Proposal For Standardisation of Blockchain and Electronic Distributed Ledger Technologies

03-02-2017

Author: Pearse Ryan and Robert Cain



International standard setting is a complex area, with a multi-step process applying to the formulation of standards.  The rise of the financial technology or FinTech sector has given rise to potential substantial opportunities for business supplying FinTech solutions, substantial benefits for consumer and business users of Fintech solutions and consequential concern among regulatory authorities and legislators as to how to deal with this new and booming sector.  At present and for the immediate future, the area is largely not subject to specific rule setting or law.  That may change in the medium to long term and we have recently seen the EU Commission launch an internal task force to review and recommend Commission approach and initiatives in the area.

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