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Currently in New York, one of the biggest events for blockchain companies, the Consensus 2018 is happening, and TEMCO representatives as well, attending Consensus 2018.
Consensus 2018 is presented by CoinDesk, a professional news media for cryptocurrency and blockchain, this year is their 4th time hosting the event. The event at time is drawing more attention than the previous events, including about 8500 attendees, with each ticket priced at $2000 or more, acquiring ticket prices alone over 20 million in revenue. Industry startups, investors, financial institutions, enterprise tech leaders, and academic and policy groups who are building the foundations of the blockchain and digital currency economy make up most of the participants of this event. The major blockchain companies and related famous personnel as well are attending and about 250 speakers from all over the world.
Right now, at the Consensus 2018 in NYC, there are many major issues being discussed. One of the issues is about setting regulations for cryptocurrencies. The Consensys committee of executives and the CEO of investor company ARK, have mentioned that there needs to be some sort finite regulations regarding cryptocurrencies and their exchange, for the companies to gain more investors and be successful in the market and stop the disruptions and chaos regarding the laws and regulations.
The founder of Future Perfect Ventures also mentioned that there needs to be improvements in understanding of cryptocurrency and blockchain technology and make law from it to have definite and suitable regulations for current market and for the companies.
Interestingly, on the other hand, one of the house representatives from State of Arizona, have mentioned that pushing regulations to the side for now can give advantages to development of blockchain industries, since there had not been any major issues that we need specific laws and regulations. As of now, the State of Arizona passed “Regulatory Sandbox”, so that the blockchain industry can freely operate and maintain their continuous innovation. A member of the European Union as well, talked about instead of making regulations to limit growth potential of the blockchain industry, through research we should increase understanding of blockchain and have more countries to benefit from the advantages of blockchain technology, be more focused on taking advantage of such laws as Regulatory Sandbox.
Up until now, there are no answers to what is right or wrong. So, we should focus more on making regulations after gaining knowledge about the blockchain, right?
During the rest of Consensus NYC 2018, the TEMCO representatives will pay closer attention to blockchain and cryptocurrency experts, also by meeting and collaborating with representatives from different countries, we will become a stronger team of experts so that our blockchain technology can be far more efficient and advanced.
For More information about the Consensus 2018, please check out our updates on Facebook and Twitter.
What is the Regulatory Sandbox?
To encourage a thriving environment for innovative ideas, MAS started the FinTech regulatory sandbox (sandbox) in June 2016. The sandbox is to allow firms to experiment with new technology, and offer innovative financial products and services — but within a clearly defined space and for a limited time period. The sandbox experiment usually would only allow the product or service to be offered to a limited number of customers, or limit the number of transactions allowed within the pre-set sandbox period. (Ref. : Moneysense)
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