Financial innovations like crypto currencies have reached a point of global awareness, but some regions are much more serious about regulations than others. This has caused many cryptocurrency companies to “jurisdiction shop,” or move to countries with the best regulations. But is there a better way? Angie Lau, CEO and Editor-in-Chief of Forkast News, joined a panel with regulation experts from the European Union and the United States in order to provide a global view of the situation.

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Featuring:
Caroline Malcolm, OECD
Marius Jurgilas, Bank of Lithuania
Michael Gill, CFTC
Giles Ward, IOSCO
Moderated by Angie Lau, Forkast News
Insights from the PBWS 2019 Panel Discussion
International Regulatory
Cooperation for the
Development of Financial
Innovation

2. www.pbwsummit.com
Summary
Is regulation good for blockchain?
How are regulations created?
What's going on regarding regulations in the United States?
The EU is creating a “regulatory footprint” that will lead the
way for the United States
Is jurisdiction shopping good or bad?
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3. IS REGULATION GOOD FOR BLOCKCHAIN?
Regulation of some kind is necessary for the
growth of the industry.
Regulation alone “is not going to cut it.”
Market norms and other influences in the
market will be necessary in order to regulate
technology in decentralized blockchain
organizations.
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4. HOW ARE REGULATIONS CREATED?
There are 4 stages in the creation of regulations:
1. Ignorance- regulators hear about a new
innovation
2. Arrogance- regulators assume they know the
most about it because they are experts
3. Humility- regulators realize the technology is
more complex than they imagine or their
assumptions were wrong
4. Utility- regulators understand the technology
and can make rules for it
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5. WHAT'S GOING ON REGARDING REGULATIONS
IN THE UNITED STATES?
The lack of regulation compared to countries
like France is because of red tape from the
government.
The Federal Reserve has been “lukewarm” about
cryptocurrencies, because they don’t affect the
dollar.
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6. THE EU IS CREATING A “REGULATORY
FOOTPRINT” THAT WILL LEAD THE WAY FOR
THE US
Regulatory issues are often sorted out by
allowing each country to find their own ways of
regulating and then using the best solution as
the industry standard.
The United States is usually the standard-
setting body for financial regulations, but the EU
has been making much more progress for
cryptocurrencies.
Studying what EU countries have done can help
the US by giving them an example of how to get
started with regulating, instead of just
theoretical ideas.
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7. IS JURISDICTION SHOPPING GOOD OR BAD?
It’s hard to say.
Jurisdiction shopping can undermine what the
frameworks are trying to achieve in each
specific region.
However, jurisdiction shopping can be
beneficial, because interactions with different
systems provides an understanding of common
terms within each system.
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8. This is just a preview, want more?
Come to PBWSummit in Paris on December 9-10 2020 to
meet our outstanding speaker lineup.
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