According to the general opinion at the Concordia Summit in New York this Monday, sandboxes are not enough for the companies dealing with Blockchain. The atmosphere, even in the most Blockchain-friendly countries, is still too harsh.
"One of the problems of the regulatory sandboxes: yes, they are the way to allow companies to innovate, but if I want to mitigate the risks, and if I see that it's going to take me two times, three times longer because of the regulator, it's limiting the innovation," said Sam Cassatt, chief strategy officer of ConsenSys.
Even in Singapore, famous for its pioneering regulatory standards, there arose some difficulty, though not with regulatory but with the financial institutions of the city.
"There is no question about the innovation and forward thinking there, but the challenge is the banks," said Michael Moro, CEO of Genesis Trading after a recent Singapore trip. "We can’t have a single bank account in Singapore because we touch crypto."
Eva Kaili, a member of the European Parliament, advocated a milder regulatory policy that would not hold back innovation.
"One thing that we have in the EU and the UK,” she said, “- we have too many regulations that can at least delay the innovation. In Blockchain, we tend to move very fast."
According to Kaili, the present state of the financial systems in Europe is not satisfactory enough, as it seems to the countries’ governments. "There are a lot of real benefits for regulators," she added later.
Yuri Molchan
Arman Shirinyan
Alex Dovbnya
