It is day 3 of laBITconf, the most important crypto event in Latin America. The schedule of panels that are being developed is quite extensive, and here at CryptoTendency we bring you the most outstanding ones. In this post we summarize what was discussed in the regulations panel, which is of great importance in the cryptocurrency ecosystem
In the panel that took place a few hours ago at the event, Daniel Villaroel from Colombia, Carlos Valderrama from Mexico, Joaquín Simonetti from Chile and Ricardo Mihura from Argentina participated.
Thanks to the participation of different parts of Latin America, it was possible to obtain a fairly general vision of what is happening regarding the regulatory frameworks for the crypto ecosystem, in addition to projections of what could happen, and some proposals for the development of as regards the subject.
The problematic of regulations for cryptocurrencies
Although we are far from a symbiosis between the old paradigms and the new technologies, it is true that different frameworks are already in operation that shape and give certain limits to the development of what we could include as financial technology, abbreviated as fintech .
However, there are problems with what already exists. From Daniel’s point of view, the prudence of regulators generates fear in entrepreneurs; since generally this power to exercise a mold is misused by the competent entities. For him, an intervention should occur after the asset matures.
For Joaquín, regulation is necessary, but it should come after an understanding of the issue, giving the margins that are necessary so that development is free from unnecessary limitations.
From Argentina, Ricardo Mihura reminds us that the regulations already exist. But because crypto assets are locked in traditional frameworks that include the capital markets, financial markets, and money laundering, there is no special treatment, and this is absolutely necessary for new technologies.
Another of the interesting points that were touched on in the panel, and from which a series of ideas were deployed, was globalization.
There was talk about the regulatory frameworks that try to harmonize regulations at a global level. Such as the UK Financial Technology Institutions Act, which are beginning to lay the foundations for new frameworks that Carlos refers to as a good starting point for entrepreneurs.
To the moderator of the panel these frameworks still do not seem sufficient, since he believes that there is a lot of subjectivity in it. There are no special treatments for something that we could with technologies that are practically incompatible with the system we are used to.
The speaker who represented Chile spoke of the fact that transitions are generally forced as a result of great changes that societies demand. However, public order always prevails, and that is what really matters.
To end the panel moderator, Juan Llanos, left a few minutes for each participant to present proposals of what could lead to more accurate regulations for the cryptocurrency and blockchain ecosystem.
Carlos Valderrama proposes to seek principles, and from there to develop neutrality for financial technologies.
Joaquín assures that small victories like the ones that have been obtained will pave the way for more precise regulatory frameworks.
Daniel agrees with the vision of the Mexican, about prioritizing freedom and neutrality. He adds that entrepreneurs should continue on their way knowing that what they do is not prohibited, it will be seen later that it is what must be corrected.
Whoever finished, Ricardo, thinks that our responsibility is to continue fighting the battle for freedom. He does not believe that regulatory frameworks are good friends of development. This while they continue putting everything in the same bag without having the slightest idea of the different products that they contain.