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- Recent updates from the Office of the Comptroller of the Currency (OCC) suggests that Blockchain regulation is reaching masses which is a great sign of improvement
- New guidelines point to the fact that all cryptocurrencies are not the same and shouldn’t be treated in a similar way
Blockchain regulation has always been a significant headline in the cryptocurrency industry. Regulation plays a huge role in this sector because it determines whether the crypto traders can buy or sell cryptocurrency and whether cryptocurrency is deemed illegal or not. Throughout the inception of the technology, we have seen several countries making innumerable changes to the cryptocurrency regulatory framework. In some countries, it is illegal to use crypto and in some countries, it is totally fine. However, the most recent updates from the Office of the Comptroller of the Currency (OCC) suggests that Blockchain regulation is reaching masses which is a great sign of improvement.
OCC’s Update is Specifically Directed Towards the Stablecoins
The newly updated guidance from OCC sheds light on the entire blockchain regulation. Introduction rules and regulations will not only maintain a healthy network but also will enhance the adoption of technology as a whole. Moreover, the new guidelines points to the fact that all cryptocurrencies are not the same and shouldn’t be treated in a similar way. This is evident from the fact the recent OCC updates and guidelines are in compliance with the stablecoin which is backed 1:1 by the fiat currencies. The OCC aims to imply that the fiat currencies must be given equal advertisements as the cryptocurrencies.
A Wave of Collaboration With the Traditional Financial System
Moreover, it has become evident by now that cryptocurrencies are collaborating with the current financial systems. Although it might have been the initial goal of the technology but the aspect that the technology is being implemented in the traditional space conveys a lot about its success. The OCC update has been acknowledged by many financial professionals. However, OCC is not the sole regulator of the cryptocurrency and blockchain technology. But the guidance brought about by the institution may have triggered similar other organisations to do the same.
OCC taking initial steps towards the crypto regulation may not be a big headliner like DeFi, but it has something very important for us. Rules and regulations have a major role to play in an idea, be it cryptocurrency or any other technology. Hopefully, the new regulation will initiate a wave of guidance clarification on the Blockchain technology.
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With a background in journalism, Ritika Sharma has worked with many reputed media firms focusing on general news such as politics and crime. She joined The Coin Republic as a reporter for crypto, and found a great passion for cryptocurrency, Web3, NFTs and other digital assets. She spends a lot of time researching and delving deeper into these concepts around the clock, and is a strong advocate for women in STEM.
