Leading fintech associations have established a platform aimed at boosting the adoption of the blockchain technology. The Global Blockchain Forum will foster innovation and liaise with international authorities.
Founders of the new platform include representatives of the US-based Chamber of Digital Commerce, the Australian Digital Currency & Commerce Association, the UK Digital Currency Association and the Singapore-based Association of Crypto-Currency Enterprises and Start-ups.
The main objective of the Global Blockchain Forum is to help settle legal disputes occurring under different jurisdictions. The members of the international platform will collaborate with regulators in various jurisdictions and shape an international blockchain policy framework in order to “to foster a greater understanding and increased use of digital asset,” as stated in the Global Blockchain Forum press release.
According to Perianne Boring, Founder and President of the Chamber of Digital Commerce, the blockchain industry needs to establish a consistent regulatory framework, the existence of which will reduce compliance costs. Boring explains further that different jurisdictions often apply their own regulatory norms and each legal framework can be strikingly different from the rules imposed by its neighbours. Such a variety creates a barrier for many blockchain companies trying to work under multiple jurisdictions across the globe.
The Chairman of the Australian Digital Currency & Commerce Association Ron Tucker also commented:
“A globally consistent regulatory framework will speed up the pace of innovation and simplify implementation.”
Anson Zeall, Chairman of the Association of Crypto-Currency Enterprises and Start-ups Singapore, expressed his hope that the collaboration with policymakers and the development of related regulatory framework should accelerate the adoption of the blockchain technology.
The participating associations have already started collaborating with regulators and authorities within their national jurisdictions. So for instance, the Chamber of Digital Commerce testified in a US Congress hearing, during which a representative of the blockchain industry presented to the congressmen the cryptocurrencies’ potential advantages, related regulatory issues and potential applications of bitcoin and the decentralised ledger technology.