Thread by @DomSchiener

Big thank you to @EvaKaili @paultang @Europarl_EN and @INATBA_org for hosting a very fruitful and insightful discussion on the Transfer of Funds Regulations, and #Crypto Regulation in general.

The outcome is clear: The industry and policy makers need to better work together.

@POLITICOEurope published an excellent article on the matter:

politico.eu/article/crypto…

The full potential of Blockchain has yet to be realized. Europe is in a unique position to be a leader in the development and adoption of these new technologies.

This is the surest path yet to ensure the technological sovereignty of Europe and prepare us for the next century.

Many of the biggest players of the Crypto industry are headquartered here in Europe. @BitpandaPro @Ledger @ParityTech @iota and many more.

The European values are embedded in the ethos of Blockchain: Transparency, Equality, Fairness and Sovereignty.

While there is tremendous potential, we also have to be aware of the risks and new misuses. As @paultang rightfully points out, Crypto should not be treated differently than any other sector.

However, we need to apply smart legislation to not stifle innovation.

Instead of regulating the technology itself (which includes unhosted wallets), we should focus on applying effective compliance at the end-points (exchanges, custodians, stablecoins, etc.) and a risk-based approach with analytics tools.

Let's make use of the power of Blockchains

Mirroring existing regulations (often from pre-Internet era) on Crypto will inevitable lead us to significantly reduce the potential and render entire use cases useless. For example the #MachineEconomy would not be able to function with this new regulation.

I am confident that we are on the right path in Europe. The next phase of adoption will be enabled through smart regulation, providing clarity and the right compliance without stifling innovation.

Let's work together on realizing the full potential of Crypto.