The global need for Distributed Ledger Technology (DLT)
Regulations
There are two primary reasons behind the governments around the
world being rather coy about establishing legally binding
regulations for distributed ledger technology and the resulting
debate as to the legitimacy of such regulations: a lack of
knowledge concerning the function, application, and potential of
the new industry; the perception that regulations negate the goals
of the blockchain.
Many governing bodies have taken the 'wait and see'
approach to distributed ledger technology, allowing more data to be
revealed before they fully analyse what needs to be regulated and
how they will go about applying regulation. However, this has left
the affected businesses in a state of limbo, not knowing if they
are acting illegally, or if their activities will soon be deemed
illegal, in certain countries where the topic is debated but not
regulated. The problem for many blockchain purists with
