Crypto leaders: 12 practical tips for effectively working with regulators
The world is interested in crypto. In the United States and European Union, individual investors have shown they are intrigued by its possibilities, while emerging economies are leveraging it to expand access to financial services. This, of course, is attracting the focus of legislators who want to both tap into crypto’s potential and ensure investors and consumers are well-protected. But with crypto’s international footprint, new and dynamic technologies, and built-in anonymity, it’s a challenge to protect users’ privacy and police unlawful activity.
It’s likely impossible for regulators to walk the fine line between encouraging innovation and protecting consumers without developing adaptable, deliberate and internationally coordinated regulatory measures — and for that, they need the help of crypto leaders. It’s an effort well worth those leaders’ time if they wish to enhance industry credibility, attract new users and avoid complex (even punitive) legislation that could hinder innovation. Below, 12 members of Cointelegraph Innovation Circle offer practical tips for crypto leaders on working individually and as an industry with regulators for the benefit of both sides — and the future.
The involvement of leaders who are tech-savvy and understand how regulatory systems apply is important. Financial systems and technology were very different when regulations were first developed. Consumer protection and market integrity are still the primary objectives, but the means to achieve them have changed. Leaders can add value by working with regulators to focus on use cases without specific binary regulatory requirements. – Tammy Paola, Zerocap
Engage proactively with regulators, prioritizing transparency and education. Understand
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