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29 September 2020

Why technology assurances are a must for crafting EU crypto regulation

Why technology assurances are a must for crafting EU crypto regulation

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In order to provide consumer protection, regulators around the world have focused on implementing a regulatory regime that ensures due diligence is undertaken regarding the individuals behind such operations, and regarding the financial and legal aspects of the operations, which is great.

Some argue that such responsibility and risks should be borne by users.

However, should we really expect users out there to bear the risks of potential bugs within code?

If the sector wants to achieve mass adoption and not just entice the technology-inclined to use such technology, should we really expect such non-tech-savvy users to understand code — and the intricate types of bugs that often exist within.

Many would argue that the financial and business models can be more easily comprehended by investors out there than the code — well, at least for most users out there.

However, my gut feeling is that most users out there would also prefer that assurances have been undertaken with the code rather than on the business and financial side.

However, if such frameworks do not provide assurances with respect to the technology being used, and bugs that result in large losses do happen, will it only be a matter of time until a licensed activity suffers this fate.

I feel that such technology assurances have been overlooked by most crypto regulators, and therefore, I have written an open letter highlighting these issues and inviting regulators to discuss them in the aim of creating a regulatory framework that has the adequate levels of technology assurances and provides the required levels of consumer protection that the industry needs to bring about mass adoption

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