The growth of introduction of technology of blockchain and digital assets around the world, also develops the theme of conversation about how these technologies should be regulated by the relevant authorities. This issue was the main topic of conversation at the conference Ripple Swell this year.
During the report “Triptoreline worldwide” was presented to four representatives from regulatory bodies and policy: Richard Teng from Abu-Dhabi Global Market; Ansari Spirou in Thailand of the Commission on security and currency exchange services; Ross Leckow, Deputy General counsel of the International monetary Fund and Michael S. Didiuk, a former lawyer from the office of inspections of the Commission on securities and stock exchanges. The panel of speakers was led by Ben Lawsky, member of the Board of Directors of Ripple and a former employee of the regulatory authorities of the state of new York.
Thailand and the United Arab Emirates is one of the first countries that prepared the relevant regulators for digital assets. And despite the fact that the approach to regulation of each country is different, and Teng, and Spirou noted that governments that cooperate closely with industry, are crucial in this matter. Spirou stressed that regulators should maintain close relations with industry to maintain the correct attitude of the companies. Teng agreed with this and expressed the hope that other regulators around the world are also beginning to apply this approach.
– If you look at what happened a year ago, I think most of the world’s regulatory authorities were of the view that this asset class can go into oblivion. But in the last three to six months, I think, in a dramatic shift, because the currency is more and more integrated into our society. Let’s look at proper regulation for digital assets and how to move in the right direction, said Teng.
Teng also expressed the view that Abu Dhabi and the UAE are in a unique position because of their ability to generate and apply the new rules much faster than in most countries. On the contrary, in many countries there are legacy regulatory regimes within which digital assets can’t normally coexist. He also stressed the importance that regulators better understand digital assets and ceased to expect the worst, instead he called for the understanding of how they can help to bring benefits.
Michael S. Didiuk, previously in the Commission on securities and stock exchanges, said that the Commission, like their counterparts from Abu Dhabi and Thailand, samples of these technologies. He believes that the purpose of the Commission is to really understand the risks and benefits associated with the digital asset. However, Didiuk, believes that the legal framework will be a key priority for the Commission in the near future.
– In the short and medium term, I think we will continue to pay great attention to ensuring that regulation – said Didiuk, during a conversation with the group. He also suggested that the Commission is going to create a legal framework for the tokens judging by the recent legal ruling of the United States.
And although the actions of regulators in the US closely the whole industry, Ross Leckow from the International monetary Fund stressed the importance of a more global perspective. He said that Thailand and the UAE are a positive example for other countries around the world.
Lecco also stated the position of the International monetary Fund, which they expressed to help the regulatory authorities to work with digital assets. He said that first of all it is necessary to move from traditional regulation on the amount of currency to a greater focus on regulation according to the operation, which is accompanied by these assets. Then repeating the words of Teng and Superaa, he stressed the importance of government working closely with industry, learned to manage new technologies.
Lecco continued, stating that it is necessary to include the proportionality to address risks and to do so without significant harm to innovation. He said it also includes the possibility of making potential changes to the traditional legal framework to eliminate risks and preserve the key benefits of digital asset. The last component Lecco singled out, adding that the international monetary Fund believes that international cooperation is crucial in order to ultimately provide global regulatory bodies many best practices for regulation, which may not exist today.
We see that there are risks from digital assets, like money laundering, financing of terrorism, the evasion of sanctions. But we also see the enormous potential that they have to accept that the financial system has become more efficient and more comprehensive. We believe that we need effective regulation. Trust is the glue by which we combine the global financial system, and regulation is one of the most important components of trust — graduated from Lecco.
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