Blockchain technology is going to power the future—that much is clear. But in order to do so, there must be enabling regulations and policies that can foster its growth. More countries are recognizing this, and this week saw quite some effort towards embracing the technology from a number of global powerhouses. China continued in its march towards becoming the global crypto and blockchain hub, with India, Korea and even Australia also taking varying steps. The week also saw a number of blockchain startups raise funding, including one which Twitter founder invested in.
In India, one of the country’s largest states is working on blockchain regulation. Tamil Nadu, which is the tenth-largest state in India and home to over 65 million people, is expected to release the guidelines in 10 days. The state joins a few others in the country that have sought to develop their own guidelines in a bid to foster the growth of blockchain.
South Korea could also be on its way to assigning a legal status to cryptos. A presidential committee proposed that country should formally recognize blockchain and cryptos that would allow the country to fully enjoy the benefits that accrue from the emerging technology. On a separate note, the Korea Internet Security Agency revealed that it would provide $9 million to back blockchain startups in 2020.
In Australia, the regulators face an interesting dilemma: does the use of blockchain give some companies unfair advantage over their rivals? The Australian division of Chi-X stock exchange asked the regulators this week to look into the blockchain system implemented by its biggest competitor, the Australian Stock Exchange. According to Chi-X, the ASX could gain an unfair edge over its rivals once it fully migrates to a blockchain system.