View profile

The Week In Bitcoin - Issue #81: Clarity And Innovation

Clarity And Innovation In a nascent industry, the speed to regulatory clarity matters. Put simply, th
The Week In Bitcoin
The Week In Bitcoin - Issue #81: Clarity And Innovation
By Alan Tsen • Issue #81 • View online
Clarity And Innovation
In a nascent industry, the speed to regulatory clarity matters. Put simply, the quicker we get to clear(ish) legal footing for innovators in the digital currency sector the more we can expect to see innovation really take flight. 
Although the above may be a gross oversimplification of the impact regulatory clarity can have (see Uber as a counterpoint - an example of regulatory change by force majeure), an ability to experiment within clearly defined legal bounds is an important factor in building next generation industries - like the blockchain tech and digital currency sector.
Although, I’m not a fan of countries building race to the bottom regulatory arbitrage positions, clarity and the removal of unnecessary regulatory friction can have an impact on the number of startups building innovative solutions to problems.
More recently we’ve seen many countries adopt more progressive approaches to regulation in highly regulated markets. For example, a growing trend for financial regulators has been to build financial licencing ‘sandbox’ regimes.  Interestingly, when the UK’s FCA ran their first batch of 'sandboxed’ startups 50% were blockchain companies
From an Australian perspective, I anticipate that this year will bring further clarity for digital currency and blockchain tech businesses. With promising signs of support from Treasury on the removal Goods and Services Tax on digital currency transactions, further clarity around AML/CTF treatment of digital currencies from the AG and the introduction of a sandbox regime in Australia we could become a very promising place to base a digital currency or blockchain tech company from. 
Although, at times it can be frustrating being at the bleeding edge I’m hopeful 2017 will bring further regulatory clarity and I look forward to using the innovative products it spawns.
— Alan Tsen, @alantsen 👊💯
Ps. If you like what I’m doing here please feel free to share it on your favourite social media network. Also, it’d be great if you forwarded this newsletter to a friend you think might enjoy it.

News This Week
From Cold Storage
Did you enjoy this issue?
Alan Tsen

The Week In Bitcoin is a curated newsletter that's sent to your inbox every Friday filled with all the most important Bitcoin and blockchain tech news. It takes 10 minutes to read and gives you all the essential news. So subscribe now and find out why many of the industry's biggest names get their weekly dose of Bitcoin news from us.

If you don't want these updates anymore, please unsubscribe here.
If you were forwarded this newsletter and you like it, you can subscribe here.
Powered by Revue