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The Blockchain Report: Insight into Blockchain laws around the World
Understanding the attitude towards Blockchain
On the 4th of October, Chetcuti Cauchi Advocates, a leading international law firm based in Malta, published a report entitled “Blockchain, Crypto and ICOs - A Legal Review of Leading Jurisdictions”. The report looks at the separate approaches different governments have taken in regulating and supervising Distributed Ledger Technologies (DLTs). Although several countries have yet to acknowledge the Blockchain revolution that is currently taking the world by storm, the report highlights ten main governments that have made significant steps to accommodate the rapid development of the Blockchain industry.
The Findings of the Blockchain Report
The ten jurisdictions examined in the report include Malta, Switzerland, Estonia, Gibraltar, USA, Australia, Russia, Japan, Singapore and Thailand. The manner in which each country has approached the industry naturally differs from one jurisdiction to another. Depending on their priorities, countries have either chosen to focus their efforts on regulating blockchain in specific industries, or otherwise take a more all-encompassing regulatory approach. Malta, for instance, has focused on offering fully comprehensive regulations for the licensing and supervision of operators within the industry. Gibraltar, on the other hand, has taken a lighter approach by adopting principle-based regulations targeted towards client protection, risk management and crime prevention.
Other countries, mainly Australia and Estonia, have focused on reducing the scepticism surrounding the industry of Blockchain as a result of its technical and rapidly developing nature. They have therefore focused on amending their current Anti-Money Laundering and Counter-Terrorism Financing obligations to directly address digital and virtual currencies.
Singapore and USA have, meanwhile, directed their efforts towards assisting innovative start-ups by relaxing specific legal and regulatory requirements. In doing so, they are encouraging the development of the fast-paced industry and giving businesses the necessary freedom to develop their innovative technologies.
The Future of Blockchain
Dr Priscilla Mifsud Parker, Senior Partner at Chetcuti Cauchi Advocates, firmly believes that “By directly addressing the Blockchain revolution and creating a regulatory framework that encourages further growth, governments are providing a more certain environment within which businesses may operate”. It can, therefore, be understood that such forward-looking countries have recognised that prioritising security, transparency and protection enables DLT based-ventures to develop in a healthy manner within the global economy.
Our Fintech Practice
Chetcuti Cauchi Advocates is a leading law firm within the Fintech industry, where Senior Partner Dr Priscilla Mifsud Parker, and Head of Corporate & Fintech, Mr Steve Muscat Azzopardi are actively advising and assisting clients interested in setting up tech-companies through the new regulatory regime.
You may discover more about the different approaches to Blockchain by downloading the report here: https://blockchain.chetcuticauchi.com/report/
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Topics
- Law
Categories
- dlt
- maltablockchainisland
- virtual currencies
- malta
- fintech
- finance
- cryptocurrencies
- crypto
- blockchain
