Setting the Stage for Smarter Regulation

New Report on Blockchain Regulation by IOTA Foundation with FTI Consulting

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TL;DR:

In collaboration with FTI Consulting and projects from our community, the IOTA Foundation recently organized a series of policy discussions on blockchain regulation in the European Union. A report on these discussions highlights insights and pain points from industry experts and policymakers, focusing on areas such as Decentralized Finance (DeFi) and Non-Fungible Tokens (NFTs). By fostering an open dialogue, the report aims to strike a balance between regulation and innovation while ensuring the inclusion of small players in shaping future legislation.

Blockchain technology is constantly evolving, presenting challenges for policymakers seeking to create regulations for the blockchain industry and industry players to raise awareness about their needs and the direction of the industry.

To address this issue, the IOTA Foundation, in collaboration with FTI Consulting and projects from the IOTA community, recently held a series of events to foster an open dialogue between policymakers and industry players. Our new report, ‘Bridging the Gap Between Technology and Regulation With Dialogue’, summarizes these events and provides reflections and recommendations for both the industry and policymakers.

Experts from the IOTA community have contributed their insights to help policymakers understand the technology, enabling them to propose balanced and fact-based regulations in the future.

The events covered by the report are:

1. Increasing Trust, Accountability, and Ease-of-Use in Self-Hosted Wallets with SIS and Reusable KYCs with Charlie Varley (IOTA Foundation), and Marius Kat (European Parliament).
2. The Future of NFT Regulation: NFT Beyond Art with Song Choi (Soonaverse), Vitaly Semko (Minted Vodka) Joachim Schwerin (European Commission), and Jeff Bandman (European Securities and Markets Authority).
3. Tokenization and the Real Economy with Rob Daykin (Nakama), Gianfranco Campos (Zignar Technologies) and Barbara Brandtner, and Ernst Ferdinandusse (European Commission).
4. The Cost of Regulation and Uncertainty for SMEs and Startups with Dennis Shouten and Bas van Sambeck (Chunk Works), Peter Kerstens (European Commission), and Jan Klesla (European Blockchain Partnership).

These cross-institutional collaborations exemplify the willingness of both industry and policymakers to find common ground, promote innovation, and protect consumer rights. By bridging the gap between the blockchain industry and regulators, these initiatives contribute to the establishment of effective and forward-thinking regulations.

You can download the full report here.

Interested in more information about blockchain regulation? Go to YouTube for our series of community calls about regulatory challenges facing crypto and join the Regulatory Matters channel on the IOTA Discord.