Government regulation or government sanctions?
April 20 2018 - 12:13PM
ADVFN Crypto NewsWire
Bitcoin Global News (BGN)
April 20, 2018 -- ADVFN Crypto NewsWire -- The EU has quietly been
ticking away at the way to best deal with cryptocurrencies, and the
best way to utilize the benefits of blockchain technology. They
recently voted in favor of a series of
consumer protection regulations regarding digital
currencies. In light of the numerous ICO scams, this type of
regulation is very important and helps to legitimize the
space.
However, in America Arthur Breitman
was fined $20,000 by The Financial Industry Regulatory Authority
(FINRA) for withholding information of his work developing the
Tezos project while employed by Morgan Stanley.
That is, no penalty was
given for withholding information from investors. The
penalty was defined specifically for improper communications
between Arthur Breitman and his employer – a private
company.
The investigation began when
investors filed a class action lawsuit against the company. The ICO
phase raised the second highest total investment of any ICO. Two
more lawsuits have been filed against it since then. Tezos claims they are still
focused on the product. Providing a working service would negate
some of the legal action against the company.
Even beyond the ICOs and
cryptocurrencies, many other countries are finding value
in blockchain technology. The Royal Bank of Australia and Canada
are working with JPMorgan Chase to deploy
blockchain technology solutions.
The UK runs a program that is
similar to a business incubator, but it is government sponsored.
Out of 18 projects admitted this year, 5 were related to blockchain
technology. The “Regulatory Sand
Box” admits businesses that have or do not have proper
licensing, in order to create a fair opportunity to develop
regulations that will offer incentive to all parties involved. They
products or services are tested in real-world environments under
government supervision.
In this way, the UK government puts
itself in position to keep up with the speed of technology.
Companies like Amazon, IBM and AWS are making huge strides
with blockchain technology, and America is the leader in blockchain
patents - but the government is consistently playing
catch-up.
By: BGN Editorial Staff
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