My photo in Bitcoin Magazine
Image by zcopley
Page 35, Dec 2012
The lack of global financial industry data standards for financial instruments has created chaos for digital currency startups and the financial sector as a whole. Even more devastating is the intensification effect this lack of standards has had during recent financial crises. The ACTUS project aims to mitigate these problems by creating and implementing international, blockchain-based data standards at the regulatory level.
Also read: Digital Currency Regulation: What You Should Know
Excessive Regulatory Approaches to Bitcoin
Confusion is becoming increasingly acute in the digital currency industry as new regulations hit the ecosystem, creating more chaos. As a result, high compliance costs, added financial risks, and overall inefficiencies abound.
Around the world, there is regulatory mayhem. A few countries have tried to harness Bitcoin into their regulatory frameworks, while others have sat idle.
Japan has recognized digital currencies as money, for example, while Ecuador has banned Bitcoin outright and opted to create its own digital currency. In the middle of these extremes are countries like Brazil, Chile, Cyprus, Greece, Estonia and Israel, who have not yet issued specific legislation on Bitcoin.
Confusion also reigns in the United States, as different states of the Union have passed different legislation relating to money transmission and digital currencies.
The most notorious instance of state level regulation to date is the New York-issued BitLicense, a framework for how businesses dealing with bitcoins and other digital currencies can operate in the state.
New York’s BitLicense regulations forced major…
Bitcoin News: Can ACTUS Stop Financial Crises with Blockchain Data Standards?
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