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0:00:00 Cambridge: Lack of Crypto Terminology Standard Impedes Global Regulatory Response
0:00:06 This update is brought to you by “CoinCheckup News Updates” and was originally published on “BitcoinNews.com”.
0:00:12 A study by the Cambridge Centre for Alternative Finance to assess the global cryptocurrency regulatory landscape identified a lack of crypto terminology standards as a major factor in regulation delays for most jurisdictions.
0:00:25 The report was compiled by CCAF with the support of Nomura Research Institute and is recognized as the first global comparative study of crypto asset regulations across 23 jurisdictions that could become an “important practical and analytic tool for regulators, market participants and other stakeholders in this emerging sector”, according to Cryptocurrency and Blockchain Lead at CCAF, Michel Rauchs.
0:00:48 Since the cryptocurrency movement started in 2009, alongside several industry anomalies, many financial regulators have been watching the space in order to provide an ambient regulatory framework that promotes technological innovation while keeping the integrity of established laws.
0:01:03 However, according to the report, one of the major impediments to drawing up a robust regulation is “the lack of standard terminology for crypto assets across regulators and jurisdictions”, which consequently slows down a coordinated global regulatory response.
0:01:18 “There is no standard usage of terminology across regulators and a variety of terms have been used to refer to cryptoassets in official statements.
0:01:26 Moreover, the focus on classification of the emerging assets into functions such as securities and utilities while all lumped up as cryptoassets, as well as regulatory oversight with respect to initial coin offerings, and the monitoring of exchange activities have left regulators blindsided to other crypto-related activities such as airdrop, fork, and mining – other terminologies which have not been clearly defined in relation to asset functions and creation.
0:01:51 Thanks for watching this video.
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