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Building the foundation for the future of the internet | Stratos Panel from Blockchain Futurist 2023
International regulation drives trust and innovation in crypto through passporting licenses, regtech, and industry-led initiatives.
- International regulations are needed to build trust and promote innovation in the crypto space.
- Companies need to educate regulators about the value propositions of decentralized finance (DeFi) and blockchain technology.
- Passporting licenses across jurisdictions are a promising approach to create global standards for crypto regulation.
- Self-regulation and industry-led initiatives can help mitigate regulatory risks.
- Clarity and consistency in regulation are crucial for attracting international businesses and promoting growth.
- Regtech solutions can help facilitate regulatory compliance and innovation.
- The private sector can influence policy by engaging with regulators, providing feedback, and promoting education and outreach.
- International regulatory approaches are evolving, with differences between countries and regions.
- FOTA (Financial Innovation Task Force) is a key international organization driving global financial innovation and regulation.
- Canada, the US, and Singapore are seen as attractive destinations for crypto businesses.
- Bermuda, Cayman Islands, and the Middle East are also emerging as hubs for crypto regulation.
- Regulators are recognizing the potential benefits of DeFi and blockchain technology, but there are still misconceptions and risks.
- Compliance and regulation can be a sexy topic if approached from the right perspective.