In the fairly recent New York Consensus 2018 event one of the key areas mentioned during the regulatory discussions, was the fact that there were many areas that the regulators have not made clear policies on.
This was felt to be a detriment to the Crypto industry as without clear legislation, companies in the sector were nervous at staying in regions where they felt the regulators were being harsh to them. Alternatively by leaving regulations more ambiguous than they need to be, it was creating unnecessary risks for them.
It was felt that the New York regulator in particular was very difficult to deal with and that in other parts of both the US or abroad, there was a healthier outlook at supporting the crypto-currency and related industries.
Within the EU Malta were generally more adept at supporting the industry. Estonia were stopped by the EU at launching their own crypto currency the 'estcoin'. Malta, although a small island has tried to be supportive of, for example the Hedge Fund industry and sees value in being a leader in supporting Crypto Exchanges and the finance related sectors generally. The article linked here goes into more detail how the Maltese Government is trying to drive legislative change in support of the industry. This has seen other sectors including gaming and gambling bringing in revenues to the Maltese economy. Malta also has attractive tax rates for inward investment which is another reason that many companies like to take advantage of this English speaking European EU country.
Bermuda which is often seen as a tax haven is another Island looking to build up their global presence in this area.
What we do know is that the Crypto industry is going through continual change. We see this as sentiment seems to sway from one side of the equation to another.
The reality is that the change Crypto currencies, blockchain and DLT technologies will bring will have many chapters to come.
Others trying to support the community include, Canada, Switzerland, the UK, Japan, Thailand, Indonesia among many others. There are a lot more countries that accept Crypto Currency as a method of payment. A few only allow for investment purposes (not payment) and in some it is banned.
This list gives an overview of BitCoin acceptance globally.
We saw the dot.com bubble create some of the worlds largest technologies after its meltdown. DLT and Crypto will touch so many more areas that will also support better regulation, reduce fraud and ensure everyone is accountable. Perhaps some of those in power who realise that this is the case may help support it further in its drive for further adoption. Others may not like this positive alternative outlook...
Perhaps a Central Bank will create the paradigm shift to change its positive outlook, once and for all... with a Crypto FIAT currency... the Euro is perhaps unlikely!
How long would it be before someone creates a new website and new combining algorithm in a decentralized matter? What would the SEC’s plan of action be then? Would they declare holding CryptoKitties illegal and attempt to regulate them in the same way the DOJ regulates heroin? There was no Q&A session for the panel, which is a shame because I think the question would have been asked. Instead, they patted each other on the back about how much clearer the regulation of cryptocurrency is now than a few years ago. That’s great. But the future is just around the corner and the only thing this chat taught me was that they are woefully unprepared, just like they were in 2009 when Bitcoin launched.