Will regulation adapt to encryption, or will encryption adapt to regulation?Expert answers

Blockchain technology is expected to provide humanity and freedom Web 3.0, a truly decentralized Internet. Some people even think that Significant rise of decentralized finance (DeFi) Department has become an important sign of conceptualization From centralized service to decentralized service, Web 3.0 is its cornerstone.

and, Some even compare The invention of blockchain technology revolutionized the emergence of the Internet itself.Symbolically, the original source code of the World Wide Web developed by British computer scientist Tim Berners-Lee is Will be auctioned June 23 at Sotheby’s Irreplaceable tokens, Or NFT. All three of them— NFT, DeFi and Web 3.0 – tangled together. But with the comparison between the Internet and the blockchain, a crucial concept has emerged: Without proper supervision In the field of encryption and blockchain, technological innovation will not be as successful as we have seen in the past 25 years. It will change the world as we know it.

It is now obvious that a Lack of regulation will hurt crypto innovation. With the significant growth in the field of decentralized technology, this field has begun to attract more and more attention from global regulators. Their goal is Stablecoin, Go to financial institution, NFT, Crypto assets, Smart contract, Non-custodial wallet, Central Bank Digital Currency and many more.At the same time, some experts such as Caitlin LongTake the founder and CEO of Avanti Financial as an example, see the beginning “Crypto regulation crackdown“As a positive trend, this will only benefit innovators. Others have proposed “The right way to supervise encryption.”

On the other hand, current supervision is not suitable for encryption, and adjustments to newly emerging decentralized technologies may undermine the core value of decentralization. Let us return to where we started: centralized parties control the space. In order to become a regulated industry, is this the price we are willing to pay?

related: Decentralization and Centralization: Where is the future?Expert answers

In order to find the right balance, the encryption space needs deeper and closer working relationships, which will Including regulators and innovators. Only in conversation Crypto companies and regulators, Is it possible for the authorities and industry representatives to find the right way to supervise the emerging technology industry? Through smart supervision — And the space that is expected to change our lives — this promise was realized at the turn of the last century through appropriate Internet regulations.

In order to understand the opinions of the crypto and blockchain industry representatives on this regulatory dilemma, Cointelegraph contacted some of them and asked them for their opinions on the following issues: Will encryption lose its core value in the process of being regulated, or will regulation adapt to decentralized technology and its benefits to society?

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