Regulations go to Business law ethics
There are reports on a recent blog post about laws being applied to the blockchain technology.
EU Blockchain Observatory Anastasios A. Antoniou is an advocate who is advocating that the gap between current laws and Blockchain needs to be bridged.
Through a blog post that was recently in Oxford Business Law forum, in the blog he stated that there is friction between Blockchain and the law system, something that should be eradicated and improved. The acceptance of the technology is becoming critical to our society and the global economy, and that the technology must not be avoided.
Antoniou stated that he thinks that there is a problem that needs to be solved, which is the fact that regulatory authorities need to be addressing the path where these two issues are currently going. He posted that the case of cyberspace regulation in the 1990s will be a great example of the current legal issues that are surrounding the innovative Blockchain technology.
Law should not evade Blockchain said Antoniou, which he further stated that:
“If distributed ledger technology seeks to attain its full potential, it should not attempt to evade or circumvent law but rather find its place within a well-structured, relevant and versatile regulatory framework that will allow it to be exploited to its profound potential.”
A brief time in the regulatory framework
Antoniou makes a remake saying that Blockchain must be received with the same regulations that are applicable to other assets. The technology needs to be considered in law-making and regulations in order for the technology to maintain a steady trajectory in the developing global economy.
“The diversity of Blockchain implementation means that, as the technology becomes more sophisticated, existing frameworks will prove insufficiently scalable to accommodate the novel characteristics that the Blockchain is bringing to the markets and avoid impeding emerging ecosystems and stifling technology development.”
He later went vocal with his thoughts on advocacy for the Blockchain Technology and platforms related to it. In a recent post, Antoniou congratulated an EU member of the parliament member Eva Kaili for her great work in the industry.
What do you think about the regulations surrounding technology? Please feel free to leave a comment down below.