Cardano And Regulation

A huge part of the Cardano Foundation’s work is dedicated to working on regulation for the good of both their own protocol and the wider blockchain industry as a whole. The process of advising and working side to side with regulators and lawmakers is quite a lengthy task that involves multiple stakeholders and these initiatives take months and maybe years to reach fruition.

The Foundation however still believes that the full legal recognition and adequate regulatory framework for blockchain is the most important key to widespread adoption which is why the mission has always been shaping the commercial and legal standards in the space.

One initiative is the International Association of Trusted Blockchain Applications where the Cardano Foundation is a founding member and participant. It was initially formed in 2019 and a part of the European organization with more than 170 members that are bringing together the industry participants, regulators, and policymakers to help support and shape blockchain technology ad the EU level. The Cardano Foundation joined a few INABA groups that are focused on education, identity, and finance while continuing to work and advance these efforts.

Similar initiatives that the foundation and their representatives are involved in include Blockchain for Europe which is co-founded by Cardano’s Vice Chairperson Manmeet Singh. This initiative seeks to guide the lawmakers in the EU towards blockchain technology while the Cardano Foundation submitted a proposal for better regulation on the framework for digital assets. BC4EU and its members argued for a pan-European common approach to crypto and made their handling quite easy for every participant.

In the United Kingdom, the foundation uses its platform as a leading blockchain organization to work alongside the Global Digital Finance as a London-based industry membership body that hosts working groups for regulatory recognition and market integrity as well as AML and KYC requirements.

With this scope of work, it can be hard for external participants to see the mission Cardano has with legislation and commercial standards. When the blockchain receives recognition from top lawmakers in leading financial jurisdictions, it’s a clear indication that the Cardano Foundation is looking for important and relevant discussions on blockchain technology while promoting the blockchain as the most advanced one to date. With draft laws becoming active, Cardano hopes that regulators will remember the foundation’s role as experts and advisors and will look upon the blockchain favorably in the future.