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Regulating Blockchain: A Prospective for Governments and Policy Makers

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Mohamed Affan Shafy, 2023. Regulating Blockchain: A Prospective for Governments and Policy Makers. United International Journal for Research & Technology (UIJRT), 4(3), pp121-125.

Abstract

Blockchain technology is a revolutionary tool with the potential to provide a decentralised and a secure transactional platform as well as a means of storing and transferring data through online platforms. However, just like with any technological advancements, the possibility of exploiting and misusing this important innovation is seen to be experienced despite its short presence. This paper aims to explore the importance on mitigating such activities through the regulatory bodies by focusing existing laws and through the introduction of new laws and regulations without hindering the innovation of this technology. As regulatory bodies are yet to identify the best approach to this technology due to its evolving nature, this paper identifies through qualitative research based on available laws and regulations and other related documents, 6 key areas to focus by the regulators in providing a way forward for regulating blockchain technology.

Keywords: Blockchain, Cryptocurrency, Data Security, Privacy laws and Regulations.

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