Calls For Crypto Regulation Clarity Continues From Blockchain Research Institute

Clarity when it comes to regulation has long been something that blockchain and crypto firms have been asking for, and the call continues, this time from the Blockchain Research Institute.

Don Tapscott, Co-Founder and Executive Director of the Blockchain Research Institute (BRI) published a report on Wednesday entitled “2018 Blockchain Regulation Roundtable.” The report called on regulatory agencies for increased regulatory clarity on blockchain and cryptocurrencies and gave a recap on takeaways from a roundtable discussion about cryptocurrency regulation that was held in May.

Regulatory Clarity For The Greater Good

Blockchain Research InstituteThe BRI’s report points out four core issues of regulatory oversight. These are a lack of regulatory clarity, obsolete statutes, lack of communication regulators and other stakeholders, and a lack of communication between financial service providers and blockchain entrepreneurs.

The writer, however, cautions a clear “Canadian slant” to the report, understandable, given that the majority of the participants were from Canada.

The Canadian take explains why some of the major takeaways are geared towards a Canadian audience, with the establishment of a national regulator in Canada highlighting the lack of a regulatory authority in the country.

The report also recommended the formation of action committees, encouraging special interest groups and creating clearer distinctions between different types of cryptocurrencies.

All the recommendations, support the call for a greater degree of regulatory clarity towards blockchain and cryptocurrencies.

Tapscott says in the report that:

“The new oil of the digital age is data…We need to help educate the public to distinguish a cryptocurrency from the many amazing results that people are achieving with blockchain, and what they might do with a self-sovereign identity secured on a distributed ledger”

Research from the BRI on the impact of blockchain is supported by both public and private entities such as Microsoft, IBM, the Bank of Canada and recently, Salesforce.

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