of creating technologies and interfaces to enable experts and laypeople alike to interact, and of course requisite regulation to give public and industry alike confidence that the platform is sufficiently robust to thrive.

Last year the European Parliament voted for a system of ‘smart regulation’ that will see a light touch approach to regulating what is still a very nascent technology.

“To avoid stifling innovation, we favor precautionary monitoring rather than preemptive regulation. But IT innovations can spread very rapidly and become systemic. That’s why we call on the commission to establish a task force to actively monitor how the technology evolves and to make timely proposals for specific regulation if, and when, the need arises,” German social democrat MEP Jakob von Weizsacker was quoted as saying at the time.

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