Legal supervision on blockchain technology in the global sphere - part 4

Ken Becher

Sep 30, 2021

First, conduct classified supervision on blockchain industry applications, and realize the combination of legal supervision as the mainstay and industry self-discipline as the supplement. For example, blockchain finance should be supervised by relevant financial regulatory authorities, and legal blockchain applications can be supervised by relevant judicial authorities.

In terms of legal regulation, the British government first proposed the concept of "regulatory sandbox" in March 2015 in order to continuously consolidate the position of European financial technology leader and ensure a reasonable regulatory system. The application of this concept provides a blueprint for the development of blockchain industry.

For key application fields of the financial industry, corresponding industry access thresholds can be set or regulatory sandboxes can be introduced to ensure financial technology supervision and system risk prevention. The introduction of regulatory sandboxes for a wide range of applications in the supply chain finance, securities and insurance industries will help regulators play a constructive role in innovation. Through the active adjustment of regulatory measures, regulators can promote the active realization of market innovation and transform the regulatory concept which is driven by passive response and waiting for risk events into the concept of active guidance. Key financial industries need to introduce regulatory sandboxes. On the one hand, they can clarify their application scope and reduce corresponding costs. On the other hand, through the implementation of regulatory sandboxes, they can provide suggestions for the formulation and introduction of specific regulations.

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