If you follow our work you will be familiar with regulatory movement here in the United States, such as New York’s BitLicense, California’s AB 1326, and the Office of the Comptroller of Currency’s recent commitment to fintech innovation. But what about internationally? To answer this, our friends at Ripple have put out a great blog post that highlights some of what they have seen in Singapore and the United Kingdom.
We particularly like this line, which hits the nail on the head as to why it is so important for innovators to work with regulators and be a part of the policy process:
When crafted in a balanced, proactive way, regulations actively drive innovation and market competition. Yet, when regulatory frameworks are poorly crafted or not given necessary attention, they can directly restrict innovation and product development.
This is exactly the mindset we have when developing and advocating for sound policies toward cryptocurrency technology.