Regulatory frameworks need to adapt to blockchain from "summary" of Blockchain Revolution by Don Tapscott,Alex Tapscott
Regulatory frameworks, long-established systems of rules and guidelines, are struggling to keep pace with the rapid advancements in blockchain technology. The decentralized nature of blockchain challenges traditional regulatory structures, as it operates without a central authority to oversee transactions. In order to fully harness the potential of blockchain and ensure its widespread adoption, regulatory frameworks must evolve to accommodate this innovative technology. One of the key challenges facing regulators is the cross-border nature of blockchain transactions. The global reach of blockchain networks presents a unique regulatory dilemma, as laws and regulations vary greatly from one jurisdiction to another. This lack of uniformity can hinder the growth of blockchain applications and create obstacles for businesses operating in multiple regions. To address these challenges, regulators must work collaboratively on an international level to develop consistent standards that can govern blockchain transactions across borde...
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