Hello everyone, this is TEMCO!
From May 14th to 16th, one of the biggest events for blockchain businesses happened in NYC, and TEMCO attended the event as well.
A professional news media for cryptocurrency and blockchain, “CoinDesk” hosted an event in NYC, the Consensus 2018. This year was their 4th time hosting the event. The event at time was 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 foundations of the blockchain and digital currency economy made up most of the participants of the past event. The major blockchain companies and related famous personnel as well attended and about 250 speakers from around the world.
During the Consensus in NYC, TEMCO representatives were among the blockchain and cryptocurrency experts, also met and collaborated with representatives from different countries, regarding development of technology, gaining various angles of business insights and technical aspects. Through this event, the TEMCO team became stronger in a way that our blockchain technology can be far more efficient and advanced.
At Consensus 2018 in NYC, there were many major issues being discussed. One of the issues was 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.
Interestingly, on the other hand, one of the house representatives from State of Arizona, mentioned that pushing regulations to the side for now would 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.
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?
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)
