A Look at Global Regulatory Trends
By Anastasia Samaras
Clearer U.S. blockchain securities regulation continues to be a long-lasting hurdle holding back the potential growth of the blockchain securities industry, in the U.S. and beyond. Uncertainty around regulatory frameworks impacts innovation, deters retail and institutional adoption, and leaves innovators and businesses in a state of limbo.
As the U.S. gears up for the 2024 presidential election, it’s interesting to see how candidates finesse their stances on blockchain and cryptocurrency in order to win over new voters. With the U.S. being a global leader in financial markets, the next U.S. administration’s position on emerging technologies may have implications for global blockchain innovation, especially in financial markets.
The Current Global Blockchain Landscape
It’s been difficult to separate cryptocurrency sentiment from its underlying technology and the international regulatory policies around both. While the United States continues to navigate its regulatory landscape for blockchain technology, other countries have taken more proactive steps.
Japan has committed to advancing blockchain technology, as highlighted by Ripple CEO Brad Garlinghouse who said Japan is “committed to advancing crypto” after meeting Taira Masaaki, a Web3 and AI-focused member of Japan’s House of Representatives, during XRP Community Day on September 6th.¹
Singapore has established itself as a global blockchain hub, with supportive policies and initiatives such as the country’s Payment Services Act, which regulates services related to digital payment token service providers.²
Switzerland has also embraced blockchain technology. The government created clear and supportive regulations for cryptocurrencies and blockchain technology making it a favorable environment for blockchain startups and innovation.³
Canada is another country that emerged as a global leader in blockchain technology, thanks to their government’s proactive stance and the introduction of initiatives and regulations that provide essential clarity.⁴
Even countries that once had a tough stance, like South Korea, now boast a thriving blockchain startup ecosystem because their government set a solid foundation for blockchain development.⁵
These examples demonstrate a growing global trend towards embracing blockchain as a transformative technology.
Regulation is a steppingstone, not a hurdle
While some may view regulations surrounding blockchain technology as an obstacle, clear U.S. regulatory decisions often set a positive global precedent. This year’s approval of spot Bitcoin and Ethereum ETFs in the U.S. exemplifies this point.
Before this approval, the lack of clear regulations created uncertainty for investors and businesses, but the SEC framework established guidelines for responsible product development, custodial practices, and investor protections. This has paved the way for more secure and transparent trading opportunities in the cryptocurrency space, as well as driving discussions of ETF approval in places like the UK.
Upstream Stands with Meaningful Blockchain Regulation
Upstream, part of MERJ Exchange, believes we’re at the forefront of blockchain trading technology and know firsthand its ability to transform securities trading globally.
As blockchain technology continues to evolve, so does the need for thoughtful, clear regulation. The global landscape shows that many countries are already embracing blockchain’s potential, leaving the U.S. at a crossroads in shaping its regulatory approach, and perhaps the next administration may seek to further embrace this transformative technology for all Americans.
At Upstream, we believe in the power of blockchain to drive innovation and transparency in international securities trading. Learn more about how Upstream leads the way in blockchain trading and compliance technologies by visiting https://upstream.exchange/ today.
Sources
1 Bitcoin.com | 2 CoinTelegraph | 3 LinkedIn | 4,5 Blockchain Council
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