What are the qualities of a good regulatory framework? First, it has to be as unambiguous as possible. In other words, there should be clarity on what activities are permitted, and what are prohibited, as well as the penalties for violations. Second, the regulator — usually a State body — should have the powers to proactively detect violations, and when detected, the ability to effectively bring violators to book.
In the ongoing melee of analyses over the imminent law to regulate
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