BBA pushes for crypto regulatory clarity in Massachusetts

BBA pushes for crypto regulatory clarity in Massachusetts

The Boston Blockchain Association (or BBA), Boston-based media house Media Shower, and the Chamber of Digital Commerce work together to lobby for favorable cryptocurrency regulations in Massachusetts.

A Monday release stated that the BBA, in collaboration with Media Shower (and the Chamber of Digital Commerce) has published a Crypto regulatory toolkit for state lawmakers.

The Massachusetts Edition of Blockchain Technology Legislator’s Handbook is a document that reportedly aims at guiding policymakers to adopt laws that will benefit cryptocurrency industry in the Commonwealth.

According to reports, the policy document contains five core recommendations for crypto related legislative actions, including tax laws and regulatory sandboxes. It also includes the creation of a working party to study blockchain technology.

Many times, legal and regulatory sandboxes provide an environment that allows crypto startups to start early operations without being subject to excessive laws and guidelines.

The policy document, according to the announcement is identical to the Texas Edition developed by the Texas Blockchain Council.

The Massachusetts legislature is currently considering three pieces of legislation that focus on cryptocurrency and blockchain, including Senate Bill 200. This bill is designed to study the new tech and its applications.

Related: Massachusetts regulator attempts to revoke Robinhood’s broker-dealer licence

Industry proponents have begun to use crypto policy toolkits as a part of the dialogue between blockchain groups and policymakers. These interactions often aim to reduce regulatory concerns and prevent the creation of unfavorable cryptocurrency laws.

In fact, INATBA (International Association for Trusted Blockchain Applications) declared in March that some provisions of the European Commission’s Markets in Crypto Assets regulations could prove to be detrimental for smaller cryptocurrency startups.

Cointelegraph reported that the World Economic Forum published in June a policy toolkit to decentralize finance regulations.

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