FinTech Bitcoin Regulation Meetup in London Oct 2013
So what was the Bitcoin Regulation meetup in London about?
We went to the meetup in London this evening, where the panel focussed on the legal, regulatory and compliance components of the bitcoin ecosystem.
Sadly no consensus seem to exist and I think its partly due to the difficulty in defining the subject matter and context.
The issue to me seems quite simple at this stage of bitcoin’s development: Bitcoin exchanges need to be regulated, bitcoin itself however, a) can’t effectively be regulated; b) shouldn’t be regulated.
The views of the two major exchanges represented on the day seem to differ slightly but I think the approaches being taken on how to actually operate an exchange differ widely.
Whilst the FinTech bitcoin regulation meetup was insightful and had great panellists, I think more concrete information needs to come forward in a slightly more structured fashion from the officialdom that be. At least if you have documented requirements, progress is not so much stifled, whilst the possibility exists that this is intentional, I’m not convinced.
It’s simply not that simple:
Logistics, costs, benefit, enforceability etc. are all valid criteria that need to be investigated further and I am sure that is being done. For me it seems that the focus needs to shift to “How bitcoin can be used and promoted” rather than the constant exchange regulation debates.
I would bet on not much changing in the next 6 months and then a sudden scramble to get controls in place to allow for the evolution of the bitcoin ecosystem.
If all else fails, you can always join bitFloyd for a bit of Madness.
Eddie did a great job sorting out the event and the catering was fantastic! Thank you and well done!