Building the foundation for the future of the internet | Stratos Panel from Blockchain Futurist 2023

Discover how regulation is shaping the future of digital assets at Blockchain Futurist 2023. Explore the regulatory landscape, global trends, and strategies for navigating the evolving regulatory environment in the digital asset industry.

Key takeaways
  • Regulation is no longer avoidable and is now a top priority for financial services businesses in the digital asset industry.
  • Regulators are reading the headlines about bad actors in the space, and this is driving the need for clear and good regulation.
  • Europe, with the passage of MiCA, has positioned itself as a global hub for digital assets, with France taking the lead in attracting businesses and creating a flexible framework.
  • Jurisdictions like Bermuda and the Cayman Islands offer clear regulation for digital assets, making them attractive to businesses in the space.
  • There is a trend towards jurisdiction shopping, with companies exploring different jurisdictions to find the best fit for their business model.
  • Passporting between jurisdictions is seen as a way to facilitate global business and reduce the burden of compliance with multiple regulations.
  • Regulators are looking to find the right balance between promoting innovation and protecting consumers, and are engaging with the private sector to understand the nuances of the industry.
  • The private sector can influence policy by engaging with regulators, providing comments on consultations, and working through industry groups.
  • There is a need for global standards and clarity in definitions and applications of regulations to ensure consistency and fairness.
  • Regtech solutions are seen as a way to address regulatory challenges and improve compliance.
  • The DeFi space presents new regulatory challenges, as it involves trust in code rather than trust in people, and regulators are exploring new approaches to address this.