Bitcoin Global News (BGN)

April 20, 2018 -- ADVFN Crypto NewsWire -- The EU has quietly been ticking away at the way to best deal with cryptocurrencies, and the best way to utilize the benefits of blockchain technology. They recently voted in favor of a series of consumer protection regulations regarding digital currencies. In light of the numerous ICO scams, this type of regulation is very important and helps to legitimize the space.

However, in America Arthur Breitman was fined $20,000 by The Financial Industry Regulatory Authority (FINRA) for withholding information of his work developing the Tezos project while employed by Morgan Stanley.

That is, no penalty was given for withholding information from investors. The penalty was defined specifically for improper communications between Arthur Breitman and his employer – a private company.

The investigation began when investors filed a class action lawsuit against the company. The ICO phase raised the second highest total investment of any ICO. Two more lawsuits have been filed against it since then. Tezos claims they are still focused on the product. Providing a working service would negate some of the legal action against the company.

Even beyond the ICOs and cryptocurrencies, many other countries are finding value in blockchain technology. The Royal Bank of Australia and Canada are working with JPMorgan Chase to deploy blockchain technology solutions.

The UK runs a program that is similar to a business incubator, but it is government sponsored. Out of 18 projects admitted this year, 5 were related to blockchain technology. The “Regulatory Sand Box” admits businesses that have or do not have proper licensing, in order to create a fair opportunity to develop regulations that will offer incentive to all parties involved. They products or services are tested in real-world environments under government supervision.

In this way, the UK government puts itself in position to keep up with the speed of technology. Companies like Amazon, IBM and AWS are making huge strides with blockchain technology, and America is the leader in blockchain patents - but the government is consistently playing catch-up.

By: BGN Editorial Staff