Skip to main content

Web3 Foundation COO on crypto and regulation: Policymakers should be involved

 


The Web3 Foundation is one of the companies behind the Polkadot blockchain. Its COO Bertrand Perez now said that a certain level of regulation is necessary in the crypto space, but those responsible must also leave room for innovation.


Speaking to Cointelegraph at the Paris Blockchain Week Summit on Wednesday, Perez said he sees some areas of concern regarding the regulation of the space. He mentioned, for example, the European Parliament’s draft law on unhosted wallets. But overall, industry players would try to help policy makers understand Web3. According to the Web3 Foundation's COO, some lawmakers are still making decisions "too quickly or without educating themselves about the space." However, the 2019 Facebook-backed project may have been the catalyst many in the EU needed to understand that a legal framework is urgently needed.


"We have to be aware that we have to evolve, because we move in a world where regulation is not necessarily a bad thing," said Perez. "You need some level of regulation to be protected, right? The key is where you draw the line. We're trying to help draw the line where it makes sense for regulators to take it off." In their view, there are sufficient framework conditions and protective measures and at the same time innovation growth is still possible."



The Web3 Foundation COO added that the image of cryptocurrencies as a means of payment for illicit activities is one of the main issues legislators are being swayed by. Once proven wrong, Perez said regulators could "dig deeper into the technology" and capture various features and applications in a framework:


I think it is important that political decision-makers are involved in this. It shouldn't just be the regulators, because the policy makers are the real representatives of the people. I would tell them that we are at a real paradigm shift here in terms of technology, that we may be doing something bigger than the internet and that the value that can be created from it is at least equal to the value of the internet. 


Perez was a former senior director at PayPal and general director of the Libra Association, and joined the Web3 Foundation in September 2021. Ethereum co-founder and Polkadot and Kusama creator Gavin Wood coined the term Web3 in 2004 and chairs the foundation. He claims to have developed blockchain bridges and other parachains for the project.

My Top Picks
Honeygain - Passive earner that pays in BTC or PayPal
MandalaExchange -The Best no KYC crypto Exchange! 
BetFury - Play And Earn BFG for daily Bitcoin and ETH dividends!
Pipeflare - Faucet that pays in ZCash and Matic, Games pay in DAI
Womplay - Mobile dApp gaming platform that rewards in EOS and Bitcoin
Cointiply - The #1 Crypto Earning Site
Torum - Join the latest Social Network and earn TRM for Free! 
LiteCoinPay - The #1 FaucetPay earner for Litecoin 
LBRY/Odysee - YouTube Alternative that lets you earn Money by viewing videos!
FaucetPay - The #1 Microwallet Platform
FREEBTC - The #1 FaucetPay earner for Satoshi's
FaucetCrypto - An earning/faucet site that pays out instantly
FireFaucet - An earning site that pays better for some than Cointiply
DogeFaucet - Dogecoin Faucet
xFaucet - BTC, ETH, LTC, Doge, Dash, Tron, DGB, BCH, BNB, ZEC, FEY - Claim every 5 minutes
Konstantinova - BTC, ETH, LTC, Doge, Dash, Tron, DGB, BNB, ZEC, USDT, FEY, 25 Claims Daily

Comments

Post a Comment

Popular posts from this blog

From offchain to offchain: Statechains meets Lightning

  Without a doubt, the most significant off-chain Bitcoin solution is the Lightning network. But in its wake, the statechain has emerged as an intriguing replacement. There is currently a proposal to link the two offchain networks. From an ocean, for example, you can see sunbeams glistening in the water, waves rippling, and possibly a jellyfish drifting toward the light. But you only see a small portion of it. The distance from the sea's surface to its bottom is hundreds of meters. It has dozens of different fish species swimming in it, crabs and starfish crawling on the bottom, shells clinging to rocks, and sea plants climbing up. A completely new world starts where your gaze diverges. You can picture a blockchain like Bitcoin, just like the sea. What you see on the outside is only a small portion of what is actually there; the set of UTXOs (coins) and transaction history that full nodes store are just the beginning of a much larger world. It's the plan, at least. With Bitcoin
Post a Comment
Read more

MSP Recovery and Tokenology aim to optimize healthcare with the help of Polygon

  MSP Recovery LLC, a Miami, US-based healthcare provider with an estimated enterprise value of $32.6 billion, is partnering with Web3 company Tokenology to jointly launch a new blockchain platform called Lifechain. Lifechain wants to leverage the verifiable and transparent nature of blockchain technology to aggregate medical care claims, medical expense reports and patient data and streamline their processing. For this purpose, MSP Recovery launched its own LifeWallet in January, which already has 1 million users. In addition to the wallet and blockchain platform, an associated crypto token called LifeCoin is also used. The press release explains that the primary purpose of the system is to enable secondary healthcare providers to more effectively bill health insurance companies for their costs. “The number of medical claims tokenized going forward will surpass $50 million per day by 2024. For this we need scalability, security and sustainability, which we have only found with Polygon
Post a Comment
Read more

Phishing attack on popular crypto sites tries to empty wallets

  Several major crypto sites such as Etherscan, CoinGecko, DeFi Pulse, and others report malicious pop-ups scammers use to try to trick users into connecting their MetaMask wallets. The phishing attack came from a domain displaying the Bored Ape Yacht Club (BAYC) logo. "We are investigating the root cause of this attack to fix the threat as soon as possible," CoinGecko founder Bobby Ong tweeted. The phishing attack appears to have been triggered by a malicious ad script from Coinzilla, a crypto ad network, according to CoinGecko. Etherscan also advises its users not to confirm any transactions that may appear on the website. The attackers attempted to use the hype around the “bored monkeys” non-fungible tokens (NFT) to gain access to the cryptocurrencies of unsuspecting website visitors. Although the websites affected by the scam attempt have reacted in the last few hours and deactivated the advertising pop-up, it is still recommended not to connect your MetaMask wallet to ne
Post a Comment
Read more