A foresight and trend monitoring approach can enable policy preparedness and adaptation to today's rapid pace of change.
Regarding blockchain, policymakers and regulators need to assess whether existing policies and laws are fit for purpose or if new frameworks will be required.
Pressing discussions include:
- the legal classification of tokens and coins,
- validity of smart contracts,
- consumer and investor protection,
- enforcement of anti-money laundering requirements, and
- data protection and privacy safeguards.
Capacity building and knowledge sharing can also be decisive.
For instance, regulatory sandboxes and other experimentation spaces can enable direct exchanges between:
- policymakers, regulators and supervisors, and
- blockchain companies, start-ups and entrepreneurs.
Key benefits can include:
- testing new solutions and business models, and
- improving the quality and speed of policy guidance.